Category Archives: Debt

UPDATE II: Pleasure Me, Now!

Debt, Education, Ethics, Federal Reserve Bank, Morality, Pop-Culture, Psychology & Pop-Psychology, The Zeitgeist

The following is from my new, WND column, “Pleasure Me, Now!”:

“Our society revolves around the pleasure principle. Unless something is pleasurable, it excites suspicion and is deemed unworthy of pursuit. This is one reason so many American youngsters entering the job market are dumb, difficult and will be, ultimately, dispensable. They’ve been taught, by parents and pedagogues — falsely — that learning and work must be jolly fun all the time. If your field of endeavor is no fun, quit it.

Anyone who has studied seriously, or worked to master a craft, knows that nothing worth learning or mastering is easy or enjoyable, at first — unless you’re a genius, a natural, or both. Most of us are not. For proof of the fact of mediocrity, look no further than the normal distribution, the Bell Curve.

With mastery, however, comes enjoyment. And mastery generally means hard work.

‘The value of hard work is overrated. Laziness is the mother of invention’: these were riffs offered up against my case by one of the bloggers at BarelyABlog.com. The writer, a physicist, makes my point for me: He happens to be a relative of Wolfgang Ernst Pauli, recipient of the 1945 Nobel Prize in physics!

No, not everyone can ‘work smart.’ Whereas graft is within each person’s reach; genius is not.

The pleasure principle is at play in the realm of both personal and public finances. Saving for the future is not fun. It means postponing pleasure for the sake of solvency or other more ambitious future gains.

Tellingly, a survey by the ‘National Foundation for Credit Counseling’ has revealed that … ’26 percent of adults in the U.S. admit that they’re spending more than they did a year ago. And 40 percent of consumers are still battling unpaid credit card debt month to month.'” …

Read the complete column, “Pleasure Me, Now!”, on WND.COM.

UPDATE I (April 22): In the Comments section, Annette makes important points. Running my own tiny enterprise, as I do, I agree with her. When us oldies die-out, the American workforce is close to toast! However, home-schooled kids give me hope. I’m working with one such gentleman (a kid, really) whose work ethic, method of problem solving, and cognitive skills match mine. As my husband would put it, “A normal person.” But the “mature” “professionals” who came before him, all with fancy offices downtown, gave new meaning to the concept of outsourcing.

Let me parrot, once again, “Your Kids: Dumb, Difficult And Dispensable”:

“The hybrid, hi-tech workforce ? comprised as it is of local and outsourced talent ? is manned, generally, by terribly smart older people with advanced engineering degrees. Yes, the people designing gadgets for our grandiose gimps are often Asians, many of whom are older. They beaver away under fewer, also terribly smart, older Americans. The hi-tech endeavor is thus all about (older) Americans and Asians uniting to supply young, twittering twits with the playthings that keep their brainwaves from flatlining.
My source in the industry tells me that the millennial generation will be another nail in the coffin of flailing American productivity. I am told too that for every useless, self-important millennial, a respectful, bright, industrious (East) Asian, with a wicked work ethic, waits in the wings.
Let the lazy American youngster look down at his superiors, and live-off his delusions and his parents. His young Asian counterpart harbors a different sensibility and skill; he is hungrily learning from his higher-ups with a view to displacing artificially fattened geese like Meghan McCain.”

UPDATE II (April 23): Myron, Right you are. My source behind enemy lines—one of the biggest, most prestigious American corporations—is reduced to working in his garage, where he has better lab equipment, solving the company’s technical problems.

Debunking The Debt-Default Hoax

Debt, Democrats, Economy, Politics, Reason

David Henderson of EconLog, for the Library of Economics and Liberty, debunks the nonsensical (and irrational) notion that not raising the debt-ceiling will result in the US defaulting on its debt. Treasury Secretary Tim Geithner might be as gormless as his boss, since he has confused “debt obligations” with “other expenditures.”

As U.S. Senator Pat Toomey explained, in a January 19 Wall Street Journal op/ed, “the amount of money required to continue to make payments on all the U.S. government debt is a small fraction of the amount of revenue the U.S. government raises.”

Henderson again: “On car payments and student loan and credit card payments, Geithner is right. But on insurance premiums and utility payments, he’s wrong. Those are not typically debt obligations. Geithner is effectively saying that if the government wants to spend x and has only enough money to spend 0.67x, then not spending on the other 0.33x is a failure to keep an obligation. In a political sense, that might be: the government has made a lot of spending promises to a lot of people. But in an economic sense, it’s not. On the narrow issue of whether failure to raise the debt limit would necessarily mean U.S. government default on its debt, Toomey is right and Geithner is wrong.”

UPDATE II: Thomas Jefferson On Debt & Despotism (S & P Simply I.Ding The Corpse)

Constitution, Debt, Founding Fathers, Liberty

In the eyes of Thomas Jefferson, observes Marco Bassani, “the greatest danger came from the possibility of legislators plunging citizens into debt.” Bassani, a professor of history and political theory at the university of Milan, Italy (and a Facebook friend), has written perhaps the best book on “the political theory of Thomas Jefferson.”

“We must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude,” quotes Bassani in Liberty, State & Union. The “fore horse” for oppression and despotism is public debt [which is better relabeled government debt]. “Taxation follows that, and in its train wretchedness and oppression” (p. 106).

If only the high-minded Jefferson, author of the Declaration of Independence, had written the Constitution with crooks in mind.

UPDATE I (April 18): What took them so long? Standard & Poor’s has cut the American credit outlook to negative, reports Bloomberg.com:

“S&P assigned a one-in-three chance it will lower the U.S. rating in the next two years, saying the credit crisis and recession that began in 2008 worsened a deterioration in public finances. Budget differences among Democrats and Republicans remain wide and it may take until after the 2012 elections to get a proposal that addresses the concern, S&P said.”

And that’s not the half of it.

Despite the skewed reporting on the move, even the New York Times recognized that what the following sources say must be included in their report, today:

“The idea that the U.S. public finances are on an unsustainable trajectory is hardly new news,” economists from Capital Economics said in a research note. “Indeed, we warned that the U.S. might be downgraded, or at least put on negative watch, as far back as nearly two years ago.”

What has “You-Can’t Fix Stupid” got to say for himself? He blames partisanship, of course, for the S & P’s belated reality check—but then responds to the economic reality reflected in the S&P’s downgrade with … a wave of his magic political wand:

For their part, administration officials played down the revision while reiterating Washington’s determination to act. Treasury officials “believe S.&P.’s negative outlook underestimates the ability of America’s leaders to come together to address the difficult fiscal challenges facing the nation,” an assistant secretary for financial markets, Mary J. Miller, said in a statement.
President Obama has initiated a bipartisan process that will help make progress on restoring fiscal responsibility, the statement said.
“I think this is fundamentally S.&.P’s making a political judgment,” said Austan Goolsbee, chairman of President Obama’s Council of Economic Advisers, in an interview with Bloomberg TV news, pointed out that President Obama in a recent speech had said that there would be actions taken to promote fiscal responsibility. “I don’t think that the S&P’s political judgment is right.”

UPDATE II: I.DING THE CORPSE. The S&P’s “special talent is to arrive at the morgue and predict the demise of the deceased,” writes the Financial Post’s Terence Corcoran.

The United States has already forfeited its role as the economic leader of the world. Under the Obama administration’s program of rising debt, soak-the-rich tax policies, spending expansions and regulatory overkill, America is already establishing itself as a fiscal and economic mediocrity.

UPDATED: ‘You Can’t Fix Stupid’

Affirmative Action, Barack Obama, Debt, Economy, Government, Intelligence, Political Philosophy, Reason, Socialism, Taxation

The following is from my new, WND column, “You Can’t Fix Stupid”:

“How stupid is President Barack Hussein Obama? Let me count the ways.

Judging from the philosophical pose he struck during Wednesday’s “debt-reduction” address, the president is so stupid as to believe that the “rugged individualism,” “self-reliance,” and “healthy skepticism of too much government”—all qualities he attributed to the American people in that speech — can survive in the shadow of his government.

During his two years in office, Mr. Obama has accrued more debt than any president in American history. Why, in the month of March alone, his souped-up civil servants spent eight times what they collected in tax receipts and revenues.

For every year their honcho has been in office, the Obama officials have devoured over a trillion dollars, and will put Americans in hock to the tune of $1 trillion in interest payments alone, by the end of this decade, if not sooner.

How stupid is our president? So stupid as to believe that the governmental juggernaut over which he presides is what connects us a nation, and ensures that “we … do together what we cannot do as well for ourselves.”

How stupid is Obama? So stupid as to believe that America became a great country in 1935, which is when the earliest of the Medicare, Medicaid and Social Security entitlements was signed into law. Dummy did, after all, declare yesterday that, “We would not be a great country without [these programs]”? …

… But, as Ron White, that great satirist from the great State of Texas, teaches, ‘You can’t fix stupid.’

‘There is not a pill you can take, not a class you can go to. Stupid is forever.'”

Read the complete column, “You Can’t Fix Stupid,” now on WND.COM.

UPDATE (April 15): An Ivy-League education is increasingly not indicative of intelligence. What with affirmative action, one can hardly assume that Obama’s admission to these institutions bodes well for his IQ. It certainly does nothing of the sort for his wife’s; anyone who has read her graduation thesis will confirm what I’m saying. This effort is written on a high-school level. Obama’s transcripts remain well-concealed. Despite being appointed as an editor for the Harvard Law Review, Obama has never written a serious jouranl article for this publication.

Obama’s easy passage through this country’s finest schools shows just how worthless these once-proud institutions have become, and how worthwhile it is to be a privileged minority. (Or, in the case of Bush, McCain’s mindless daughter, and the likes—to belong to an American political dynasty.)

By the way, I agree that BHO has the cunning of a fox. But that’s a far cry from the brilliance with which he has been credited.