It is just the little touches after the average man would quit that make the master's fame.
Orison Swett Marden
There He Goes Again: Obama's Predictable Demagoguery on Social Security
The seventy-fifth anniversary of social security couldn't go by before hearing the "post-partisan" President once again repeat the same old arguments against even partial privitization of social security.
I’ll fight with everything I’ve got to stop those who would gamble your Social Security on Wall Street. Because you shouldn’t be worried that a sudden downturn in the stock market will pull all you’ve worked do hard for, all you’ve earned, at risk.Should we be surprised that he is reprising the same tired arguments about taxpayers "gambling" by investing money for their own retirement in the private sector? The fact is, what could be a worse gamble than betting on a government funding your retirement when it's already over $13T in debt, with trillion dollar deficits stretching out as far as the eye can see? No private sector company with such a financial position would ever attract an investor or banker... So stop this unconscionable fearmongering, Mr. President: you are undermining the integrity of the office you hold!
Obama is telling banks they should lend to businesses and wants tax-advantaged investment for small businesses; on the other hand, he wants everyone to think that LONG-TERM investments are little more than casino transactions where the only guaranteed winner is the house. He also wants us to invest in green energy out of fear that China is grabbing a leadership position in the sector, but he doesn't mind the fact that over 30 other countries have introduced "gambling" part of of their social security system on the private sector since the 1980's, including Chile, the Netherlands, Great Britain, Switzerland, central and eastern Europe, and southern Asia--not the world's greatest private-sector economy.
Bush's 2005 proposal to reform social security by a partial privitization did not emerge from some right-right think tank; it was one of 3 options identified by a bipartisan task force. Conservatives, including myself, argue that retirement planning is a personal responsibility, and there's a certain moral hazard in terms of Big Nanny guaranteeing an annual subsidy, with modest eligibility requirements and many recipients receiving more than what they paid into the system, which is not only actuarially unsound but a different type of social welfare. Already you see the same condescending tone from liberals/progressives in terms of proposed automatic enrollment in retirement systems--after all, the little people would simply spend all their money frivolously if we don't put them on an allowance; we know that they won't save for retirement unless we do it for them.
There is also a different moral hazard at play, which Obama hopes you won't notice: by law, the surplus contributions in this Ponzi scheme entitlement program are not invested in real assets throwing off real income (say, for instance, timberland or utilities) but must be invested in low-yielding Treasury notes--a captive source of financing for current government expenditures. Never mind this gives progressive governments an implicit incentive to pursue a weak currency policy and thus pay off past "investments" in progressive overspending with cheap dollars (the result of which is a lower American standard of living)--it shifts the burden of covering the guarantees to future generations. Already fewer than 4 active workers have to support a single retiree--roughly a quarter of the ratio from the early years.
Mr. President, it is time for you to exhibit leadership and suggest constructive solutions, not disingenuous political rhetoric. The country is tired of political spin, massive spending and no practical results.
Governor Moonbeam v 2.0 or Private Citizen Jerry Brown:
California Taxpayers Lose Either Way
Jerry Brown never misses a chance to draft off the populist wind: remember when he first opposed California's property-tax limiting Proposition 13, before he flipped to support? Now, of course, after the Bell, California pay scandal, the California Attorney General suddenly stepped up in righteous outrage. Never mind, of course, this all stemmed from a newspaper investigation, not anything from the government.
There's an interesting investigation from an Orange County newspaper which seems to suggest that Jerry Brown seems to have been credited for 25-29 years of service for a special lawmaker pension program (LRS), even though he has only served 16 years according to program rules (which not not allow credit for his years as Oakland mayor starting in 1998). What you may not know is Jerry Brown has been double-dipping with a retirement pension of $20K or more a year since 1998, except while serving as Attorney General with a $184K salary. What this seems to suggest is that if Jerry Brown loses a bid for a third term as California governor, the 72-year-old professional politician could pocket a pension of $110K a year, versus $74K. So however this fall's election goes--the California taxpayer gets hosed.
Political Humor
I should have featured some of these late night jokes earlier:
"WikiLeaks has posted over 90,000 classified documents about the war in Afghanistan. The Pentagon is outraged, the White House is furious, but British Petroleum is relieved: 'Finally, a leak we had nothing to do with.'" –Jay Leno
[The Obama Administration is now asking BP engineers for their advice on blowout leaks far below the surface of intelligence agency leadership. Critics accuse management of responsibility for the blowout incident by bypassing due diligence in screening and monitoring classified personnel. Administration officials blame the Congress for providing an inadequate amount of time to classify personnel and not enough money for internal surveillance. Conservatives accuse the Administration of failing to implement guidelines set years earlier to mitigate the effects of leaks.]
"Shirley Sherrod was fired from her job at the Agriculture Department, then they said they made a mistake and offered to hire her back. Today, Gen. McChrystal asked if he could have his job back." –Jay Leno
"President Obama is going on a 10-day vacation to Martha's Vineyard in August. Obama was like, 'This is my longest vacation ever,' and voters were like, 'Wait'll you see the one we're planning for you!'" –Jimmy Fallon
"Nancy Pelosi said that when it comes to cleaning up government, the Democrats have drained the swamp. The only problem with that is what's left after you drain the swamp: snakes everywhere." –Jay Leno
Musical Interlude: The American Songbook Series
Tony Bennett, "Anything Goes" Tony delivers with his rendition of another Cole Porter classic. A reader brought to my attention it took 43 years after his death for him before he finally got a Hollywood star (i.e., in 2007). Cole Porter is an American treasure. For those people who have not had the privilege to hear Cole Porter tunes given the current wasteland of pop music, might I suggest searching for a Cole Porter playlist on Youtube, clicking on the "Cole Porter" link on the right side of a playlist icon, and sitting back and enjoying the experience? You're welcome!
