Posted tagged ‘Social Security’

Toxic Words: by Thomas Sowell

February 10, 2016

Thomas Sowell

The Great Dr. Thomas Sowell thinks politicians use the word “entitled”, to hide reality from their unsuspecting voters. In his recent article titled, “Toxic Words” (read here), Dr. Sowell sets the record straight about one of the favorite words used by politicians, “entitlements”.

Here are some excerpts from the article.

During this election year, we are destined to hear many words that are toxic in the way they misrepresent reality and substitute fantasies that can win votes.”

One of these words is “entitlement.” to hear some politicians tell it, we are all entitled to all sorts of things, ranting affordable housing to “a living wage.”

The reality is that the human race is not entitled to anything, not even the food we need to stay alive. If we don’t produce food, we are just going to starve. If we don’t build housing, then we are not going to have housing, “affordable”or otherwise.”

Particular individuals or groups can be given many things, to which politicians say they are “entitled,” only if other people are forced by the government to provide those things to people who don’t need to lift a finger to earn them. All the fancy talk about “entitlement” means simply forcing some people to work to produce things for other people, who have no obligation to work.

 

WE’RE NOT ENTITLED TO HEALTHCARE

I listened to Bernie Sanders speech tonight after his victory in the New Hampshire primary. He said he wants a single payer health care system, among other “entitlements”, that will be provided by Government.

Government can provide healthcare if it mandates that people in the healthcare field provide it (without pay), or healthcare can be paid for out of the money government borrows, prints, or confiscates in taxes.

We know people won’t work for free. We know healthcare costs will rise because government has no profit motive. We know that taxing, borrowing, and printing lead to unsustainable debt. The only thing single payer succeeds at is giving Government more power over each individual. If government can mandate that we must have health insurance, it can mandate how much and what kind of healthcare each of us receives. It can also tell us what we are allowed to eat and what kind of activities we are allowed to engage in. Essentially government will run our lives because we believed politicians when they told us we had a right to healthcare. That is not freedom, that is tyranny.

Related ArticleWhat Comes First Production Or Consumption, at austrianaddict.com.

Related ArticleSay’s Law And The Permanent Recession, at austrianaddict.com.

Advertisements

Visual Explanation Of The Deficit And The Debt

November 1, 2013

The visual of this chart is outstanding, it jumped off the page when I saw it. The chart shows our Governments yearly revenue, yearly deficit, and total debt. This is from an article titled Great News! The Fiscal Crisis Is Over! by Jon Gabriel, at ricochet.com. I got there from this article at theburningplatform.com.

https://i1.wp.com/cdn1.ricochet.com/var/ezwebin_site/storage/images/media/images/debtchart/4700766-1-eng-US/debtchart_lightbox.png

Here is a quote from Mr. Gaberiel, “…imagine the green is your salary, the yellow is the amount you’re spending over your salary, and the red is your MasterCard statement.”

What is sobering about this chart is how a seemingly small yearly deficit compounds into a massive amount of debt over time. What is it going to look like in three more years if we continue our $1 trillion yearly deficit?

THE REAL DEBT TOTAL

Unfortunately the $17 trillion is really not the actual debt. If you factor in the unfunded liabilities for Social Security, Medicare, and Medicaid, which have been estimated to be between $55 to $222 trillion, look at chart here, the problem gets exponentially worse. What do you think Obamacare will add to this unsustainable mountain, or valley, of debt?

THE FED RIDES TO THE RESCUE?

Fortunately we have the Fed which can electronically print counterfeit money to pay our way out of this mess. Oh yeah, I forgot, the only way a Government can accumulate this amount of debt is because its Central Bank funds the expansion in the first place by buying Government bonds. Without the ability to electronically print counterfeit money, Governments can only grow to the size of what they can steal or mooch through taxing and borrowing. At a certain point, individuals won’t produce above a certain level if they can’t enjoy the fruits of their labor, and they won’t purchase bonds from a seller whose level of debt makes the transaction seem to risky. The Fed can’t print its way out of the economic reality of scarcity. Their denial of this reality is why they printed us into this mess in the first place.

Related ArticleLet The Counterfeiting Continue! The Fed Is Stuck In Their Feedback Loop, at austrianaddict.com.

Related ArticleThe Fed As Giant Counterfeiter, by Robert P. Murphy, at mises.org.

“The Structural Endgame of the Fiscal Cliff”, by Charles Hugh Smith.

January 14, 2013
Ready to collapse.  An old building in the Wil...

Ready to collapse.  (Photo credit: gbaku)

This article, The Structural Endgame of the fiscal Cliff, at peakprosperity.com, by Charles Hugh Smith, whose site is oftwominds.com, is the sober reality about where we really are economically and politically as a nation. When our political leaders say “the wealthy among us have to pay their fair share” they are trying to get you to think that the primary reason the Government is in so much debt is because these “wealthy” aren’t taxed enough. Like a magician trying to get you to look over here while the exchange is taking place over there, these spend thrift politicians hammer the “wealthy” as greedy because, for some crazy reason, they don’t want to pay more in taxes than what they are legally bound to pay, while these same politicians who greedily spend 1.3 trillion dollars more than they take in taxes, are being ignored, as the primary reason for the debt problem.   Here are some quotes from the article. (more…)