OS mused earlier about the process of auction of Rep. John Tanner's (TN-8) vote.
His Washington office isn't answering the phone, and now maybe we know why.
From today's Human Events:
Most interesting rumor from the Hill yesterday: Rep. Bart Gordon (D-Tenn.) who announced his retirement from Congress has been promised the job of NASA administrator in exchange for his vote, and Rep. John Tanner (D-Tenn.), another retiring Democrat, has been promised an appointment as U.S. Ambassador to NATO in exchange for his vote.
Why, as we say here, isn't that special!
He'll get a very nice job in a very nice part of Europe, where he can hide out until the rage blows over about selling his soul and vote to Obama.
This is positively banana-republic sort of stuff. One of Mexico's most odious presidents was a character named Echeverria, who in the 1970's arbitrarily devalued the peso against the dollar, on a weekend, after the banks had closed. Of course, he had hoovered up on dollars, and when all those businesses opened on Monday, they found they were bankrupt, 'cuz a lot of loans were written in dollars, but paid in pesos.
Isn't that special!
So, our friend Echeverria and his friends were able to move in and appropriate a great portion of the country's wealth in short order. All the dollars sitting in everyone's Mexican bank dollar accounts had been seized, 'compensated' at an exchange rate that bore no relation to reality. It was a fire sale, and Senor Presidente was buying.
After he finished his term, he was appointed ambassador to UNESCO, and cooled his heels in Paris for a while. Every time he came home to visit, the newspapers announced his visit the week after he left. He returned to resume colorful life of crime, which continues unabated to this day. No one north of the border ever paid much attention, and besides, he was pro-Allende, anti-Israel, anti-American, and ranted leftist cant on a regular basis.
You know, the sort of despot the American left loves the best.
OS knew several people who would have happily shot the man on sight, had they been able to get within range. Normal, gentle, otherwise upstanding citizens. Little did OS know, back in his misspent youth, that he was visiting his future.
Isn't that special!
Friday, March 19, 2010
Thursday, March 18, 2010
Rules? We Don't Need No Stinking RULES!!
The Wall Street Journal tells all.
The Rules Committee will meet on Saturday to set the rules for debate. Following the letter of the 72-hour rule would mean no vote before late Sunday, but Democrats have allowed themselves an out. "The Democratic leadership has declared 'martial law,'" Poltico.com reports, "allowing leaders to bring legislation straight to the floor on the same legislative day." That could mean a vote as early as Saturday, with a floor debate of just four hours. The public and members of Congress would have only 48 hours or even less to examine the bill.
Democrats are in a rush for two reasons. One, the longer they wait, the iffier their chances of assembling a majority of 216 House members. Two, they're also in a hurry because the Senate needs a minimum of a week of floor debate to pass the expected reconciliation bill full of legislative "fixes." With Congress set to begin its two-week Easter recess on March 26, Democratic leaders don't want members leaving town before the issue is settled, fearing a pummeling by angry constituents back home that will weaken their resolve.
Back to the question asked of the President last night, submitted by a viewer:
If this is such a good idea, why the need for these sorts of practices to get it passed?
Obama admitted he didn't care about the process, just the result.
Well, if your aim is to totally take over the culture, lock-stock-and-barrel, niceties about legislative procedure and the Constitution really don't matter that much.
OS has resisted that interpretation of Obama's behavior, because he does not want to go get fitted for his personal tin hat. But, given the brazenness of the behavior, how else can it be explained?
This sort of thing has been attempted a few times before, in Germany, Italy, France, Russia, Argentina...and has always ended in tears.
And poverty.
And war.
The Rules Committee will meet on Saturday to set the rules for debate. Following the letter of the 72-hour rule would mean no vote before late Sunday, but Democrats have allowed themselves an out. "The Democratic leadership has declared 'martial law,'" Poltico.com reports, "allowing leaders to bring legislation straight to the floor on the same legislative day." That could mean a vote as early as Saturday, with a floor debate of just four hours. The public and members of Congress would have only 48 hours or even less to examine the bill.
Democrats are in a rush for two reasons. One, the longer they wait, the iffier their chances of assembling a majority of 216 House members. Two, they're also in a hurry because the Senate needs a minimum of a week of floor debate to pass the expected reconciliation bill full of legislative "fixes." With Congress set to begin its two-week Easter recess on March 26, Democratic leaders don't want members leaving town before the issue is settled, fearing a pummeling by angry constituents back home that will weaken their resolve.
Back to the question asked of the President last night, submitted by a viewer:
If this is such a good idea, why the need for these sorts of practices to get it passed?
Obama admitted he didn't care about the process, just the result.
Well, if your aim is to totally take over the culture, lock-stock-and-barrel, niceties about legislative procedure and the Constitution really don't matter that much.
OS has resisted that interpretation of Obama's behavior, because he does not want to go get fitted for his personal tin hat. But, given the brazenness of the behavior, how else can it be explained?
This sort of thing has been attempted a few times before, in Germany, Italy, France, Russia, Argentina...and has always ended in tears.
And poverty.
And war.
The Admission: The Health-Care Bill Is About Obama's Political Health
This just in on Politico.
Obama's pitch to House Democrats is now boiling down to one point: The whole enterprise is about the Obama Presidency, the Obama brand, the Obama legacy, the Obama agenda. It's all about Barack Obama.
President Barack Obama had exhausted most of his health care reform arguments with members of the Congressional Hispanic Caucus during a White House meeting last Thursday when he made a more personal pitch that resonated with many skeptics in the room.
One caucus member told POLITICO that Obama won him over by “essentially [saying] that the fate of his presidency” hinged on this week’s health reform vote in the House. The member, who requested anonymity, likened Obama’s remarks to an earlier meeting with progressives when the president said a victory was necessary to keep him “strong” for the next three years of his term.
Another caucus member, Rep. Jose Serrano (D-N.Y.), said, “We went in there already knowing his presidency would be weakened if this thing went down, but the president clearly reinforced the impression the presidency would be damaged by a loss.”
The Oval office has been occupied by clueless alcoholic dolts (U.S. Grant comes to mind), men who just could not manage to keep 'that thang' in their pants (that list is quite a bit longer, but we'll settle for Harding, Kennedy, Clinton), paranoids(remember Nixon?), deluded egotists(Lyndon Johnson personally ordering particular Vietnam air raids), a few dedicated servants(Washington, Jefferson, Adams, Madison, Eisenhower, Reagan), and well-meaning people in waaaaaay over their heads (Jimmy Carter, both Bushes).
But Barack Obama is a completely different sort of Occupant.
Not even FDR possessed the complete narcissism that Barack Obama displays for us all, combined with a complete willingness to, well, just make stuff up and expect that no one will dare challenge him. Jerry Ford bumps his head on an airplane, and it gets days of coverage in the 70's. Obama tells one howler after another, like yesterday's claim of an Hawaiian earthquake, or that he has saved or created millions of jobs since coming to office, or his 3000% reduction in health-care premiums for small businesses, and no notice is taken.
This man is willing to play dice with every life in America for the sake of His Presidency. His image. His ego. His legacy.
If He succeeds at this, what else lies in store for us?
The Call List
See that little red banner on the top right of the page? It's been an interesting exercise to go down that list.
OS's own beloved John Tanner (TN-8) isn't answering the phone in his DC offices. Voice mail, mailbox full. The Jackson office answered, with the weary sounding lady assuring the caller she'll pass the message on--riiiiiight....claiming he still hasn't decided. The auction for his vote is still ongoing, evidently. He sold his soul so long ago, it's not worth mentioning. OS's reminder that the attempt to pass the bill without a recorded vote on the bill is unconstitutional is met with irritation.
Still, OS takes a break from his work, and dials the Capitol switchboard, hears the busy signal, and takes a bit of comfort that maybe somebody is paying attention enough to really get motivated...
Obama's pitch to House Democrats is now boiling down to one point: The whole enterprise is about the Obama Presidency, the Obama brand, the Obama legacy, the Obama agenda. It's all about Barack Obama.
President Barack Obama had exhausted most of his health care reform arguments with members of the Congressional Hispanic Caucus during a White House meeting last Thursday when he made a more personal pitch that resonated with many skeptics in the room.
One caucus member told POLITICO that Obama won him over by “essentially [saying] that the fate of his presidency” hinged on this week’s health reform vote in the House. The member, who requested anonymity, likened Obama’s remarks to an earlier meeting with progressives when the president said a victory was necessary to keep him “strong” for the next three years of his term.
Another caucus member, Rep. Jose Serrano (D-N.Y.), said, “We went in there already knowing his presidency would be weakened if this thing went down, but the president clearly reinforced the impression the presidency would be damaged by a loss.”
The Oval office has been occupied by clueless alcoholic dolts (U.S. Grant comes to mind), men who just could not manage to keep 'that thang' in their pants (that list is quite a bit longer, but we'll settle for Harding, Kennedy, Clinton), paranoids(remember Nixon?), deluded egotists(Lyndon Johnson personally ordering particular Vietnam air raids), a few dedicated servants(Washington, Jefferson, Adams, Madison, Eisenhower, Reagan), and well-meaning people in waaaaaay over their heads (Jimmy Carter, both Bushes).
But Barack Obama is a completely different sort of Occupant.
Not even FDR possessed the complete narcissism that Barack Obama displays for us all, combined with a complete willingness to, well, just make stuff up and expect that no one will dare challenge him. Jerry Ford bumps his head on an airplane, and it gets days of coverage in the 70's. Obama tells one howler after another, like yesterday's claim of an Hawaiian earthquake, or that he has saved or created millions of jobs since coming to office, or his 3000% reduction in health-care premiums for small businesses, and no notice is taken.
This man is willing to play dice with every life in America for the sake of His Presidency. His image. His ego. His legacy.
If He succeeds at this, what else lies in store for us?
The Call List
See that little red banner on the top right of the page? It's been an interesting exercise to go down that list.
OS's own beloved John Tanner (TN-8) isn't answering the phone in his DC offices. Voice mail, mailbox full. The Jackson office answered, with the weary sounding lady assuring the caller she'll pass the message on--riiiiiight....claiming he still hasn't decided. The auction for his vote is still ongoing, evidently. He sold his soul so long ago, it's not worth mentioning. OS's reminder that the attempt to pass the bill without a recorded vote on the bill is unconstitutional is met with irritation.
Still, OS takes a break from his work, and dials the Capitol switchboard, hears the busy signal, and takes a bit of comfort that maybe somebody is paying attention enough to really get motivated...
Wednesday, March 17, 2010
The Fox News Interview With Obama: The Old Rope-A-Dope
17:00 Central Time
Bret Baier asks his first question about the Slaughter Rule: Yes or no, do you support this approach to passage?
Obama immediately begins to bob and weave. At 9 minutes after, he's still bobbing and weaving, changing the subject, refusing to acknowledge his own words as a Senator.
He still won't answer the question--he's conducting his own filibuster!
Won't answer about specific state-by-state deals. He claims the process is transparent, that 'everyone knows' what's in the bill.
Bret keeps attempting to pose a question, and Obama won't stop jabbering. It's like Bill Clinton from the late 1990's.
12 after--he's still jabbering.
Baier is asking about Medicare.
Baier quotes the chief actuary contradicting Obama's claims. Obama brushes it aside.
More double-talk.
18 after--still jabbering.
This lowers the number of questions that can be asked, of course.
19 after--Baier APOLOGIZES to Himself!?!?!?!?!?????
Obama is acting outrageously, and will not answer questions. He talks, and talks, and talks, generating words and confusion.
Yet one more post-modern president...
This did not go well for Himself, which explains the wierd statement release just before the interview aired, accusing Fox News of spreading lies, naming Glenn Beck in particular.
Looked at WhiteHouse.gov for the quote, and it's not there. Will have to search further.
For the younger ones amongst you: The 'Rope-A-Dope' was Muhammed Ali's technique for winning fights. He would lean against the ropes, raise his arms, and let opponents beat themselves into exhaustion and frustration. Later opponents figured this out, and refused to play. He was drawn into the ring and forced to box, and his career was ended. He is also so injured from the process as to be tragically disabled.
No boxer has attempted it since. Of course, politicians love it.
It's always worked for them.
Until now.
The Call List:
OS called the offices of Lincoln Davis (TN-4), in both Rockwood and Washington. No answer, anywhere.
Heath Shuler's office in NC answered politely, and he's undecided.
Chandler (KY-6) indicated he will vote 'No'.
Bret Baier asks his first question about the Slaughter Rule: Yes or no, do you support this approach to passage?
Obama immediately begins to bob and weave. At 9 minutes after, he's still bobbing and weaving, changing the subject, refusing to acknowledge his own words as a Senator.
He still won't answer the question--he's conducting his own filibuster!
Won't answer about specific state-by-state deals. He claims the process is transparent, that 'everyone knows' what's in the bill.
Bret keeps attempting to pose a question, and Obama won't stop jabbering. It's like Bill Clinton from the late 1990's.
12 after--he's still jabbering.
Baier is asking about Medicare.
Baier quotes the chief actuary contradicting Obama's claims. Obama brushes it aside.
More double-talk.
18 after--still jabbering.
This lowers the number of questions that can be asked, of course.
19 after--Baier APOLOGIZES to Himself!?!?!?!?!?????
Obama is acting outrageously, and will not answer questions. He talks, and talks, and talks, generating words and confusion.
Yet one more post-modern president...
This did not go well for Himself, which explains the wierd statement release just before the interview aired, accusing Fox News of spreading lies, naming Glenn Beck in particular.
Looked at WhiteHouse.gov for the quote, and it's not there. Will have to search further.
For the younger ones amongst you: The 'Rope-A-Dope' was Muhammed Ali's technique for winning fights. He would lean against the ropes, raise his arms, and let opponents beat themselves into exhaustion and frustration. Later opponents figured this out, and refused to play. He was drawn into the ring and forced to box, and his career was ended. He is also so injured from the process as to be tragically disabled.
No boxer has attempted it since. Of course, politicians love it.
It's always worked for them.
Until now.
The Call List:
OS called the offices of Lincoln Davis (TN-4), in both Rockwood and Washington. No answer, anywhere.
Heath Shuler's office in NC answered politely, and he's undecided.
Chandler (KY-6) indicated he will vote 'No'.
Seek And Ye Shall Find
The Great Health Care Bill is entitled(no kidding!):
Subtitle I--Sense of the Senate Regarding Medical Malpractice
SEC. 6801. SENSE OF THE SENATE REGARDING MEDICAL MALPRACTICE.
It is the sense of the Senate that-- (1) health care reform presents an opportunity to address issues related to medical malpractice and medical liability insurance;
(2) States should be encouraged to develop and test alternatives to the existing civil litigation system as a way of improving patient safety, reducing medical errors, encouraging the efficient resolution of disputes, increasing the availability of prompt and fair resolution of disputes, and improving access to liability insurance, while preserving an individual's right to seek redress in court; and
(3) Congress should consider establishing a State demonstration program to evaluate alternatives to the existing civil litigation system with respect to the resolution of medical malpractice claims.
In the Senate of the United States,
December 24, 2009.
Resolved, That the bill from the House of Representa-
tives (H.R. 3590) entitled ‘‘An Act to amend the Internal
Revenue Code of 1986 to modify the first-time homebuyers
credit in the case of members of the Armed Forces and cer-
tain other Federal employees, and for other purposes.’’, do
pass with the following
AMENDMENTS:
Strike out all after the enacting clause and insert:
December 24, 2009.
Resolved, That the bill from the House of Representa-
tives (H.R. 3590) entitled ‘‘An Act to amend the Internal
Revenue Code of 1986 to modify the first-time homebuyers
credit in the case of members of the Armed Forces and cer-
tain other Federal employees, and for other purposes.’’, do
pass with the following
AMENDMENTS:
Strike out all after the enacting clause and insert:
And after that, we are greeted with 2300-something pages of health-care legislation.
And tucked in on page 1858, Congress's sum total of its attempt to address tort reform--read it and weep:
Subtitle I--Sense of the Senate Regarding Medical Malpractice
SEC. 6801. SENSE OF THE SENATE REGARDING MEDICAL MALPRACTICE.
It is the sense of the Senate that-- (1) health care reform presents an opportunity to address issues related to medical malpractice and medical liability insurance;
(2) States should be encouraged to develop and test alternatives to the existing civil litigation system as a way of improving patient safety, reducing medical errors, encouraging the efficient resolution of disputes, increasing the availability of prompt and fair resolution of disputes, and improving access to liability insurance, while preserving an individual's right to seek redress in court; and
(3) Congress should consider establishing a State demonstration program to evaluate alternatives to the existing civil litigation system with respect to the resolution of medical malpractice claims.
This Man Graduated From Harvard? How Did He Get Into Harvard?
OS knows people who attended (and graduated) Harvard. They had to pass standardized examinations with very high scores, which included some sophisticated math.
Now, here we have our Harvard-Alum-In-Chief, who claims that employer health insurance premiums will drop by THREE THOUSAND PERCENT! (Really, you can't make this stuff up!)
The rather more disturbing bit follows the three-thousand-percent claim: Then your employer can give you a raise!
It's a raw appeal to greed and envy.
Assuming Obama's math is right--which, by the way, it isn't:
What if the employer needs to buy new equipment, hire more people, or GodForbid--pay a dividend to the investor, or pay down the firm's indebtedness?
One could say, 'Well, he's just out on the stump, holding forth, caught up in the moment with the crowd, etc. etc.'
But, this man is President of the United States, with his Harvard degree, speaking about major legislation. He's not seeking office, he occupies it. This is not one of those 'fluff events', like the annual 'pardon' of the Thanksgiving turkey, or throwing out the first pitch of the baseball season.
This is serious business.
Can we afford to trust Himself and His followers with our health care?
Now, here we have our Harvard-Alum-In-Chief, who claims that employer health insurance premiums will drop by THREE THOUSAND PERCENT! (Really, you can't make this stuff up!)
The rather more disturbing bit follows the three-thousand-percent claim: Then your employer can give you a raise!
It's a raw appeal to greed and envy.
Assuming Obama's math is right--which, by the way, it isn't:
What if the employer needs to buy new equipment, hire more people, or GodForbid--pay a dividend to the investor, or pay down the firm's indebtedness?
One could say, 'Well, he's just out on the stump, holding forth, caught up in the moment with the crowd, etc. etc.'
But, this man is President of the United States, with his Harvard degree, speaking about major legislation. He's not seeking office, he occupies it. This is not one of those 'fluff events', like the annual 'pardon' of the Thanksgiving turkey, or throwing out the first pitch of the baseball season.
This is serious business.
Can we afford to trust Himself and His followers with our health care?
The Charm Offensive: Obama and Geithner on Fox (aka, Maybe Pigs Fly After All!)
After years of pretending that the Fox News Network doesn't exist, suddenly we have TurboTax Timmy doing a live interview on Fox Business yesterday.
Well, when you release a long document that tells Congress 'We saved the world, and we're recovering, but the New Normal will be about 8% unemployment after 2012...' And, by the way, we still plan to do Health-Care, Cap-n-Tax, etc... you'd better start trying to make nice with somebody. Ain't nobody watching MSNBC and CNN.
And, today, Himself is scheduled to appear on Fox News.
Holy Denial, Batman! These Fox News people are are are are, eeeeewwww!!! Conservatives!
They're all White (exept for the ones who aren't, but they don't count!) and speak with southern and midwestern accents, and didn't go to Yale or Brown.
Eeeeewwwwwww!
(Of course, once Himself doesn't need to appear like he cares, the White House boycott of anyone who deigns to question TheTransformationOfAmerica will resume.)
Well, when you release a long document that tells Congress 'We saved the world, and we're recovering, but the New Normal will be about 8% unemployment after 2012...' And, by the way, we still plan to do Health-Care, Cap-n-Tax, etc... you'd better start trying to make nice with somebody. Ain't nobody watching MSNBC and CNN.
And, today, Himself is scheduled to appear on Fox News.
Holy Denial, Batman! These Fox News people are are are are, eeeeewwww!!! Conservatives!
They're all White (exept for the ones who aren't, but they don't count!) and speak with southern and midwestern accents, and didn't go to Yale or Brown.
Eeeeewwwwwww!
(Of course, once Himself doesn't need to appear like he cares, the White House boycott of anyone who deigns to question TheTransformationOfAmerica will resume.)
March Madness: The Obama Full Court Press
March Madness traditionally refers to the NCAA college basketball tournament. The term is taking on a new life in 2010.
Politico is covering the frantic efforts by Obama and Pelosi to strongarm, bribe, cajole, threaten, and/or blackmail wavering Democrat House members into submission. Himself is calling lowly House members, Himself's loyal troops that still remain are gearing up to flood offices, member's donors are being strongarmed, Cabinet members are being thrown into the effort. It's a scorched-earth approach, with uncooperative members threatened with revenge from the Democrat party organization. Al Capone would be proud.
Which leads to the obvious question: If this 'health-care reform' is such a great idea, why is it such a struggle to get it passed? Why the need to hide behind so many procedural dodges? Why is this likely to be 'voted on' (or not?) sometime this weekend while the NCAA tournament will be underway?
Why? Why? Why?
For those overseas who don't follow basketball, the Full Court Press is a technique practiced by a team, usually behind in the score, with little time left on the clock. From one end of the court, the offensive player with the ball is assigned two defensive players to harass him. Sometimes, one is used to block the view of the referee, to obscure the beating administered by the other. Well executed, the tactic forces the ball to turn over, and a few quick points can be scored. It can't be sustained for long, and within a minute or two, the press is broken by passes to open players downcourt, easy layups are scored, and humiliation follows.
Time to break the Press. That little red widget on your right displays the Capitol Hill switchboard numbers. Click on the widget, and you've got the list of the Democrat members being subject most relentlessly to Obama's ChicagoLand pressure. Their contact info is there. If the members hear, once again, that the overwhelming sentiment is against this folly, they can hold out. The Press can be broken.
OS called a regional office of his House member, John Tanner. A tired-sounding woman answered the phone and took my message urging him to oppose the measure. A reminder that the 'Slaughter' approach, whereby the Members avoid that nasty 'up-or-down' vote, is odious to the Constitution was also noted, and the lady's tone turned chillier. She really did not want to hear that constituents are paying attention...
Tanner is not running for re-election, which means his local staff will all have to locate new jobs, in a depressing job market. Imagine if he votes for this nonsense, and his staffers have to go looking for work in TN-8 with their long and faithful service to the man on their resumes. It won't be pretty...
It will be hard enough if he votes 'no'. After all, Tanner bailed out early, knowing what awaited him in November.
Politico is covering the frantic efforts by Obama and Pelosi to strongarm, bribe, cajole, threaten, and/or blackmail wavering Democrat House members into submission. Himself is calling lowly House members, Himself's loyal troops that still remain are gearing up to flood offices, member's donors are being strongarmed, Cabinet members are being thrown into the effort. It's a scorched-earth approach, with uncooperative members threatened with revenge from the Democrat party organization. Al Capone would be proud.
Which leads to the obvious question: If this 'health-care reform' is such a great idea, why is it such a struggle to get it passed? Why the need to hide behind so many procedural dodges? Why is this likely to be 'voted on' (or not?) sometime this weekend while the NCAA tournament will be underway?
Why? Why? Why?
For those overseas who don't follow basketball, the Full Court Press is a technique practiced by a team, usually behind in the score, with little time left on the clock. From one end of the court, the offensive player with the ball is assigned two defensive players to harass him. Sometimes, one is used to block the view of the referee, to obscure the beating administered by the other. Well executed, the tactic forces the ball to turn over, and a few quick points can be scored. It can't be sustained for long, and within a minute or two, the press is broken by passes to open players downcourt, easy layups are scored, and humiliation follows.
Time to break the Press. That little red widget on your right displays the Capitol Hill switchboard numbers. Click on the widget, and you've got the list of the Democrat members being subject most relentlessly to Obama's ChicagoLand pressure. Their contact info is there. If the members hear, once again, that the overwhelming sentiment is against this folly, they can hold out. The Press can be broken.
OS called a regional office of his House member, John Tanner. A tired-sounding woman answered the phone and took my message urging him to oppose the measure. A reminder that the 'Slaughter' approach, whereby the Members avoid that nasty 'up-or-down' vote, is odious to the Constitution was also noted, and the lady's tone turned chillier. She really did not want to hear that constituents are paying attention...
Tanner is not running for re-election, which means his local staff will all have to locate new jobs, in a depressing job market. Imagine if he votes for this nonsense, and his staffers have to go looking for work in TN-8 with their long and faithful service to the man on their resumes. It won't be pretty...
It will be hard enough if he votes 'no'. After all, Tanner bailed out early, knowing what awaited him in November.
Tuesday, March 16, 2010
The US Social Security System: Peter, Meet Paul
Anecdotal Economics, authored by Keith Hazelton, proudly announces that it is 'Making Astrology Look Respectable, Since 2005'.
At least he has a sense of humor, which is often hard to do when discussing the mathematical challenges that confront us after the great seventy-something-year-long experiment in Ponzi finance known as the US Social Security system. When Roosevelt signed it into law, there were a comfortable surplus of working taxpayers who could be fleeced just a little bit to pay that modest check to Grandma in the 1930's. What could possibly go wrong, they figured? Besides, it's a fabulous way for Congress to buy votes, with, you know, other people's money.
Fast forward a few decades. The birth rate falls. Life expectancy increases. And subsequent Congresses tumble to the fact that they can raise benefits, add some perks, not really raise the tax that pays for it, and keep buying votes. Easy-peasy!
In the late 70's, the actuaries notice that the light at the end of the tunnel is actually a freight train headed in our direction. Social Security taxes rise dramatically, actually creating a surplus--you know, to build up reserves to fund the obligations to all those born after about 1950. Of course, this really creates a huge drag on the economy, especially on business and job formation. A good deal of work and compensation begins to quietly move underground, and overseas. Birth rates keep falling, and longevity increases.
In the meantime, Congress sees this big pile of cash, licks its lips, and says, 'Hey, let's spend that! We'll hand the Social Security System T-bills, and they can cash them in from about 2010 on. It's only 1980, we'll be gone by then, and besides, what could possibly go wrong?'
It became a classic Ponzi scheme, in which Peter is robbed to pay Paul. It can be maintained for a long time, but inevitably, the scheme collapses.
Peter, meet Paul.
Hazelton has the gift of clearly explaining the math while maintaining a sense of humor, as he recounts that all those T-bills are stored in ring binders in the bottom drawer of a file cabinet in West Virginia.
What could go wrong?
And you children and grandchildren of the Boomers, wondering exactly why it is your parents and grandparents have no money saved for retirement...? Before your righteous indignation sets in, please take a moment to remember, fondly, all the Beanie Babies, Pogs, Tomagachis, Furbys, Barbies, Cabbage Patch Kids, music lessons and instruments, athletic lessons and equipment, summer adventure camps, trips to Disney World, skiing at Vail, Back Street Boys concerts, mountain bikes, X-Boxes, Nintendos, Segas and video games, CDs, DVDs, computers, stereos, televisions, cell phones, boom boxes, iPods, iPhones, 4,000 sf suburban homes, automobiles, boats, jet-skis, motorcycles, expensive-but-useless college educations, cosmetic surgery and glitzy/destination weddings which your elders showered upon you throughout your enchanted upbringings.
And don't be surprised when they (we) have to move in with you someday. Back to three generations in the same household, but look on the bright side: it might save on childcare expenses, depending on Grandma and Grandpa Boomer's schedules at Wal-Mart.
Chin-straps on, boys and girls. And keep your sense of humor.
You'll need it.
At least he has a sense of humor, which is often hard to do when discussing the mathematical challenges that confront us after the great seventy-something-year-long experiment in Ponzi finance known as the US Social Security system. When Roosevelt signed it into law, there were a comfortable surplus of working taxpayers who could be fleeced just a little bit to pay that modest check to Grandma in the 1930's. What could possibly go wrong, they figured? Besides, it's a fabulous way for Congress to buy votes, with, you know, other people's money.
Fast forward a few decades. The birth rate falls. Life expectancy increases. And subsequent Congresses tumble to the fact that they can raise benefits, add some perks, not really raise the tax that pays for it, and keep buying votes. Easy-peasy!
In the late 70's, the actuaries notice that the light at the end of the tunnel is actually a freight train headed in our direction. Social Security taxes rise dramatically, actually creating a surplus--you know, to build up reserves to fund the obligations to all those born after about 1950. Of course, this really creates a huge drag on the economy, especially on business and job formation. A good deal of work and compensation begins to quietly move underground, and overseas. Birth rates keep falling, and longevity increases.
In the meantime, Congress sees this big pile of cash, licks its lips, and says, 'Hey, let's spend that! We'll hand the Social Security System T-bills, and they can cash them in from about 2010 on. It's only 1980, we'll be gone by then, and besides, what could possibly go wrong?'
It became a classic Ponzi scheme, in which Peter is robbed to pay Paul. It can be maintained for a long time, but inevitably, the scheme collapses.
Peter, meet Paul.
Hazelton has the gift of clearly explaining the math while maintaining a sense of humor, as he recounts that all those T-bills are stored in ring binders in the bottom drawer of a file cabinet in West Virginia.
What could go wrong?
And you children and grandchildren of the Boomers, wondering exactly why it is your parents and grandparents have no money saved for retirement...? Before your righteous indignation sets in, please take a moment to remember, fondly, all the Beanie Babies, Pogs, Tomagachis, Furbys, Barbies, Cabbage Patch Kids, music lessons and instruments, athletic lessons and equipment, summer adventure camps, trips to Disney World, skiing at Vail, Back Street Boys concerts, mountain bikes, X-Boxes, Nintendos, Segas and video games, CDs, DVDs, computers, stereos, televisions, cell phones, boom boxes, iPods, iPhones, 4,000 sf suburban homes, automobiles, boats, jet-skis, motorcycles, expensive-but-useless college educations, cosmetic surgery and glitzy/destination weddings which your elders showered upon you throughout your enchanted upbringings.
And don't be surprised when they (we) have to move in with you someday. Back to three generations in the same household, but look on the bright side: it might save on childcare expenses, depending on Grandma and Grandpa Boomer's schedules at Wal-Mart.
Chin-straps on, boys and girls. And keep your sense of humor.
You'll need it.
Monday, March 15, 2010
Angry White Men: The Economist
On his travels, OS spotted a copy of The Economist lying about, and scanned briefly. Always a good read, looking at Our Fair Country from a British perspective.
Correspondent Lexington visited a suburb of Memphis earlier this year, and offers this report.
The opening paragraph is pretty salty, but the essay is fair-minded and accurate, in the main. Since his conversations took place in OS's congressional district (TN-8), it seems good to pass it along, to give a 'snapshot' view of where we are here.
Anyone who wishes to paint this part of the world with a tar brush is simply mistaken. The dissatisfaction with the Current Occupant of The White House is not about the color of his skin, but rather about the content of his character, to paraphrase Dr. King.
Bigotry cannot explain, however, why Mr Obama’s approval rating among white Americans has fallen since he took office, from roughly 60% to 40%. As the president pointed out in September: “I was actually black before the election.” White voters have changed their view of Mr Obama not because of his skin colour, but because of what he has done—and what he has failed to do—since he took office. And although he is not on the ballot this year, this matters. The less people admire the president, the less likely they are to vote for his party in the mid-terms.
Correspondent Lexington visited a suburb of Memphis earlier this year, and offers this report.
The opening paragraph is pretty salty, but the essay is fair-minded and accurate, in the main. Since his conversations took place in OS's congressional district (TN-8), it seems good to pass it along, to give a 'snapshot' view of where we are here.
Anyone who wishes to paint this part of the world with a tar brush is simply mistaken. The dissatisfaction with the Current Occupant of The White House is not about the color of his skin, but rather about the content of his character, to paraphrase Dr. King.
Bigotry cannot explain, however, why Mr Obama’s approval rating among white Americans has fallen since he took office, from roughly 60% to 40%. As the president pointed out in September: “I was actually black before the election.” White voters have changed their view of Mr Obama not because of his skin colour, but because of what he has done—and what he has failed to do—since he took office. And although he is not on the ballot this year, this matters. The less people admire the president, the less likely they are to vote for his party in the mid-terms.
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