Why work? We have finally reached the point where you can be richer by not working. When that condition prevails, it becomes economically irrational to work. Well, perhaps that is not true for all people, but look at this chart:… Read More »Increase The Payoff and Ensure More of It
The incorrect belief that our financial system has passed its crisis continues. No one, especially the Fed, knows how insolvent the banking system truly is. The magnitude of the problem has been deliberately hidden. Banks themselves probably don’t know the… Read More »Fantasy Financial Accounting Will Not Work
From DirectorBlue comes this analysis of Obama and the current budget:
J. Wellington Wimpy — better known simply as “Wimpy” — was Popeye’s recurring sidekick in the long-running cartoon series.
And Wimpy had a motto that could just as well be President Obama’s: “I’ll gladly pay you Tuesday for a hamburger today”
As Cato explains, Obama’s budgets consist of tax hikes now, with spending cuts and accounting gimmicks sometime… in… teh… future.We’ve become so used to these unfathomable levels of deficits and debt—and to the once-rare concept of trillions of dollars—that we forget how new all this debt is. In 1981, after 190 years of federal spending, the national debt was “only” $1 trillion. Now, just 30 years later, it’s past $15 trillion…
As ATR points out, the “Obama Plan Uses Budget Gimmickry To Mask Explosive Spending“:
• The budget continues to call for spending at historic levels: the request sets spending forRead More »A Wimpy Budget
Collapsing civilizations happen infrequently. The process, at least in the beginning, is slow and unnoticed. Even in advanced stages, most people are oblivious to what is happening. They mistake a symptom, economic hard times, with the cause, political corruption. At… Read More »Possession and/or Might Replaces Law
The cost of regulatory compliance in the US is killing jobs and investment. George Will reports: According to the U.S. Small Business Administration, by 2008 the cost of federal regulations had reached $1.75 trillion. That was 14 percent of national… Read More »The Hidden Costs of Regulation
In response to my advice to a reader in Should I Go Back To School?, Peter Dunn of Righteous Investor commented with his perspective: May I please add my two cents. The educational complex is divorced from reality in terms of… Read More »More On Going Back To School
