Best of the Week
Most Popular
1.Crude Oil Price Trend Forecast 2016 Update - Nadeem_Walayat
2.Will Deutsche Bank Crash The Global Stock Market? - Clif_Droke
3.Gold Price In Excess Of $8000 While US Dollar Collapses - Hubert_Moolman
4.BrExit UK Economic Collapse Evaporates, GDP Forecasts for 2016 and 2017 - Nadeem_Walayat
5.Gold Stocks Massive Price Correction - Zeal_LLC
6.Stock Market Predicts Donald Trump Victory - Austin_Galt
7.Next Financial Crisis Will be Far Worse than 2008/09 - Chris_Vermeulen
8.The Gold To Housing Ratio As A Valuation Indicator - Dan_Amerman
9.GDXJ Gold Stocks - A Diamond in the Rough - Rambus_Chartology
10.Gold Boom! End Game Nears As Central Banks Buying Up Gold Mining Companies! - Jeff_Berwick
Last 7 days
How Trump Can Win the U.S. Presidential Election After 1st Debate Meltdown - 1st Oct 16
Stocks, Bonds, Gold and Commodites - It’s January 2013, With a Twist - 1st Oct 16
Why Nervous Pensioners Are Running for the Exit - 1st Oct 16
Donald Trump Post Debate Meltdown, Betfair Betting Market Points to Collapse in Odds of Winning - 30th Sept 16
Silver Way Undervalued - 30th Sept 16
Why Krugman, Roubini, Rogoff And Buffett Dislike Gold - 30th Sept 16
After the Debate, the Deluge? - 30th Sept 16
Has Dow Theory Lost its Relevance: Stock Market Ignored it and Rallied to New Highs - 30th Sept 16
Donald Trump Failing to Recover After 1st Debate Hillary Shimmy Loss - Betfair Betting Market - 30th Sept 16
BEA Revises Q2 2016 US GDP Growth Upward to 1.42% - 29th Sept 16
Could the OPEC deal set stage for the Next Stock Market Risk Rally? - 29th Sept 16
Why Trump Lost, Hillary Won the 1st U.S. Presidential Debate - 29th Sept 16
Is a Dollar Crash Imminent After the Senate Overrides Obama Veto on Saudi 9/11 Bill? - 29th Sept 16
2017: Gold and Silver's Year of "Public Recognition" - 29th Sept 16
Did Trump Win the 1st US Presidential Election Debate? - There's Something Happening Here... - 29th Sept 16
FED Goes from ZIRP to NIRP! - 29th Sept 16 - Chris_Vermeulen
Here’s Why You Should Be in Cash Right Now - 28th Sept 16
The Fed Put a 50% Tax on Your Retirement Plan - 28th Sept 16
Massive Chinese Debt And Why They Are On A Gold Buying Binge! - 28th Sept 16
Stocks Commodities and FX Markets Waiting Technically While Fundamental Data Neutral Poised - 28th Sept 16
This Commodity Has Perked Up its Investors' Portfolios - 27th Sept 16
Charting the Continuing Gold Market Correction - 27th Sept 16
Stock Market Crash and Recession Indicator Warning: Extreme Danger Ahead - 27th Sept 16
Financial Markets and FX Setups 27th Sept - 27th Sept 16
Crude Oil, Forex and Stock Market Trend Forecasts - 27th Sept 16
Why There is Trump - 27th Sept 16
Save Up to 70% in Shopping Expenses for Daily Items - 27th Sept 16
Gold’s Moving Averages and Long-Term Outlook - 26th Sept 16
September Stock Market - The Not So Silent Demise of Deutsche Bank - 26th Sept 16
SPX sell signal confirmed - 26th Sept 16
SPX is testing the next level of support - 26th Sept 16
Outrageously Entertaining US Presidential Campaign Final Stages - What Happens Next? - 26th Sept 16
BoJ, FOMC and Where To Now? - 26th Sept 16
Stock Market New All Time Highs Next - 26th Sept 16
Why Trump Will Win US General Election 2016 Prediction Forecast - 26th Sept 16
Martial Law Rolls Out Across the US As Jubilee Nears - 26th Sept 16
Stock Market More Correction Likely - 25th Sept 16
US Presidential Election Forecast 2016 - Trump Riding BrExit Wave into the White House - 25th Sept 16
US Economy GDP Growth Estimates in Free-Fall: FRBNY Nowcast 2.26% Q3, 1.22% Q4 - 24th Sept 16
Gold and Gold Stocks Corrective Action Continues Despite Dovish Federal Reserve - 24th Sept 16
Global Bonds: Why Our Analyst Says Things Just Got "Monumental" - 24th Sept 16
Where Did All the Money Go? - 23rd Sept 16
Pension Shortfalls Could Be 4X To 7X Greater Than Reported - 23rd Sept 16
Gold Unleashed by the Fed - 23rd Sept 16
Gold around U.S Presidential Elections - 23rd Sept 16
Here’s Why Eastern Europe Is Doomed - 23rd Sept 16
Nasdaq NDX 100 Big Cap Tech Breakout ? - 23rd Sept 16

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

The Power of the Wave Principle

Obama Jobs Plan To Screw Future Generations

Politics / US Politics Sep 11, 2011 - 03:24 PM GMT

By: James_Quinn

Politics

Best Financial Markets Analysis ArticleFriday morning the Schuykill Expressway was jammed again due to an overturned car at Belmont Avenue. My first thought was how anyone could turn their car over at the usual 25 mph speeds on the Schuykill Expressway. My second thought was that I was damned to having to take the route from 69th Street in Upper Darby down Chestnut Street (aka The 30 Blocks of Squalor) to work. I was still steamed by Obama's $450 billion "JOBS" plan. His new plan was touted as an infrastructure plan when it is nothing but a "screw future generations" plan. Do these politicians have no shame?




Obama and his minions will tell you that Social Security is a fantastic program. It should not be touched. They declare that it is self funding. That is a bold faced lie. The Social Security Trust Fund has a $17.5 trillion unfunded liability. This is why:

“A male average earner who retired at age 65 in 2010 paid out $345,000 in total Social Security and Medicare taxes, but will receive $417,000 in total lifetime benefits ($464,000 for a woman).

A much bigger disparity in taxes versus benefits occurs for couples. In the case of a household with only one wage earner, the taxes paid out were $345,000, but the benefits received by both parties will be $778,000. For two-earner couples where one earned the average wage and the other earned a low wage ($19,400), tax payout was $500,000, but benefits will be $800,000.

Those who retired in decades past saw much bigger returns for their payroll tax investment. But clearly this situation is not sustainable. It's like putting all your expenses on a credit card knowing full well you don't have the means to pay it back.” – Bankrate.com

We have 10,000 people every day turning 65 years old for the next 19 years. These people will be taking $70,000 to $150,000, on average, more out of the Social Security Trust Fund than they put in. This worked just fine when there were 16 workers contributing for every 1 retiree in 1950. It doesn't work so well when there is only 3 workers for every 1 retiree, as there is today.

The twits that present themselves as journalists in the MSM have been foaming at the mouth over the description of Social Security as a ponzi scheme by Rick Perry. How could this man tell the truth about FDR's beloved legacy? After trying to poke holes in Perry's truthful assessment of this bankrupt program, the pundits declare it isn't a ponzi scheme because Social Security isn't voluntary, and a ponzi scheme is. These morons are right. Social Security is a ponzi scheme with a gun pointed at your head by Federal Government thugs. That is a much more accurate description.

The party that presents Social Security as a well run outstanding example of government at its finest has decided the best way to create jobs is to double down on you paying even less in payroll taxes than you did this year. We know for a fact the average person will get between 25% and 125% more than they paid into Social Security. The Obama plan last year and again this year is to drastically reduce the amount paid into the Trust fund, so you can have the privilege of consuming the same amount of food and energy at a much higher price. Brilliant plan! It is amazing how liberals and Keynesians can have such disregard and scorn for future generations who will be handed this bill with no means to pay.

The Republicans went along with the 2011 payroll tax cut of 2%. They will go along with the 3.1% payroll tax cut. You see, this is how politics works. Since the payroll tax was "temporarily" cut, whoever lets the payroll tax cut expire will be declared a tax hiker. Therefore, the "temporary" payroll tax cut will be extended indefinitely, further impoverishing future generations. Meanwhile, how many jobs did the first payroll tax cut create? How many will the extended and increased payroll tax cut create? None! Obama is using the George Bush tax rebate check method of destroying the country. Both decided to address a government spending problem by reducing revenues. This is par for the course and explains why the economy is teetering on the verge of collapse.

The Obama plan consists of $225 billion to screw future generations so we can spend today. It also includes $62 billion to pay people who aren't employed for 99 more weeks, even though Federal Reserve studies have proven that extending unemployment keeps the unemployment rate 1% higher. Paying people for almost two years while they are not employed is somehow supposed to "create" jobs. Then we have the traditional $70 billion transfer from our Chinese lenders to Timmy Geithner and then into the pockets of state government union workers across the land. Obama needs those votes in 2012. Why should states be required to adapt their budgets to reality when their sugar daddy can keep supplying the candy?

The last chunk of change in the Obama stimulus plan will be $100 billion for some more shovel ready infrastructure jobs. This line was used to snow the American public back in January 2009 when Obama's $800 billion porkulus bill was rammed through with no Republican votes in the House and only two RINO votes in the Senate. I'm sure you've benefitted greatly from the first round of shovel ready jobs. I know the $300,000 funneled to my township to double the size of a parking lot at our local park, which will be utilized on possibly 3 days per year, created a huge boom as the multiplier effect promised by Keynesians revitalized our local economy. 

As I drove down Chestnut Street through West Philadelphia on Friday I observed the result of Obama's previous infrastructure stimulus plan. Prior to Obama's 2009 stimulus, Chestnut Street between 69th and 39th (30 Blocks of Squalor) was pocked with potholes and the sidewalks were crumbling, uneven and littered with trash. This entire stretch of highway was repaved with a thin layer of blacktop in the spring of 2010. Wheel chair ramps were built on every corner of these thirty blocks. Another example of government at its finest, as the Americans with Disabilities Act was only passed twenty years prior. The insanity of installing wheel chair ramps on every corner without repairing the lopsided, crumbling, trash strewn sidewalks leading to the wheel chair ramps is lost on the government drones.  

A little over one year since this fine example of Obama infrastructure spending I was able to make some revealing observations that can be applied to our country in general. I counted the number of holes that had been dug in the newly paved street as I slowly proceeded down this 30 Blocks of Squalor. I was able to do this because the City of Philadelphia government drones are incapable of properly timing the green lights to allow for a smooth flow of traffic.

In the space of 30 blocks there were 20 holes that had been dug and refilled. It seems you can make a highway appear shiny and new by putting a thin coating of blacktop on the surface but below the street you still have rotting water pipes and decaying sewer systems. This symbolizes the thin veneer of big government solutions for America's deeply rooted fiscal problems. Short-term Keynesian ephemeral stimulus injections are chosen over long term structural fixes. The result is the true infrastructure of this country continues to deteriorate, spring leaks and rupture at the most inopportune times.

The politicians will continue to try and give the appearance of fixing the structural problems in this country, while putting nothing but useless patches on broken systems and using hype and misinformation to sell their glossy veneer of deception as solutions. Obama has chosen to screw future generations in order to try and get re-elected in 2012. What a great American visionary leader he has proven to be.    

Join me at www.TheBurningPlatform.com to discuss truth and the future of our country.

By James Quinn

quinnadvisors@comcast.net

James Quinn is a senior director of strategic planning for a major university. James has held financial positions with a retailer, homebuilder and university in his 22-year career. Those positions included treasurer, controller, and head of strategic planning. He is married with three boys and is writing these articles because he cares about their future. He earned a BS in accounting from Drexel University and an MBA from Villanova University. He is a certified public accountant and a certified cash manager.

These articles reflect the personal views of James Quinn. They do not necessarily represent the views of his employer, and are not sponsored or endorsed by his employer.

© 2011 Copyright James Quinn - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

James Quinn Archive

© 2005-2016 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Rain
11 Sep 11, 21:31
Seattle

Your numbers are wrong unless they include the debasing of the dollar. It is easy to pay the seniors today at twice the rate they put in - as long as the dollars you are paying them in are debased to a small subset of what they paid in.

At some point - probably soon. They will pass the act that no cost of living will be apply to Social Security until you reach the age of 70. That allows the older folks who have been subject to this debasement to have some relief.


bfd
12 Sep 11, 16:39
Obama jobs plan

You may need those unemployment benefits that are (may be?) comming down the line to put food on the table. I know, I've been there.

I'm no Obama fan, beleive me, but the lack of any hint of a solution in your rant speaks for itself.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife