Dennis Pavella & Democratic Nominee Tom Wright serve up breakfast at headquarters
Barbara Moser with Bill O'Neill and Bill's field director, Tyler, at the Public Official's breakfast
FICTION.... Medicare and Medicaid are not bankrupt The Federal Hospital Insurance and Federal Supplemental Medical Insurance Trust Fund ended 2009 with approximately 300 BILLION DOLLARS. You can check it out for yourself at http://www.cms.hhs.gov/ReportsTrustFunds/
FICTION........Social Security is not bankrupt
As of 12/32/09 the fund holds 2.5 TRILLION DOLLARS of US Government Securities issued by the US TREASURY. This is in addition to the new money that comes into the system every day. Social Security was designed to be a pay as you go system and that is exactly how the system operates today. The current 2.5 TRILLION DOLLAR surplus represents excess deposits over payments to recipients. Average interest rate on the invested US Securities is 4.688% on an average maturity of 7.436 years.
The Trust fund's formal name is the "Old-Age, Survivors, and Disability Insurance Trust Fund. Check out the fund balances on the web at http://199.173.225.5/cgi-bin/investheld.cgi
FICTION .....The US Post Office is not bankrupt. It lost 3.7 Billion Dollars on about 69 Billion of revenue last year which means that it had expenses that were 5% higher than revenue. If Congress raised the cost of mailing by 5% there would be no shortfall. The US Post Office has some of the lowest postage rates in the world. The cost to mail a first class letter in the US is 44 cents. In Japan the same letter costs 83 cents to mail. In France it's 78 cents, in Great Britian it's 64 cents.
You can read all about it at http://www.usps.com/financials/
These household names did declare bankruptcy.
General Motors -2010
Chrysler- 2010
Lehman Brothers 2009
Texaco- April 30, 2009
Washington Mutual – September 26, 2008
Lehman Brothers Holdings Inc. – September 15, 2008
Refco Inc. – October 17, 2005
Delta Airlines Inc. – September 14, 2005
Conseco Inc. – December 18, 2002
UAL Corp. – December 9, 2002
WorldCom Inc. – July 21, 2002
Global Crossing Ltd. – January 28, 2002
Enron Corp. – February 12, 2001
Pacific Gas & Electric Co. – April 6, 2001
Filene’s Basement - 2009
Eddie Bauer - 2009
Phoenix Coyotes
Hartmarx
Six Flags
Crabtree & Evelyn
Pilgrim’s Pride
Debt Relief USA
LA Times
Chicago Tribune
Lear Corporation
The Daily Blossom