2 Cents Worth On Life Its Ownself

Do we laugh, cry or just go into our hole when we read the headlines from today?…thoughts and reflections on same follow.

Well, it is Yellen for the new Fed Chairmanship.  One wonders  a year from now who will be yelling for Yellen or yelling at her.   The elderly and the prudent savers of the US certainly won’t benefit from her severe easy money policies and extremely low interest rate regime.  The ants will continue to get crushed for their diligence and hard work and the grasshoppers will continue to eat off the fat of the land produced by the ants.

The arguments and conflict over the debt ceiling and payment of the Federal debt has been around since literally the inception of the country.  As we transitioned from the interregnum after the Revolutionary War to our current Constitution we had a big argument then about the debts run up by the Colonies to fund the War.  There were many who advocated not paying all that debt especially to the foreigners who had bought it i.e. the Dutch and French and even some Brits.   But Hamilton’s view prevailed and the Constitution honored all the outstanding debt of the US, Colonies.  Yes, there were some “fat cats” in the US who also profited enormously from this decision because they had bought up many of those bonds for pennies on the dollar.  But Hamilton and the like-minded believed we had to pay all those bonds to protect our credit and against the future need to borrow more and that meant paying all creditors regardless of their moral worth.  They were all paid 100 cents on the dollar with interest.

We are not yet bankrupt or a dead beat because the US does have the capacity to pay all its debts in full.  The current argument is correctly about future fiscal policy to see we remain that way.  The current trajectory of the Democrats will indeed drive us to bankruptcy.  That can and must be changed so we remain solvent.  The existing fight truly is about making the Democrats recognize that reality and adjust our spending accordingly.  Yes, the guy in the White House has it right–the numbers do not lie.   Houston, we have a problem!

Unless you keep up with the foreign press reports you would not know that the Arctic sea ice has in fact increased this year by 60%.  Strange that the Europeans are even more paranoid about the global warming hysteria than we are but they are the ones that most often report the facts and critiques of the IPCC reports and global warming alarmists excesses.

Historically, the Democrats and the Paul Krugman’s of this world have taken the position that the US debt is not a major worry because with just a little tinkering we can grow our way out of it.  They believe that increases in population will result in constantly growing GDP and thus the size of the debt will be manageable in relation to that larger economy.  Many arguments can be made against that proposition on the merits and the numbers especially when you include in the off balance sheet liabilities like Social Security and Medicare.   However there is one other flaw in the dialectic, who can guarantee they we will continue to grow?  Japan and Europe are already in the midst of a significant population slow as is China.  Why wouldn’t that happen here?    Then the debt would loom even larger not seem manageable relative to the size of the overall economy.   Those Democratic liberals are making a gamble on the future based on what scientific evidence?  They love to talk science.  But that theory is faith, not fact.

We’ve passed the Harvest Moon and already the moms in our neighborhood are putting out their Halloween stuff in the yards and on the doors.

I want to be safe and secure in the US and have no problem at all with taking out  the bad guys around the world.   The radical Muslims are our enemy and we do need to be vigilant and aggressive in combating them.  But, but, but….do we really need a million square foot facility in Utah for NSA in addition to all those thousands of worker bees there in the DC area?   Do we really need those 50,000 plus TSA folks doing those ridiculous searches at the cost it requires?  I don’t travel much anymore but when I do I sure don’t feel any safer with them around.  I don’t think they would deter in the slightest a serious terrorist bent on mayhem.  Indeed my last trip through their procedures I was questioned by a black lady wearing her hajib.  That didn’t exactly increase my level of confidence and it sure didn’t help that she was rude to boot to everyone passing through her line.   There are over 35,000 in the FBI and 114,000 in the Justice Department.  There is no way we need that many people protecting us from those breaking Federal criminal statutes.  They need to be cut back, not eliminated but cut back for heaven’s sake.   The FBI used to do most background checks for security clearances but they don’t even do most of that anymore it is done by contractors.    It seems to some of us that we have lost our sense of balance on these issues.

And on that subject why does the EPA, the IRS, Labor department, Interior department and many others have guys running around with guns and badges?  Can’t they have the FBI do the arresting when they come across a crime.

Wouldn’t it be interesting if the Feds were required by law to list all their departments, agencies, bureaus and the zillion other special committees along with their cost and personnel count online.  It wouldn’t be binding of course but then allow the public to “vote” on each one.   Either to eliminate it completely or change the funding level for each identified entity.  Might be a true wake up call for the Feds.

“All I know is what I read in the papers.”  Will Rogers  http://www.olcranky.wordpress.com

 

 

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Filed under business, Culture, Economics, Global Warming, government, Politics

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