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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 
Best of Richard Russell
August 12, 2009
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I just read through the latest (August 17) issue of Fortune magazine. The cover story runs, "Coming soon, THE BIGGEST BAILOUT YET." I read the article and it made my blood run cold. A few quotes -- "The mother of all bailouts, the restructuring of the Social Security system, is just around the corner. . . . . In Washington these days, the only topics of discussion seem to be how many trillions to throw at health care and the recession. . . . .With the government spending untold trillions to bail out incompetent banks, faddish mortgage borrowers, General Motors, Chrysler, AIG, GMAC, and Wall Street, it should damn well bail out Social Security recipients too."

Fortune continues, "Unlike the pigs feeding at Uncle Sam's trough, the people who qualify for Social Security old age benefits-- the ones who'll benefit from the bailout -- have played by the rules and paid Social Security taxes for decades. I would be immoral to tell them 'Sorry, we have to trim your cost-of-living adjustment because we can't afford it.' While expecting them to continue footing the bill for bailing out imprudent people and institutions."

And Russell asks, "So what's the answer?" The answer is that they'll raise the age at which you can collect on SS. And to pay off SS claimants, they'll print trillions more of Federal Reserve dollars. In the end, the dollar will collapse -- it will be a currency that nobody wants. People will want something intrinsic, whether it is a home, a diamond, a piece of land, a hoard of copper -- or gold.

But how about the Social Security trust fund? "The Social Security trust fund has no financial significance," says former GAO chief, David Walker. "If you did (bookkeeping like) that in the private sector, you'd go to jail."

And then this toward the end of the article, we read; "When it comes to problems, Medicare makes Social Security look like a walk in the park."

To me, it all boils down to this -- either Americans are going to be stiffed on Social Security and Medicare payments -- or we are going to see hyper-inflation as the government prints us the future we were promised.

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