As the debt roller coaster of the US government continues screaming down the tracks to oblivion ($16,170,000,000,000+, as of this writing) we’re sure that all of our readers will be happy to know that Social Security is racing to set another milestone of its own this month.
This October, Social Security total benefit payments will, for the first time, eclipse $65 billion, IN ONE MONTH!! Yes, you read that right; $65 billion in one month.
$65 billion is obviously a gigantic number; but to grasp its significance, we thought we would share with you some incredible comparisons with leading world economic indicators:
- The annual expenditures of Social Security are large enough to purchase, in less than a year, every outstanding share of Google, Microsoft, and Walmart combined.
- The yearly cost for Social Security is larger than the enormous market capitalization of Apple.
- With just three weeks of Social Security payouts, you could buy all of Goldman Sachs, which is worth a mere $54 billion.
- The monthly Social Security payout is greater than the market capitalization of some of America’s best known companies including American Express, Caterpillar, Ebay, and US Bankcorp.
- Next year, 2013, Social Security will spend more than the entire gross domestic product (GDP) of Indonesia, whose population exceeds two hundred fifty million.
- The annual Social Security payout is larger than the entire economic activity of Switzerland or Saudi Arabia.
- Monthly Social Security spending is greater than the annual GDP of Hawaii and New Mexico – combined.
- In 2012, the cost of Social Security will, for the first time in history, exceed the cost of US military spending. The annual tab for Social Security is more than four times greater than all the military spending of the People’s Republic of China, a country of 1.3 billion citizens, more than four times the population of the United States.
- And last but CERTAINLY not least, Social Security is running a monthly deficit of $16 billion per month.
This debacle of a poster child for the nanny state cannot survive. Every week, more Baby Boomers are retiring while ever fewer replacement worker/contributors are being born. New Social Security disability claims are setting landmark records month after month, as the growing ranks of the unemployed desperately seek some way to survive.
It is reported that nearly one out of every two Americans receives some form of monthly benefit from government, either federal or state. In Europe, nations such as Greece, France, and Spain are already calling for raising the retirement age up to 72 while at the same time, demanding a sizable reduction in monthly payments to retirees. We believe that this trend will be on our shores shortly.
Social Security is out of control. Most federal and state pension plans are bordering on complete insolvency. Most corporate pension retirement vehicles are grossly underfunded – some near collapse. In these tense times, you cannot rely on the government or big business to guarantee your future or retirement. You must take charge of your own destiny. One of the best and safest ways to do so is to invest in precious metals. Gold and silver have been rock solid through countless wars, regime changes, revolutions, and all forms of chaos for nearly four thousand years. They will remain so in the future as well.
To learn more about the rewards of precious metals investing, including how to fund your existing IRA with gold or silver, call Liberty Gold and Silver seven days a week at 888.751.3330. To learn about the most generous affiliate marketing program in the precious metals industry, please visit the Liberty Gold and Silver Affiliate Marketing Program. We're happy to spend as much time as you need to discuss the details with you.
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Written For: Liberty Gold and Silver News Blog