Written by Jerry Brown, California’s quirky Governor, has made a credible first step on the road to reforming the State’s insolvent public pension plans. The state is the global leader for financially irresponsible government by racking-up $350 billion in unfunded pension liabilities. But with the threat of California’s credit rating being cut to the same “junk” level [...]
READ MORE »Posts tagged social security
Ponzi Social Security May Be the Wedge Issue for Youth Voters
When Texas Governor Rick Perry in the Republican debate at the President Reagan Library described Social Security as a “Ponzi Scheme”; Perry hoped the media would hyper-ventilate and scream that his political career was over. Back in 1982, Democratic Speaker of the House Tip O’Neill legendarily damaged the President’s and the Republican’s popularity by [...]
READ MORE »Default Is the Enemy of the Social Welfare State
We were viciously criticized as naïve in April for heralding “The Death of the American Social Welfare State”. Yet the failure this weekend of the supposedly $4 trillion deficit reduction “grand compromise”; with President Obama offering to cut $100 billion dollars in Social Security payouts over 10 years in exchange for Republican agreeing to raise [...]
READ MORE »Deflating Social Security
Deflation is a concept many Americans have a tough time understanding. They do understand the concept of Social Security. As Federal budget deficits soaring, the public is being barraged by late night advertisements to buy gold as an inflationary hedge. Unfortunately, the deflationary environment we are facing today is the biggest threat to the Social [...]
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