Got a roof over your head? Got heat? Got food on the table? Got a job? Count your blessings, Bunky.Things are gonna get worse before they get better. I am not a pessimist; I'm a realist, or as I prefer to be called, a grouchy old curmudgeon. (I get by with more that way)
Federal, state & local governments have been "Kicking the can down the road" for decades. Well, they have finally kicked the can down a dead-end street, & guess whose home lies there? - Yours & mine.
The Fed prints money that now comes in different colors, just like Monopoly money, & just as valuable. They issue bonds to back it, & sell them to China who no longer needs to invade us militarily; Hell, they own us! (Also our kids & grandkids).
So how does the Federal gov't. make up for this budget deficit? Do they end two illegal never-ending wars that are financed "Off-the books"? Do we cut the bloated military budget? Hell, no. What if we have to attack North Korea or Iran?
No, the easiest wat to cut the deficit is to cut entitlements. "Entitlements" by it's very name, connotes a benefit to which you are entitled to, i.e., that you have paid into, such as Medicare, Medicaid, Unemployment Benefits, Social Security. Social Security is not broke, as some would have you believe.It's funds are good for years, except that those funds now consist of a wastebasket full of I.O.U.'s from the Federal Government.
Tweak Social Security to ensure it's future viability? Sure.Eliminate the max ceiling that the rich pay into the system. They should also have to show a need to collect benefits. Gradually increase the retirement age (Done). Rescind the 2% reduction in payroll deductions, which is the GOP's way to eventually bankrupt entitlements. Reduce waste & fraud.
The Federal govrnment is not aloine in kicking the can down the road. They reduce funds to the states for Medicaid etc., & the states reduce funds to local governments & school districts & we pay for it with higher property taxes, even though the market value of our homes has decreased, thanks to the Ponzi schemes of the big banks, who we bailed out.
Everyone has kicked the can down the road except us poor slobs at the bottom of the heap. Instead of negotiating wages, state & local governments have negotiated with pension & health benefits because that will be handled "Down the road." Well, that chicken has come home to roost: NJ faces a 54 billion unfunded pension liability. The CA teacher pension fund faces a 43 billion shortfall.
Government entities are not alone in this charade. Why did we have to resort to corporate welfare by bailing out GM & Chrysler? Bucause their health & pension benefits caught up with them, as compared to foreign manufacturers who don't have these expenses.Their unions also gave concessions that will accelerate the race to the bottom as far as U.S. workers are concerned.
Fact is, we need that little kid to remark that the emporor has no clothes. Don't expect that to emanate from Washington, Mr. & Ms. America. The buck stops with us. This being the 1st rant of the year from this grouchy old curmudgeon, I hope that it is apropos for me to wish that you all have a prosperous & happy New Year. Hey, are we havin' fun yet?
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Comments: 48
There's only one way out of this with minimal suffering but that requires change and we are too addicted to instant gratification to take the trouble. Maybe when things get bad enough we will realize that the old "solutions" never worked and try something new. But the odds are high against that. We don't want to read our history either.
Though I haven't crunched the numbers, it seems to me if we put a $1 million per person limit on inheritance, we could eliminate all other taxes. Perhaps the limit could be $5 million or $25 million. Yes, I think the government can spend the money as wisely as someone who would have gotten it without having done the work to earn it.
I hear different things about the Social Security fund. I've heard that it would be taking in enough to cover costs for another 20, 30, or 40 years. I've heard that it's a bunch of IOUs. Whatever the case, I haven't paid into it in at least 10 years because I've worked in higher education. But I've heard the "Social Security is going to collapse" song since I started working for the man when I was 18 and making minimum wage, which I believe was under $3 an hour.
I feel confident that I'll never reach retirement age because I will either die from a lack of health care or they'll raise it to 100.
I am seriously considering a coffee can under the back porch! I don't have any answers--except that life will teach you--willing or not. And, sometimes, those old sayings--Neither a borrower nor a lender be. Ring truer than most harmonic choir bells. I'm paying cash for my next truck. The savings account is growing. Therefore, I might just buy a bicycle....
cash on the barrel head.
Blessed be--kids are like Saturday Morning cartoons. Remember the RoadRunner and Acme Supplies?
Enjoy!
Wilka
Way to go, Jim, you should have a bunch of monkeys trying to bite you with that.
We can work from there. We've pulled back from uglier monsters.
(((got a garden?)))
Whatever you do, don't catch the car. (Just keep chasing and barking!) : )
...and in so many ways, Gail. I can hardly wait for Jan 4, just to let the fray get going again.
You're speaking my language.
How about we take the campaign (and all it's ads) OFF the air? Totally? Make it illegal to put campaign ads on TV. The only "news" coverage would be the reading of the bills on C-Span... and internet...
Great article, Jim. It is inspirational!