“No Concept of Money”
by Mike on Oct.22, 2009, under Political
Growing up, I frequently heard from my very fiscally conservative Dad that I had “No concept of money”, usually after I purchased something he viewed as frivolous.
President Obama has taken this to a new level. The Social Security Administration has announced that there will be no Cost of Living Adjustment to retiree benefits because consumer prices are down since last year. This is the first time this has happened since the COLA was implemented in 1975.
However, the decline in consumer prices is no setback to our President in his efforts to make our elderly ever more beholden to the Federal Government. Accordingly, he has proposed a $250 payment be made to each of this Country’s 57,000,000 social security recipients. Never mind that this would cost more than $14,000,000,000 (that’s $14 BILLION). Never mind that although consumer prices decreased, by law, social security benefits can not be decreased and therefore, seniors already have more purchasing power than the did last year. Never mind that we just ran a $1.42 TRILLION deficit in 2009 and that our national debt (at least the recorded debt) is approaching $12 TRILLION.
I think that between $700 BILLION for TARP, $787 BILLION for the Stimulus, $200 BILLION (annual cost to taxpayers) for Cap and Trade, $829 BILLION for Health Care, etc, that President Obama has just lost touch with economic reality.
As my Dad says, he has “no concept of money.”
