4/17/16 Government Is The Problem
President Obama is beating his chest and, bragging that he has brought the jobless rate down to 5%. He seems to forget about those who have quit looking for a job or gone on social security disability, which is better than starving. The problem is going to be when social security goes bankrupt. If social security had been managed like it was supposed to be, it would be in good shape. The tax revenue that is supposed to go to the fund is placed in the general fund and an IOU is placed in the retirement fund. If the Galveston retirement plan had been instituted, it could not be stolen by politicians to finance their private projects. On the Galveston plan at the lower income worker level you would get about one third more than social security and at the upper level you would get about three times as much as social security pays
The President was being interviewed by Chris Wallace, after bragging about what he had accomplished, he said that people still don’t understand why they lost jobs, homes and savings. Could I venture to tell the President and those who don’t know why. There was a community reinvestment plan promoted by Democrat President Carter in 1977. Banks were coerced into loaning money to folks that had no money no jobs, and could get a loan of 100% of the property’s value plus closing cost. Google (2004 Senate hearings on Fannie Mae and Freddie Mac) President Obama said President Bush was unpatriotic for raising debt by four Trillion in eight years. I wonder if he ever looks in the mirror and wonders what he will be called for more than doubling the debt in 8 years. The debt is nearing 20 trillion dollars.