Ron Paul’s ideas

Classic Ron Paul: “We have not seen any sincere effort to cut any spending”

I really like Ron Paul.

Ron Paul’s ‘Plan to Restore America’

Posted by Tad DeHaven

Presidential candidate Ron Paul has released a fiscal reform plan that would dramatically cut spending and rein in the size and scope of the federal government. My reaction to the proposal can be summed up in one word: hallelujah.

Republican policymakers – including the current GOP field of presidential candidates – talk a good game about reducing spending, but very few are willing to spell out exactly what they’d cut. As NRO’s Kevin Williamson puts it in the title of his write-up on the plan, “Ron Paul Dropping a Reality Bomb on the GOP Field.”

The following are some of the plan’s highlights:

  • Paul says his plan would cut spending by $1 trillion in the first year alone, and balance the budget in three years without increasing taxes.
  • Funding for the wars would end. That’s not isolationism – it’s a common sense position that also reflects popular opinion. In addition, foreign aid spending would be zeroed out.
  • On entitlements, younger people would be given the freedom to opt out of Social Security and Medicare. Spending would be frozen for Medicaid and other welfare programs and they would be converted to block-grant programs.

That’s an ambitious agenda to say the least, and one that the press is likely dismiss as a pipe-dream. Then again, Paul has managed to single-handedly turn the Federal Reserve into a campaign issue, which nobody could have foreseen just several short years ago. In fact, several of Paul’s fellow candidates for the GOP nod have taken to echoing his anti-Federal Reserve sentiments. Hopefully, the other candidates will copy Paul again by getting specific on what they’d cut. If not, they should be prepared to explain to the electorate why taxpayers should keep funding the departments that Paul would ax.

October 17, 2011 – 7:12 pm Categories: Uncategorized | Post a comment

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News of Pat Summerall’s conversion brought a smile to Tom Landry’s face jh38

I got to ask Pat Summerall a question at the Little Rock Touchdown Club meeting back in October of 2010. Summerall had pointed out that Tom Landry was the defensive coordinator and Vince Lombardi was the offensive backfield coach when he played for the Giants.  Summerall had shared how he had recovered from his drinking habit and put his faith in Christ and was baptized.

I simply asked him if he had a chance to interact with any Christian Coaches like Tony Dungy or Tom Landry about his conversion. He said that he told Landry about his conversion and that was the only time he ever saw Landry smile. Walt Garrison told Summerall that he never saw Landry smile but he only played for him for 9 years.

Pat Summerall: A Divine Intervention

 

CBN.com – A LEGEND IS BORN

Pat Summerall was the signature voice of sports broadcasting in America. Over the years, millions of viewers have welcomed him into their homes, as the voice of NFL football. He’s been part of televised football from its early days. Though he broadcast from the first Superbowl, and many since, he’s had a love for the game well before the “Superbowl” even existed. As a professional football player, he is best known as the kicker for the legendary New York Giants of the late ’50s and ’60s. He started playing football in his small hometown in Florida. He actually played multiple sports and was good at all he tried. When he headed off for college, he turned down a few offers because they wouldn’t let him play both football and basketball, and he didn’t want to choose between his two loves. In college, he played both, but after a while he decided to stick with football and see where it took him. It’s taken him from the Detroit Lions, to the New York Giants, to the Sportscaster’s Hall of Fame, with numerous stops along the way.

Pat’s broadcast career was something he hadn’t planned on pursuing, but rather something that just kind of happened. He “walked-on” for an audition with CBS radio and got the part. Just that easy, his broadcasting career took off and he was launched into stardom. He went from radio to television, even hosting the morning news for a stint on CBS. Through his career, Pat encountered and interacted with numerous celebrities and professional athletes who are legends themselves. Pat continued his broadcast career with CBS for 32 years. In addition to his coverage of football, he was also the network’s signature voice for its golf coverage, including the Masters, the U.S. Open Tennis Championships, the NBA and five Heavyweight Championship Fights. In 1999, Summerall was inducted into the American Sportscaster’s Association’s Hall of Fame.

OFF-AIR AND OUT OF CONTROL

With fame and money, came opportunity and that opportunity for Pat was to live in a self-indulgent way. Though he had a wife and children waiting at home, Pat spent much of his time on the road with other athletes and broadcasters. He was sucked in by the seductive world around him. He spent much of his time in bars, and when he wasn’t in a bar, alcohol was widely available at sporting events. Over time, Pat became an alcoholic. His behavior wasn’t only hurting himself, it was hurting his family. When his family and friends staged an intervention, one of his daughters wrote a letter saying she was ashamed to share his last name. Pat agreed to go to rehab at the Betty Ford Clinic in 1992.

A NEW THIRST

While in rehab, Pat spent much of his time reading one of the two books available in his room, the Bible. He found that the thirst for knowledge about God and faith was replacing his thirst for alcohol. He found Jesus and gave up alcohol. He was later baptized and now shares his faith with others. His spirit was renewed, but years of drinking took a toll on his body. He has battled through serious health issues, including liver failure and the subsequent liver transplant, but continues to trust God through it all.

October 17, 2011 – 2:45 pm Categories: Current Events | Post a comment

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National Debt will continue to skyrocket unless something is done about entitlements

National Debt Set to Skyrocket

Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute.

In the past, wars and the Great Depression contributed to rapid but temporary increases in the national debt. Over the next few decades, runaway spending on Medicare, Medicaid, and Social Security will drive the debt to unsustainable levels.

PERCENTAGE OF GDP
Download

National Debt Set to Skyrocket

Source: Heritage Foundation calculations based on data from the U.S. Department of the Treasury, Institute for the Measurement of Worth, Congressional Budget Office, and White House Office of Management and Budget.

Chart 20 of 42

In Depth

  • Policy Papers for Researchers

  • Technical Notes

    The charts in this book are based primarily on data available as of March 2011 from the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO). The charts using OMB data display the historical growth of the federal government to 2010 while the charts using CBO data display both historical and projected growth from as early as 1940 to 2084. Projections based on OMB data are taken from the White House Fiscal Year 2012 budget. The charts provide data on an annual basis except… Read More

  • Authors

    Emily GoffResearch Assistant
    Thomas A. Roe Institute for Economic Policy StudiesKathryn NixPolicy Analyst
    Center for Health Policy StudiesJohn FlemingSenior Data Graphics Editor

October 17, 2011 – 11:04 am Categories: Current Events, spending out of control | Post a comment

David Barton: In their words, did the Founding Fathers put their faith in Christ? (Part 1)jh34

David Barton: In their words, did the Founding Fathers put their faith in Christ? (Part 1)

David Barton has put together a great collection of quotes from the founding fathers about their faith in Christ:

The Founders As Christians

America’s Founding Fathers Deist or Christian? – David Barton 1/6

 
04/2006
(Note: this is a representative list only, there are many other quotes that could be listed)

Samuel Adams
Father of the American Revolution, Signer of the Declaration of Independence

I . . . recommend my Soul to that Almighty Being who gave it, and my body I commit to the dust, relying upon the merits of Jesus Christ for a pardon of all my sins.

Will of Samuel Adams

Charles Carroll
Signer of the Declaration of Independence

On the mercy of my Redeemer I rely for salvation and on His merits; not on the works I have done in obedience to His precepts.

From an autographed letter in our possession written by Charles Carroll to Charles W. Wharton, Esq., on September 27, 1825, from Doughoragen, Maryland.

William Cushing
First Associate Justice Appointed by George Washington to the Supreme Court

Sensible of my mortality, but being of sound mind, after recommending my soul to Almighty God through the merits of my Redeemer and my body to the earth . . .

Will of William Cushing

John Dickinson
Signer of the Constitution

Rendering thanks to my Creator for my existence and station among His works, for my birth in a country enlightened by the Gospel and enjoying freedom, and for all His other kindnesses, to Him I resign myself, humbly confiding in His goodness and in His mercy through Jesus Christ for the events of eternity.

Will of John Dickinson

John Hancock
Signer of the Declaration of Independence

I John Hancock, . . . being advanced in years and being of perfect mind and memory-thanks be given to God-therefore calling to mind the mortality of my body and knowing it is appointed for all men once to die [Hebrews 9:27], do make and ordain this my last will and testament…Principally and first of all, I give and recommend my soul into the hands of God that gave it: and my body I recommend to the earth . . . nothing doubting but at the general resurrection I shall receive the same again by the mercy and power of God. . .

Will of John Hancock

Patrick Henry
Governor of Virginia, Patriot

This is all the inheritance I can give to my dear family. The religion of Christ can give them one which will make them rich indeed.

Will of Patrick Henry
October 17, 2011 – 10:58 am Categories: David Barton, Founding Fathers | Post a comment

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Milton Friedman:Republicans are wrong to oppose payroll tax reduction (Part 2 of Friedman interview with John Hawkins)

Image Detail

 Milton Friedman and Ronald Reagan

John Brummett is critical of Republicans for opposing the payroll tax reduction and I have to agree with him on this.

In an interview shortly after the Bush Tax Cuts passed Milton Friedman was asked:

John Hawkins:Do you think George Bush, with the economy being as it was, did the right thing by cutting taxes?

Milton Friedman: I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible. The reason I am is because I believe the big problem is not taxes, the big problem is spending. The question is, “How do you hold down government spending?” Government spending now amounts to close to 40% of national income not counting indirect spending through regulation and the like. If you include that, you get up to roughly half. The real danger we face is that number will creep up and up and up. The only effective way I think to hold it down, is to hold down the amount of income the government has. The way to do that is to cut taxes.

_______________________

Here is some more of the interview:

Written By : John Hawkins

John Hawkins:I’d like to switch to a different area here. The economy certainly did well in the Clinton years except for the recession that started right at the end of his term. Was that because of Bill Clinton’s policies, a continuation of the success of Ronald Reagan’s policies, or something else?

Milton Friedman:I think it was #1 a continuation of the Reagan policies and #2 an indication of the virtues of a President of one party and a House and Senate of the other. That’s the best combination for economic growth…

John Hawkins:Because they hold down spending?

Milton Friedman:Yes, you have a deadlock. You can’t get any major spending programs through because one party or the other will oppose it. That’s why we have what looks like a paradox. The Clinton administration, in terms of the budget, has one of the best records of holding down spending. Spending went up less under Clinton than almost any other President.

John Hawkins:So do you think if we had Democrats controlling the House and Senate we’d have much less spending from the Bush administration?

Milton Friedman:If the White House were under Bush, and House and Senate were under the Democrats, I do not believe there would be much spending.

John Hawkins:That may be true. Switching directions again, Europe has been moving towards a single currency. Do you think that’s a wise move for all the states, some of them, or none of them? Why so?

Milton Friedman:We’re in the midst of a wonderful natural experiment. You have a really different arrangement with the euro than we’ve ever had historically. We’ve had many cases in which a number of countries have used the same currency. That’s when they’ve used gold or silver as money. But each individual country has been able to control the content of its own money. So while they were using the same commodity as currency, they were always in a position to determine what the terms of exchange were between their own currency and the other currencies.

But the euro is a very different arrangement. For the first time in history, we have essentially an independent central bank for a considerable number of distinct political entities. I, in advance, was very negative about it and have been very negative & pessimistic about it. We’ll see how the Europe plan does on the one hand and on the other, how the other countries of the world, the UK, the United States, Japan, which are linked together by flexible exchange rates, we’ll see how they do.

So we’ll have a really nice, natural experiment just as before the Soviet Union dissolved, we had a natural experiment comparing socialism and capitalism.

John Hawkins:If the euro were to replace the dollar as the medium of exchange, if everyone bought and sold their goods in euros instead of dollars, would that have an impact on the US economy?

Milton Friedman:The success of the United States will depend on how much it can produce at home, how much it can sell abroad, what it buys from abroad. It’s of less importance whether it is denominated in dollars or euros.

John Hawkins:So in the end, that is really not going to make a big difference one way or the other…

Milton Friedman:That’s not going to make a great deal of difference. What’s going to make the difference is the productivity of the different countries. But personally, as I say, I believe the Euroland is going to run into big difficulties. That’s because the different countries have different languages, limited mobility among them, and they’re effected differently by external events.

Right now for example, Ireland and Spain are doing very well, but on the other hand Germany and France are doing very poorly. The question is; “Is the same monetary policy appropriate for all of them?” Germany and France on one hand and Ireland and Spain on the other: it’s very dubious that it is. That’s why you’re having increasing difficulties within the Euroland group. As you probably know Sweden, which had not joined the European Monetary Union, voted down doing so and will keep its own currency.

John Hawkins: It was 56% to 42%so they voted it down by a good margin. Switching gears again here, in your opinion, what caused us to pull out of the Great Depression? Was it Roosevelt’s policies, WW2…

Milton Friedman:Roosevelt’s policies were very destructive. Roosevelt’s policies made the depression longer and worse than it otherwise would have been. What pulled us out of the depression was the natural resilience of the economy + WW2.

You know, it’s a mystery as to why people think Roosevelt’s policies pulled us out of the Depression. The problem was that you had unemployed machines and unemployed people. How do you get them together by forming industrial cartels and keeping prices and wages up? That’s what Roosevelt’s policies in the New Deal amounted to. Essentially, increasing the role of government, enhancing the monopolistic position of labor, and creating as I said before the equivalent of price fixing cartels made things worse. So most of his policies were counterproductive.

John Hawkins:Fast forward to today and there are a lot of Democrats & people on the left out there who say, “Why don’t we just have exorbitant taxes on the rich and minimal taxes on everyone else”? What would that do to the economy?

Milton Friedman:That would eliminate the rich.

John Hawkins:Right. Would it have a negative effect on economy overall?

Milton Friedman:Well, who would provide the funds, the capital, and the entrepreneurship for the new industries? In a world in which there were no rich people, how would you have ever gotten the capital to produce steel mills or automobile plants? You can do it through the state, but the world tried that with the Soviet Union.

It’s an interesting thing. If you ask yourself, “what tax system would be best for the low income group,” it’s the opposite of what they’re saying there. It would be a system with a maximum amount of taxation rather than a minimum. If you look at the taxation system in China for example, which is now doing very, very, well, that’s exactly what it is. In Russia you now have a 20% flat tax which is having the effect of increasing revenues rapidly and also stimulating production. You cannot help the poor by destroying the rich.

John Hawkins:If we don’t “fix” Social Security, what sort of impact is it going to have on the economy in say 10-20 years?

Milton Friedman:Well, Social Security is having a bad effect now through the tax system. But ya know, when Adam Smith was told that the British loss at Yorktown would be the ruination of Britain, Adam Smith replied, “Young man, there’s a deal of ruin in a nation.” So, we’re a very strong country, lots of able people, lots of active entrepreneurs, and so the Social Security system will be a burden, but it won’t destroy the country.

I think it will be changed of course. I think there is a great and growing pressure towards privatizing Social Security, converting it into individual accounts. We’ve been moving that way indirectly through 401ks and the equivalent retirement accounts. I think Mr. Bush will go back to his emphasis on privatizing Social Security. I think there’s a good chance it can be done. It has been done in a considerable number of countries around the world. There’s no reason why it couldn’t be done here.

John Hawkins:Are there any political websites you’d like to recommend to our readers?

Milton Friedman: No, I don’t really follow any political websites. I think they’ll do better reading the Wealth of Nations(laughs)…

John Hawkins:Last but not least, is there anything else you’d like to say or promote?

Milton Friedman:I’d like to promote lots of things. I’d like to promote elimination of drug prohibition. I’d like to promote parental choice in education through vouchers. Those are two things I think are very urgent and important. They’re both more important than the harm which Social Security will do.

I think that our policy with respect to drugs is fundamentally immoral and it’s really disgraceful that we cause thousands of deaths in South America because we cannot enforce our own laws. If we could enforce our own laws against consumption of drugs, there would be no drug cartels in South America. There would be no — nearly a civil war in a place like Columbia.

Similarly, I think the performance of our school systems is disgraceful. I think roughly a quarter of the population never graduates high school. We have a lower level of literacy today than we had a hundred years ago. That’s not despite, but because of the poor schools, particularly in low-income areas.

But I think that’s enough for you. It has been nice to talk to you.

John Hawkins:Thank you for your time Mr. Friedman.

If you’d like to find out more about Mr. Friedman, you can do so at the Milton & Rose D. Friedman Foundation & the Hoover Institution.

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October 17, 2011 – 8:50 am Categories: Milton Friedman, spending out of control, Taxes | Post a comment

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John Hawkins interview with Milton Friedman (Part 1)

Uploaded by on Aug 19, 2009

Here is the first part  of the interview:

Written By : John Hawkins
 

Yesterday, I did a twenty minute interview by phone with Milton Friedman. Of course, Mr. Friedman has an INCREDIBLE resume. He won the 1976 Nobel Memorial Prize for economic science, won the “Presidential Medal of Freedom in 1988 and received the National Medal of Science the same year”.

He was also an “economic adviser to Senator Barry Goldwater in his unsuccessful campaign for the presidency in 1964, to Richard Nixon in his successful 1968 campaign, to President Nixon subsequently, and to Ronald Reagan in his 1980 campaign.”

There is much, much, more I could add. But I think the fact that Mr. Friedman finished in a tie for the 15 slot when RWN had conservative bloggers select, “The Greatest Figures Of The 20th Centurygives you some idea of Mr. Friedman’s stature.

Enjoy the interview!

John Hawkins: Slate’s Chris Suellentrop has pointed out that Howard Dean has said “that he would demand that other countries adopt the exact same labor, environmental, health, and safety standards as the United States” if they wanted trade agreements with us (Dean said something similar to the WAPO). If that policy were ever implemented, what sort of damage do you think it would cause to the US economy?

Milton Friedman:I think it would cause immense damage, not to the US economy, but to other economies around the world — much more to the others than to us.

John Hawkins:Really? So you don’t really think it would hurt the US economy that much?

Milton Friedman:It would hurt the US economy, but it would be disastrous for the countries that are smaller than we are. World trade depends on differences among countries, not similarities. Different countries are in different stages of development. It is appropriate for them to have different patterns, different policies for ecology, labor standards, and so forth.

From my point of view, we in the United States have gone overboard in respect to the extent of regulation and detailed control of labor standards, industry, and the like. It’s bad for us, but fortunately we had two hundred years of relatively free development to provide a strong basis to sustain the cost. But to impose this on other countries that are not at that stage would be a disgraceful thing to do.

John Hawkins:Because it would keep them from ever getting to the point we’re at?

Milton Friedman:That’s right.

John Hawkins:Do you think George Bush, with the economy being as it was, did the right thing by cutting taxes?

Milton Friedman:I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible. The reason I am is because I believe the big problem is not taxes, the big problem is spending. The question is, “How do you hold down government spending?” Government spending now amounts to close to 40% of national income not counting indirect spending through regulation and the like. If you include that, you get up to roughly half. The real danger we face is that number will creep up and up and up. The only effective way I think to hold it down, is to hold down the amount of income the government has. The way to do that is to cut taxes.

John Hawkins:Now let me ask you about that. In the Reagan years, we cut taxes and it ended up leading to economic growth which increased the amount of revenue that came into the government.

Milton Friedman:Well, economic growth will inevitably increase the amount of revenue coming into the government. But so far as the Reagan years were concerned, we have to be careful there. There were initial cuts in 1981-1982 and then there was a very good income tax law in 1986. But in between that, there were increases in taxes as well. So it’s not an entirely clear picture that you can attribute the growth in revenue entirely to the tax reductions. But it’s a hard thing to disentangle the effects of several things happening at the same time. In particular, there’s no doubt that growth is very favorable to government revenue.

John Hawkins:Well let me ask you a related question about holding down the deficit. Really, I’m not seeing much political will on either side of the aisle to hold down costs. Do you think we should consider a Balanced Budget Amendment?

Milton Friedman:What we should consider and what has been considered is a Tax And Spending Limitation Amendment, an amendment to hold down total spending. I don’t think it needs to be in the form of a Balanced Budget Amendment, but that’s one form it can take.

John Hawkins:So would you favor for example a 3/5th’s majority to raise taxes like they suggested in the “Contract with America”?

Milton Friedman:Yes, but the example that comes to mind really is the Colorado Tax And Expenditure Limitation Amendment that requires the spending to increase no more from year to year than population and inflation. Also, it requires that any revenues in excess of spending have to be returned to the taxpayers.

John Hawkins:Let me ask you about this — what do you say to people who claim that free trade will eventually lead to high unemployment in the US as large numbers of jobs move to cheaper labor markets overseas?

Milton Friedman:Well, they only consider half of the problem. If you move jobs overseas, it creates incomes and dollars overseas. What do they do with that dollar income? Sooner or later it will be used to purchase US goods and that produces jobs in the United States.

In fact, all of the progress that the US has made over the last couple of centuries has come from unemployment. It has come from figuring out how to produce more goods with fewer workers, thereby releasing labor to be more productive in other areas. It has never come about through permanent unemployment, but temporary unemployment, in the process of shifting people from one area to another.

When the United States was formed in 1776, it took 19 people on the farm to produce enough food for 20 people. So most of the people had to spend their time and efforts on growing food. Today, it’s down to 1% or 2% to produce that food. Now just consider the vast amount of supposed unemployment that was produced by that. But there wasn’t really any unemployment produced. What happened was that people who had formerly been tied up working in agriculture were freed by technological developments and improvements to do something else. That enabled us to have a better standard of living and a more extensive range of products.

The same thing is happening around the world. China has been growing very rapidly in recent years. That’s because they shifted from a very inefficient method of agricultural production to something that comes close to the equivalent of private ownership of the land and agriculture. As a result, they’ve been able to produce a lot more with many fewer workers and that has released workers who have come into the cities and have been able to work in industry and other areas and China has been having a very rapid increase in income.

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October 17, 2011 – 8:38 am Categories: Milton Friedman | Post a comment

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Cato Institute:Spending is our problem Part 2

Cato Institute:Spending is our problem Part 2

But we also know that it is difficult to convince politicians to do what’s right for the nation. And if they don’t change the course of fiscal policy, and we leave the federal government on autopilot, then America is doomed to become another Greece.

The combination of poorly designed entitlement programs (mostly Medicare and Medicaid) and an aging population will lead to America’s fiscal collapse.

__________________________

People think that we need to raise more revenue but I say we need to cut spending. Take a look at a portion of this article from the Cato Institute:

The Damaging Rise in Federal Spending and Debt

by Chris Edwards

Joint Economic Committee
United States Congress

Joint Economic CommitteeUnited States Congress

Added to cato.org on September 20, 2011

This testimony was delivered on September 20, 2011.

America Has a High-Spending and High-Debt Government

Some analysts say that America can afford to increase taxes and spending because it is a uniquely small-government country. Alas, that is no longer the case. Data from the Organization for Economic Cooperation and Development (OECD) show that federal, state, and local government spending in the United States this year is a huge 41 percent of GDP.

Figure 2 shows that government in the United States used to be about 10 percentage points of GDP smaller than the average government in the OECD. But that size advantage has fallen to just 4 percentage points. A few high-income nations — such as Australia — now have smaller governments and much lower government debt than the United States.

 

Historically, America’s strong growth and high living standards were built on our relatively smaller government. The ongoing surge in federal spending is undoing this competitive advantage we had enjoyed in the world economy. CBO projections show that without reforms federal spending will rise by about 10 percentage points of GDP by 2035. If that happens, spending by American governments will be more than half of GDP by that year. That would doom young people to unbearable levels of taxation and a stagnant economy with fewer opportunities.

American government debt has also soared to abnormally high levels. Figure 3 shows OECD data for gross government debt as a share of GDP.3 (The data include debt for federal, state, and local governments). In 2011, gross government debt is 101 percent of GDP in the United States, substantially above the OECD average of 78 percent.4

3 Organization for Economic Cooperation and Development, “Economic Outlook Database,” September 2011, Annex Table 32.
4 This is a simple average of OECD countries. The OECD publishes a weighted average, but that figure is, of course, heavily influenced by the United States.

 

October 17, 2011 – 7:45 am Categories: Cato Institute, spending out of control | Post a comment

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Social Security is a Ponzi scheme (Part 12)

U.S. Senator Rand Paul Speaks at Cato University 2011

Uploaded by on Sep 6, 2011

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U.S. Senator Rand Paul (R-KY) spoke at this year’s Cato University on everything from national healthcare and the commerce clause to spending cuts and social security reform.

Cato University is the Cato Institute’s premier educational event of the year. Participants are immersed in economic, philosophical, and historical principles — and into the foundations of libertarianism and individual liberty.

Video produced by Evan Banks and Austin Bragg.

Uploaded by on Jan 8, 2009

Professor Williams explains what’s ahead for Social Security

_________________________________

Social Security is a Ponzi scheme (Part 3)

Governor Rick Perry got in trouble for calling Social Security a Ponzi scheme and I totally agree with that. This is a series of articles that look at this issue.

Ernie the Electrician Understands Social Security

by William Shipman

This article appeared on Daily Caller on April 22, 2011.

Ernie was pretty certain he had made the right decision after hearing the senators propose that the Social Security retirement age should be increased to age 70. At first glance it seemed to make sense. People are living longer so their benefits should start a little later. And this would help the system’s finances. But looking back at his own career as a self-employed electrician, he began to question if it actually did make sense. He also wondered whether the senators knew what he knew. If they didn’t, they should. If they did, why did they make such a proposal? Here’s what he thought they should know.

Ernie started working in 1966 at age 21. He made $6,900 his first year, and just average wages thereafter. But he was frugal, for his parents taught him to save no matter what. So he saved every year the same amount he paid in Social Security taxes that he assumed were set aside for his retirement. In the first year it wasn’t much, just $360.

He wasn’t a sophisticated investor, so he took what he thought was good advice, and invested in broad indexes of stocks and bonds with a 70/30 percent mix. He didn’t day trade, pick stocks, or try to time the market. He didn’t know anything about that. The only change he ever made was at age 56 when he restructured the portfolio to a more conservative 50/50 stock/bond allocation. He retired at the end of last year, at age 66, the age at which he could receive full Social Security benefits.

William G. Shipman is chairman of CarriageOaks Partners, LLC and co-chairman of the Cato Institute Project on Social Security Choice.

More by William G. Shipman

When he applied for his benefits in 2010, he was advised by the Social Security Administration that his first monthly check would be $1,664, and he would receive it in mid-January 2011. He was also told that if he chose Medicare Part B, the premium would be deducted from his benefit check. He earned $48,000 in 2010 so his first year’s benefit of $19,968 totaled about 41 percent of his last year’s pay check.

Ernie wanted to know how much he could withdraw from his portfolio to supplement his benefits. Finance not being his strong point, he sought help. He was advised to re-structure the portfolio to earn a more conservative 4.5 percent return. He was also told that a man of his age had a life expectancy of about another 18 years, but that he shouldn’t take that as the number of years he would live. It was just an average. He should be conservative, and assume he’d live another 25 years to age 91. After he agreed to these points, his advisor told him how much he could withdraw.

Ernie was shocked. Even after including the stock market crash of 2008, he could take out $37,000 in 2011, and increase it every year for 25 years by 3.0 percent, the historical inflation rate. Or he could buy an annuity providing a comparable benefit. Of course he could take out less, so as to leave some assets for his children. Or he may want to hedge whether he’ll live longer than 91.

Ernie was confused. He couldn’t figure out why saving and investing the same amount he paid the government resulted in almost double the benefit.

When he shared all of this with his children, they were angry that they were forced to pay the government their savings when they likely could earn more on their own. Not only that, if the senators’ proposal became law, they wouldn’t even get their full Social Security benefits until they were 70, four years later then their father. The senators were proposing to cut their already-low projected benefits.

When they asked the financial advisor for his view, he spoke more broadly. He said that our government has grown way beyond the vision of our founding fathers. He said that Washington politicians from both parties, and bureaucrats, have for decades successfully decreased our freedom and liberties as they have regulated more and more of our lives, including our retirement. Without some spark, he didn’t think it would change. He said the senators’ proposal was typical; don’t let folks keep more of the fruits of their labor, rather tax them, and then provide lower benefits, all in the name of protecting them, and saving a government program.

Ernie was even more concerned about his kids’ future. They would need his help if the government kept on this path. To him, the senators’ proposal was just another bit of evidence that it probably would. So he decided to take out a lot less than $37,000, and leave the rest to his children. And though they didn’t know it, the senators helped him make that decision.

October 17, 2011 – 12:57 am Categories: Social Security | Post a comment

“Music Monday”:Coldplay’s best songs of all time (Part 6)

 
Coldplay

“Music Monday”:Coldplay’s best songs of all time (Part 6)

This is “Music Monday” and I always look at a band with some of their best music. I am currently looking at Coldplay’s best songs. Here are a few followed by another person’s preference:

My son Hunter Hatcher’s 15th favorite song is “trouble.” Even though he hates spiders. Take a look at the video clip below:

Uploaded by on Mar 6, 2009

Music video by Coldplay performing Trouble. (C) 2000 EMI Records Ltd This label copy information is the subject of copyright protection. All rights reserved. (C) 2000 EMI Records Ltd

The Best Coldplay Songs

 

By Andrea Malji
Coldplay is a British alternative band that has been around since 1998. The band has produced five albums and sold around 50 million albums. The socially active band whose lead singer Chris Martin is married to actress Gwyenth Paltrow has produced some extremely popular songs, but many of the less popular songs deserve high praise as well. This below compilation is my view of the top 10 songs by Coldplay.

 

1. Yellow-This 2000 song released as a single from the album Parachutes was inspired by the beautiful stars in the sky that the band saw one night during a break from recording. The song begins saying “Look at the stars, look how they shine for you, and everything you do”. Stars have always seemed to inspire poetic beauty and this would especially be a perfect song to serenade your love. After writing the song Martin felt that there was some word missing. While searching for inspiration within the recording studio Martin saw a Yellow Pages book, and the word ‘Yellow’ filled the missing void. ‘Yellow’ helped surge Coldplay into mainstream popularity and set the stage for future hits.

 

2. In my place- This 2002 song from Coldplay’s second album “A Rush of Blood To the Head” won best rock performance by a duo or group with vocal at the 45thGrammys. The song features a beautiful soothing melody while Martin sings about a man’s unreciprocated love for a woman. ‘In my place’ that is where he will be waiting for his love to come to him if she changes her mind. If ‘Yellow’ is the song you want to serenade your love with, then ‘In my place’ is the song you listen to after a breakup

 

3. The Scientist- “The Scientist” was another single the band released in 2002 (in the UK) and 2003 in the US from the album “A Rush of Blood to the Head”. The scientist referred to in the rather odd title is not really mentioned in the song but instead it alludes to science “Questions of science, Science and progress, Do not speak as loud as my heart.” This piano ballad shows off Martin’s beautiful voice and nice falsetto. This emotional song also has a very interesting music video implementing reverse narrative and Martin actually had to learn to sing the song backwards. The Scientist won a few MTV VMA awards and received a 2004 Grammy nomination.

 

4. Clocks- This 2003 song also off the album “A Rush of Blood To The Head” won the 2004 Grammy for Record of the year. However, originally the song was not intended for this album since 10 songs were already on “A Rush of Blood To the Head” and Clocks was left to be included on Album #3. This song, like others from the band, sings about a dysfunctional relationship asking about “Am I a part of the cure/Or am I part of the disease?” But where exactly does the title Clocks come from? In poetry and song clocks have always been associated with time, change, and even death. The lyrics seem to suggest that time is running out with few options “Confusion never stops, Closing walls and ticking clocks”. While the lyrics are great, my favorite part of the song is the piano melody especially at the beginning and when Martin again hits a falsetto for the long “yooooooooooooo ohhhhhh Yoooooooooooo ohhhhhh” that nearly sends chills down your spine

 

5. Speed of sound-This song released in 2005 is off the album X&Y and won an award for Best British single in 2006. The piano based melody and the beauty of Chris Martin’s voice make this song very soothing and almost hypnotic. Martin stated the lyrics of this song were inspired by a feeling of awe and wonder after the birth of his daughter Apple. The lyrics also allude to faith in what cannot be seen “If you could see it then you’d understand/ah when you see it then you’ll understand.”

 

6. Viva la Vida- This is one of the more recent song on the list was released in 2008 and reached number 1 on Billboard Hot 100. Viva la Vida which means ‘live the life’ in Spanish also won the Grammy for Song of the Year in 2009. The musical composition of the song is somewhat different because it is more upbeat and implements strings and percussion as opposed to the typical Coldplay songs that use piano or guitar. The rhythm is very catchy and the lyrics are some of the most interesting I have recently heard. I never could actually figure out half of the things that were being said in the song until I researched the lyrics. Basically the song is about a King who once was on top of everything but now ‘sweeps the streets he used to own’. It also includes religious undertones saying “I know St. Peter won’t call my name”. In an interview with Q magazine Martin said the idea of your life being judged once you’re dead was always fascinating to him and it’s a common theme in all religions. Since St. Peter won’t call his name, apparently the King was not so good possibly because he never had as he says ‘an honest word’.

 

7. Fix you-This song from the X&Y album wasn’t as popular as other Coldplay songs but has some of the most beautiful lyrics. The song was supposedly written for Martin’s wife Paltrow after her father died, but the song is can be very comforting in times of tragedy, hardship or a broken heart. The song uses an organ at the beginning that had been given to Martin by Paltrow’s father, but he didn’t discover how beautiful a sound it made until he played it after his death. However, despite whatever hardship whoever listening may have, there are words of encouragement “Lights will guide you home, and ignite your bones, and I will try to fix you.”

 

8. Violet Hill- This song also from the 2008 album X&Y and can be viewed as an anti-war song. The song is from a soldier’s point of view essentially about politics, war, and religious hypocrisy. The soldiers don’t want to be used for a cause that they don’t believe in “I don’t want to be a soldier/ with the captain of some sinking ship.” Violet Hill not only borrows rhythms from The Beatles but the road Violet Hill is actually near Abbey Road. I especially like the decrescendo at the end with only the piano and Martin softly singing. I also suggest everyone see the dancing politician’s version to this song on youtube. Overall though, Beautiful melody, beautiful lyrics…What’s not to love?

 

9. Gravity- This song was written by Martin and performed live by Coldplay in 2002 but ultimately the song was given to the band Embrace. Coldplay re-recorded this song in 2005 and it makes one wonder why the song was not always kept with them. This song is simple, with mainly the piano and Martin singing for the first five minutes and some drums and background singers added in after that, but the simplicity remains. This song is peaceful and soothing and could definitely put you to sleep, but not out of boredom.

 

10. Trouble- This 2000 song from the “Parachutes” album was written as a result of Martin’s reflection about his own bad behavior. Once again, the song begins with Martin singing and playing the piano. There is something very magical about his voice in this song, almost haunting. If someone asked for an apology through writing and performing this song, how could you not forgive them?

 

Most Coldplay fans will be familiar with all of these songs. However, for those of you who are just casual listeners of the band, you should definitely add these songs to your Ipod and you may change from a casual to avid fan.

Related Posts:

“Music Monday”:Coldplay’s best songs of all time (Part 4)

Dave Hogan/ Getty Images This is “Music Monday” and I always look at a band with some of their best music. I am currently looking at Coldplay’s best songs. Here are a few followed by another person’s preference: For the 17th best Coldplay song of all-time, Hunter picks “42.” He notes, “You thought you might […]

Documentary on Coldplay (Part 2)

The best band in the world. Below I have linked some articles I have earlier about the search for meaning in life the band seems to involved in. Chris Martin, Jonny Buckland, Guy Berryman, and Will Champion formed Coldplay in 1996 while going to University in London. The young band quickly established themselves in the […]

Review of New Coldplay song with video clip

I am presently involved in the counting down of the best Coldplay songs of all time, but I am also in a series here reviewing the upcoming songs on Coldplay’s new cd that will be released soon. Here is a review from Rolling Stone: Coldplay Debut new song ‘Charlie Brown’ June 6, 2011 Coldplay debuted […]

Documentary on Coldplay (Part 1, the song “Yellow” featured)

Great documentary on Coldplay. I have written a lot on Coldplay the last few years and I see something spiritually happening with the group as they continue to search for a deeping meaning in life. Coldplay Max Masters – Part 1 of 7 Uploaded by thepostbox on May 6, 2009 The ASTRA Award winning music documentary […]

“Woody Wednesday” Will Allen and Martin follow same path as Kansas to Christ?

Several members of the 70′s band Kansas became committed Christians after they realized that the world had nothing but meaningless to offer. It seems through the writings of both Woody Allen and Chris Martin of Coldplay that they both are wrestling with the issue of death and what meaning does life bring. Kansas went through […]

“Music Monday”:Coldplay’s best songs of all time (Part 3)

 This is “Music Monday” and I always look at a band with some of their best music. I am currently looking at Coldplay’s best songs. Here are a few followed by another person’s preference:   Hunter has chosen the song “Viva La Vida” as his number 18 pick. Hunter noted, “The violin synth is a […]

Review of New Coldplay songs (video clip too)

Coldplay – Every Teardrop Is A Waterfall Published on Jun 28, 2011 by ColdplayVEVO The new single, taken from Every Teardrop Is A Waterfall EP (featuring two more new tracks). Download it from http://cldp.ly/itunescp Music video by Coldplay performing Every Teardrop Is A Waterfall. (P) 2011 The copyright in this audiovisual recording is owned by […]

 

October 17, 2011 – 12:55 am Categories: Current Events | Post a comment

Senator Pryor asks for Spending Cut Suggestions! Here are a few!(Part 117)

Senator Mark Pryor wants our ideas on how to cut federal spending. Take a look at this video clip below:

Senator Pryor has asked us to send our ideas to him at cutspending@pryor.senate.gov and I have done so in the past and will continue to do so in the future.

On May 11, 2011,  I emailed to this above address and I got this email back from Senator Pryor’s office:

Please note, this is not a monitored email account. Due to the sheer volume of correspondence I receive, I ask that constituents please contact me via my website with any responses or additional concerns. If you would like a specific reply to your message, please visit http://pryor.senate.gov/contact. This system ensures that I will continue to keep Arkansas First by allowing me to better organize the thousands of emails I get from Arkansans each week and ensuring that I have all the information I need to respond to your particular communication in timely manner.  I appreciate you writing. I always welcome your input and suggestions. Please do not hesitate to contact me on any issue of concern to you in the future.

Therefore, I went to the website and sent this email below:

 Here are a few more I  emailed to him myself.

Senator Rand Paul on Feb 7, 2011 wrote the article “A Modest $500 Billion Proposal: My spending cuts would keep 85% of government funding and not touch Social Security,” Wall Street Journal and he observed:

Here are some of his specific suggestions:

Reducing Federal Travel: Saves $7.5 billion
Since the implementation of the requirement that all federal employees use travel charge cards to pay for the
expenses of official government travel, the dollar volume of travel card transaction has increased from $4.39 billion in
FY1999 to $8.93 billion in FY2009. Audits have found significant weaknesses in internal controls over travel card use,
which costs the government millions this year.
Examples of card misuse by federal employees include unauthorized trips with premium seating, reimbursements for
airline tickets that were never purchased and even laser eye surgery. Auditors have also determined some federal
agencies have not collected reimbursements for millions of dollars’ worth of unused airline tickets.
With rapid and continuing improvements in communications technology, the need for face-to-face meetings is no
longer necessary.

October 17, 2011 – 12:40 am Categories: spending out of control | Post a comment