Work is for Idiots, by M.N. Gordon

STRAIGHT LINE LOGIC

The insiders acknowledge economic shortcomings, but never acknowledge the many economic problems caused by insider domination of both economies and government. Not surprisingly, their proposed solutions will do nothing to cure what ails the economy. From M.N. Gordon at economicprism.com:

The International Monetary Fund reported an unpleasant outlook for the U.S. economy on Wednesday.  The IMF, as part of its annual review, believes the U.S. economic model isn’t working as well as it could to generate shared income growth.

On the same day, in an unrelated interview on PBS Newshour, billionaire investor Warren Buffett offered a similar outlook:

“The real problem, in my view, is — this has been — the prosperity has been unbelievable for the extremely rich people.

“If you go to 1982, when Forbes put on their first 400 list, those people had [a total of] $93 billion.  They now have $2.4 trillion, [a multiple…

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America’s Pension Bomb: Illinois Is Just the Start, by Tyler Durden

STRAIGHT LINE LOGIC

There are a lot of pension promises out there that aren’t going to be kept. From Tyler Durden at zerohedge.com:

We’ve written quite a bit over the past couple of months about the pending financial crisis in Illinois which will inevitability result in the state’s debt being downgraded to “junk” at some point in the near future (here is our latest from just this morning: “From Horrific To Catastrophic”: Court Ruling Sends Illinois Into Financial Abyss).

Unfortunately, the state of Illinois doesn’t have a monopoly on ignorant politicians…they’re everywhere.  And, since the end of World War II, those ignorant politicians have been promising American Baby Boomers more and more entitlements while never collecting nearly enough money to cover them all…it’s all been a massive state-sponsored scam.

As we’ve noted frequently before, some of the largest of the many entitlement ‘scams’ in this country are America’s public pension…

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Fourth of July

steveknife

In just a few days we will celebrate our country’s birthday. I am reminded of a performance by Mr. Red Skelton that my parents listened to when I was a very young man. I remember it bringing a tear to my Fathers eye. He was a veteran. This performance and my parents reaction to it stuck in my mind all these years . Here is a copy of that performance

God Bless America

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