US prepares for possible shutdown tomorrow October 1, 2013

Ad Majorem.....Wealth Builders

Repost from BBC news September 27, 2013

The US braces for a possible shutdown tomorrow, October 1, should the US Congress fail to agree;  the House of Representatives (Congress) is controlled by Republicans while the Senate is by Democrats.  Should the stalemate continue, a third of Fed employees will be sent on furlough with no backpay, the Treasury bills interest will not be paid with big repurcussions on US debt, its rating and bondholders.  The US Congress is not approving a budget without defunding the Obamacare law.

The authority to borrow more money expires on October 17, 2013.  This is not the first time that US govt shuts down.  In 2011, the US govt nearly went into shutdown because of wrangling on US debt limit.

A law however was passed enabling the payment of the salaries of the military

From CNN - 10 ways the government shutdown would affect your life

From USA Today 66 FAQ on govt shutdown

Dollar drops broadly because of possible Fed shutdwon

A bad case of politics rearing its ugly head to the detriment of the economy?

US Medicare SSS going broke soon?

Ad Majorem.....Wealth Builders

Repost from Newsmax | by Neil Weisman | May 31, 2013

The US SSS and Medicare Trust Funds will soon run out of funds:    SSS by 2033 and  Medicare by 2026 according to the report to the Board of Trustees.    The problem with this shortage is that Democrats and Republics cant agree on how to fix the problem.  The govt spending on these two accounts for 38% of the total federal spending.

Democrats do not want to cut the benefits and the Republicans wont raise the taxes.

Much of the burden of these two programs have been the babyboomers and many of them have reached the retirement age.  >>>Read more