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Missed Fortune – The Riddle of 3 Fishermen, Or How the Government Hoodwinks Americans

Posted on | April 11, 2010

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The Riddle of 3 Fishermen — & Government Finances

After a great day of fishing, 3 fishermen check into a lodge. They’re told that a room will cost $30.

Each of them pay $10 and they go up to their room. Later, the receptionist realizes that she overcharged them; the room should have cost $25.

So she gives five $1 bills to the bellboy and asks him to take them to the fishermen. The bellboy, not being very honest, pockets $2, then gives each of the fishermen $1 back.

This now meant that instead of paying $10 per person, they had paid $9 per person. $9 times 3 is 27. Now add the two dollars that the bellboy took and it comes to $29.

Where did the other dollar go?

Listen to the radio show to find out the answer, as well as to discover how it relates to government finances and you.

Health Care Reform is Draining, Not Helping America

Whether you’re for or against President Obama’s health care reform, there’s one thing we’re all in the same boat on: the price tag.

You might want to strap on a life vest.

An online Newsweek article reveals the Congressional Budget Office’s recent estimate of Obama’s budget, which included the health care program.

“From 2011 to 2020, the cumulative deficit is almost $10 trillion. Adding 2009 and 2010, the total rises to $12.7 trillion. In 2020, the projected annual deficit is $1.25 trillion, equal to 5.6 percent of the economy (gross domestic product).

“That assumes economic recovery, with unemployment at 5 percent. Spending is almost 30 percent higher than taxes. Total debt held by the public rises from 40 percent of GDP in 2008 to 90 percent in 2020, close to its post-World War II peak.”

It’s clear in the coming years the national budget –- and corresponding debt –- could severely affect all of us.

What’s worse, America’s woes could impact more than just the U.S., as we’ve seen financial ripple effects spread globally.

Even with signs of economic recovery, the future looks anything but balmy. For example, according to experts 10 states are currently on the brink of insolvency.

You can find calm waters and pull yourself ashore with smart financial planning.

Harness the power of tax-advantaged retirement savings now. Find out how you can protect yourself so you never have to lose again.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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