"Today in the paper it was reported that Medicare is failing faster than we just recently thought. And Social Security is right behind it. If anyone can fix these two massive Ponzi Schemes, it is Donald Trump. And I am counting on the fact he will do it."
The past couple months, it has been all eyes on Minnesota. As one of my friends from another state told me, "Boy - our state has stuff going on, but it is boring here compared to Minnesota!" Ain't that the truth! In all my years of paying attention to politics, this year is really a bonanza. Anyone who says they are bored with politics this year in Minnesota, might need to be drug tested.
Meanwhile - back in Washington - stuff is really happening. How much stuff? If this was happening under Obama instead of Trump, the headlines in the paper would be as large as "Dewey Defeats Truman!" But - because it is Trump, many of his accomplishments are listed somewhere in small print behind the obits.
Not too long ago, the big (yet almost unbelievable) news was in the first time in forever, this country has as many job openings as people who are unemployed. Instead of having the "economists version" of full employment (which is never really full), we had actual full employment. Hold on - this just gets better. Today in the paper, it was reported that we now have more job openings, than people unemployed! Let that sink in for a minute. And while that is sinking in, think back to the days of Carter or Obama.
How is that GDP going? The GDP which was barely above zero for eight years under BHO? Now there is talk about the GDP maybe going north of 4%. What? Yes. In the short time that Trump has been in office, amazing things are happening. Did he create all those jobs? Absolutely not! But - he did plow the road by eliminating thousands of job killing regulations and giving us a massive tax cut. Funny things happen to the economy when you have an experienced capitalist in charge rather than an avowed socialist.
Did I mention energy? Miss those old days of Jimmy Carter having fireside chats with us in his cardigan sweater? Turn you thermostat down to 62. Drive only 55. We are almost out of energy. All of sudden under Donald Trump, we have more energy than we know what to do with. How much so? By the end of the year, we will be an energy exporter. That means a surplus for us. In fact, is it estimated we will have more proven reserves than Saudi Arabia.
Some folks right now, are wetting their pants over possible trade wars. Because of the tariffs that Trump has put on some products, from some countries. If there were another way to fix our WAY OUT OF CONTROL trade deficit, Donald Trump would have done it. But his choice was keep letting these massive trade deficits grow, of fix them using tariffs. In the long run, this will be a good thing for our country. However, the road might be a bit bumpy for a while.
One final thought before I close. One of the business channels reported that our economy is so hot right now, with so many good things happening, business and financial reporters at some of the nation's largest newspapers have run out of words to describe the economy. It is just that good.
Now that the economy is fixed, it is time to move on to our entitlements. Today in the paper it was reported that Medicare is failing faster than we recently thought. And Social Security is right behind it. If anyone can fix these two massive Ponzi Schemes, it is Donald Trump. And I am counting on the fact he will do it.
it will probably take somebody with common sense, like Donald Trump and unlike almost every other politician, to solve these two problems, but it is really quite simple.
ReplyDeleteFor Social Security, split everybody into classes, by age. For example those within 10 years of retirement, or in retirement, continue to participate in the current system. Those aged 45-55 can take 2% of their Social Security taxes and put them in an IRA of their choice. Those 35-45 take 4%, those 25-35 take 6%, and those under 25 have an IRA but no Social Security taxes. As the younger cohorts reach retirement age, their lower contributions to Social Security will result in them receiving lower benefits, and at the same time those receiving full benefits will be "dropping off" the recipient roles. Jigger around with the age brackets and percentages and you have an actuarially sound program.
Medicare is even simpler. Those 55 and over have a choice to continue in regular Medicare, or to contribute to a personal Health Savings Account. Those under 55 would not have the option, and starting immediately, the foolish Medicare system would start to go away, rules and all, and people would buy private insurance for their retirement (or have it as a company benefit as many did prior to Obamacare). there probably would need to be some sort of "premium support" for those of limited means, but just like Social Security, such spending would come out of the federal general fund, just as it does now but without the fiction of the "trust funds" in the middle.
Good thoughts Jerry! We need some of that horse sense in WDC. All they are good at is kicking this can down the road.
Deleteit might interest you to know that this Social Security scheme was actually advanced in Congress 20 years ago by our own then-Sen. Rod Grams. That can has been kicked ever since, when it would have been SO much easier to do back then.
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