Posts Tagged ‘welfare’

The Knave New World

May 2, 2019

In 2007, Alan Greenspan published a fascinating book that chronicled not only his own life, but the life of the monetary world in which he grew up,  and in which he ultimately played a major role as Chairman of the Federal Reserve.

  https://www.amazon.com/Age-Turbulence-Adventures-New-World/dp/0143114166 

Mr. Greenspan’s keen observation of contemporary monetary history is demonstrated throughout the book. On page 92, Alan had this to report about the legendary Reagan tax cuts of the 1980’s:

“The cornerstone of the Reagan tax cuts was a bill that had been proposed by Congressman Jack Kemp and Senator William Roth. It called for a dramatic three-year, 30 percent rollback of taxes on both businesses and individuals and was designed to jolt the economy out of its slump, which was now entering its second year. I (Greenspan) believed that if spending was restrained as much as Reagan proposed, and as long as the Federal Reserve continued to enforce strict control of the money supply, the plan was credible, though it would be a hard sell. This was the consensus of the rest of the economic board as well.

But (David) Stockman (Reagan’s Budget Director) and Don Regan, the incoming treasury secretary, were having doubts. They were leary of the growing federal deficit, already more than $50 billion a year, and they began quietly telling the President he ought to hold off on tax cuts. Instead, they wanted him to try getting Congress to cut spending first, then see whether the resulting savings would allow for tax reductions.”

Well good luck with that!

And gollee, that was about 39 years ago, and about 20 trillion $$ of federal deficit ago. . .

Ronald Reagan, God bless ‘im, was the last of the Mohicans of old-style let’s-try-to-balance-the-budget school.

Yet we still pay lip-service to that principle.

But–let’s face it– those days are gone forever. They went out with with saddle oxfords and gumball machines and  Archie Bunker and 1-cent lollipops and debits on the left with credits on the right that balanced each other out.

Now Reagan, God rest his soul,  is no longer with us, nor Kemp,  and the world is a totally different place. Ronald Reagan was the last of a balancing breed that has vanished into fiscal history.

The cowboy hero has ridden into the sunset.

David Stockman is, however, still with us, and still living in the past,  still harping, God bless ‘im, on old-hat financial and fiscal responsibility. Good luck with that, Dave!

https://www.deepstatedeclassified.com/dsd20190426/

In his most recent newsletter, David Stockman posted this assessment of our present situation:

“The Main Street economy is failing. But the Wall Street fantasy is thriving. You can lay responsibility for this dangerous disconnect at the doorstep of the Eccles Building.

The Federal Reserve’s extreme monetary central planning regime long ago disabled capital markets and destroyed price discovery.

Bubble Finance has euthanized workers and savers and lobotomized traders and speculators.

And our monetary central planners know it.”

While Mr. Stockman’s assessment may very well be true, it may also be irrelevant.

The world . . . as it always does and always has, has changed.

Tap your ruby slippers together, David.

RubySlippers

and close your eyes and realize: We’re not in Kansas any more. All the rules have changed. Take off your rose-colored glasses.

We’re not wheelin’ and dealin’ in ole Wall Street any more, or Peoria or Pittsburgh or Palm Springs. Now we are in, as Aldous Huxley once said, a Brave New World. . .

A world in which monetary markets and price discovery are no longer the primary determinants in the money game. . . a world that has, yes Virginia, yes Alice and yes Dorothy, been commandeered by a thunderous consumerist horde who have no wish to be bound by these old financial fuddy-duddy obsolete principles, a world that has been fundamentally transformed by Keynesian realpolitic and by the pragmatic keep-bailing-this-boat central bankers of the world with their legions of yassah data-crunching technocrats to maintain the welfare of us all.

And we will never go back.

Because money itself is, and always has been, truth be told, worthless, being nothing more than klinky coins that can get you a wad of chewing gum, or paper bills that can get you a sugar-high from a vending machine, or electrons that can get you a charged-up night on the town, or a day in the sun, a week at Disney if you’re lucky, and a health-insured, social-security certified lifetime in this knave new world.

The “Capitalism” of Adam Smith and John Stuart Mill and Jacob Marley and JP Morgan and even Warren Buffet has . . . gone the way of the buffalo.

Now it’s just benevolent electrons whirling around the world taking care of everybody.

And when you finally see the writing on the wall, Dave, look at those deficits and . . . read ‘em and weep. Nobody cares about deficits any more.

The central bankers of the world will never have to face the music of fiscal responsibility that keeps ringing in your ears.

We’re never going back to the old balancing acts. Where we’re headed is. . . everybody gets a meal-ticket as long as all’s quiet on the Western front and the red sun still rises in the east. Welcome to the knave new world.

Glass half-Full

Could be a problem

March 1, 2019

Our nation slides toward oblivion in unredeemable debt.

But who cares? It’s only money.

The national debt will never be repaid. We all know it, but nobody talks about it because we’re lost and we’ve never been here before.

We’ve never been at a juncture in history where money doesn’t matter.

In ages past, money mattered, but it doesn’t any more.

If you’re one of the inequality lackeys you’ve got a meal-ticket on a card, or so I’m told.

If you’re one of the equality beneficiaries you’ve got an expense account on a chip in your billfold.

The real movers and shakers are all just electrons streaming around in netspace, racking up virtual debits and credits in a webbish world that strains to retain some ideal standard that hasn’t really existed since grampa died and gramma went to the nursing home.

We pretend that the national debt matters while our brave new worldview slips into blahblah debit card oblivia, along a slow slide of credita magnifica.

But we’re in a long, sluggish slide.

The leftish cadres analyze and strategize to death our slow slog into postcapitalist egality mediocrity.

Meanwhile back at the suburban ranch conservatives dream of pie-in-the-sky return to days gone by in which every man or woman set a course toward their own comfort and prosperity. Good luck with that.

All along the watchtower, our planet bleeds, while civilization recedes.

Our manifest destiny bleeds out as welfare mediocrity. We’re all on welfare, just haven’t admitted it yet.  We’re all leaning on the largesse of a depleting State. When someone trips the alarm we’ll be racing to the exits.

Common sense poses now as tweets, while common decency slowly but surely retreats.

Maybe it’s always been this way, but never before on such electronified magnitude as we have now.

Digiboard

BroknColm

What began in human history as sword-swinging  contention stealthily slashes through our sedated society as a hi-tek tirade of weaponized malcontent.

The imminent ideology showdown will not likely roll in as some entertaining video event. Rather, it may be a bloody mess, a severe letdown, or, as we used to say in the old country, a pain in the ass.

Might be a good time to get saved.

Turn or burn.   Travelers’ Rest.

Smoke

Incentives for Development instead of Dependency

December 13, 2015

I’ve been working for the last six years as a maintenance man in an apartment complex that houses 92 households.

You know as well as I do that it is not easy to get up and go to a job five days out of every week that goes by, and to do this week after week, month after month, year after year.

Now for an old guy like me, age 64, while approaching that precipice called “retirement” and considering how/when such an arrangement may take shape, it has been difficult lately.

I’ve been struggling with a few issues, both public and private, pertaining to this job that has occupied 40 hours of my time every week for the last six years.

The apartment complex in which I maintain all this stuff–toilets, faucets, sinks, drains, light fixtures, electrical outlets, water heaters, doors, windows, cabinets, floors, stairways, interiors, exteriors, dumpsters, trash, smoke-filled rooms. . .this apartment community is a public housing arrangement in which rents are subsidized, according to need and income, through funds that have been provided through taxpayer money.

I confess that one problem I have had lately comes from wondering why I have to do all this work, when many tenants don’t seem to have much to occupy their time. I mean, everybody has a TV and that’s okay.

I don’t really want to elude my responsibilities as an employed person. But I do believe that if there is, among the hundred+ residents here, a good person who is willing to take on some responsibility to do some necessary work. . .that person should be allowed to contribute some of their time and effort toward making the community facilities cleaner and more operative.

But I cannot expect this type of help from tenants.

I am, you know, the employee, while they are the tenants. I am the worker; they are the recipients of my services.

And I have, during previous periods of my life, benefited from some college-level training in education. Accordingly, I would like to take opportunities now and then to teach others, especially children, to do for themselves instead of me the Maintenance guy doing all of it.

A year or two ago, a good thing happened in this complex where I work. A helpful tenant who lives here took it upon himself to help me in cleaning one of our two laundry rooms. I was pleased to have his participation, especially since I have a steady stream of vacancies to deal with–vacancies that require painting, cleaning and repairs. There should be more people in the world who are like this good citizen who has volunteered to help make the community in which he lives, in which I work, a better place.

Nevertheless, I was informed that it was not his place to do so. Because he is, after all, the tenant, while I am the employee.

In other instances during my six years, tenants have been compelled to uproot plants–decorative and vegetable– that they had planted in the mulched sterile areas around the buildings. Because it was against the rules. Management is supposed to do all that, and make those decisions, etc. And this place is subsidized by the USDA. The A stands for Agriculture. Fed-approved agriculture of course, not tenant-planted agriculture.

I told a friend of mine recently that if I had a million bucks I’d buy the whole dam place and then let the tenants have their own community garden instead of these useless ornamental shrubs and mulch, and I’d turn my maintenance job over to a tenant committee where they could divvy out the work as it arises, and be compensated accordingly with rent credit or benefits or cash.

Well, my struggle with these issues was punctuated this Sunday morning with some other inputs about this type of situation.

I was listening in on Listening In, which is an online audio program that is provided weekly by World Magazine, of which I am a subscriber.

  http://www.worldmag.com/player.php?podcast/7467

In this recorded discussion, I heard host Warren Smith interviewing guest Jennifer Marshall, who represents the Institute for Family, Community and Opportunity of the Heritage Foundation. They were conducting a fresh discussion about a tired old topic, welfare reform.

Jennifer was explaining the outcome of a recent forum at Heritage, the purpose of which was to help people escape poverty.

She mentioned that the major welfare reform of 1996 had been successful in reducing welfare loads and reducing child poverty. But only one program was dealt with. She further stated what needs to happen is reform of–not just cash welfare program– but food stamps, public housing and other programs. And then she made this statement:

“The incentives right now are structured toward dependence; let’s get them structured toward moving people back to independence, back to flourishing in their communities.”

And I thought, she may have a good point there. But I don’t know what I could do about it.

Life goes on.

In other news, its a beautiful, sunny day here in the Blue Ridge.

Have a nice day, and a satisfyingly productive week.

Glass half-Full