Why Social Security is a Ponzi scheme, and how to fix it

September 13, 2011

My blog-buddy ST did a great job yesterday calling out former Governor Romney and Congresswoman Bachmann for their hypocrisy in attacking Governor Perry for calling Social Security a “Ponzi scheme.” As she pointed out, not only have liberals been saying that same thing, but so have Romney and Bachmann. While it’s disappointing, it’s hard for me to work up outrage over this; politics ain’t beanbag, as they say, and primaries in particular seem to lead people to say anything to win. On the other hand, when what they say is dishonest, it needs to be called out.

And this was dishonest.

Anyway, as a follow-on to that post, here’s a video from Dan Mitchell of the Cato Institute showing why Social Security is not only a Ponzi scheme, but also a flat-out terrible deal for current workers, retirees, and especially ethnic minorities. Then Mitchell introduces the way to fix the system — private retirement accounts:

Be sure to read Mitchell’s related post.

The way forward to a stable retirement system is clear, but it will take tremendous efforts to get past the Left’s demagoguery and the fear it engenders.

And we certainly don’t need conservatives adding to it.

RELATED: Well, if demagoguing Social Security wasn’t bad enough, Michele Bachmann may be torpedoing her own campaign by seeming to join the “Jenny McCarthy Anti-Vaccination Club for Kooks.” Even if if she’s only repeating misinformation she heard, it’s still bad. Her campaign needs to get this clarified, fast. See also Moe Lane.

(Crossposted at Sister Toldjah)

Perry-Fallin 2012?

August 18, 2011

Sure, I’m being facetious in the headline (“Fallin who?”), but in one sense I’m not; freshman Oklahoma governor Mary Fallin is presiding over a economic mini-boom in her state. Check out this interview on Fox & Friends:

Now don’t you think Obama would give his last piece of arugula to have Oklahoma’s 5.3% unemployment rate? (1) But that would require him to give up his fallacious Keynesian dogmas and abandon his Socialist intellectual framework. I think I’ll see the sun rise in the West before that happens.

What Fallin and the Oklahoma legislature have done is what other states, such as Texas, are doing: establish a competitive tax burden, set out reasonable and predictable regulations, keep government spending within its means, and institute legal reform to prevent frivolous lawsuits. Oklahoma has followed this path and is reaping the benefits. The United States as a whole can, too.

If we elect the right man or woman.

(1) As would my beloved California, where the official unemployment rate is a nauseating 11.8%. Governor Brown and the Oligarchs of the State Legislature, take note.

(Crossposted at Sister Toldjah)

Klavan on the Culture: Michele Bachmann makes a gaffe!!!

July 15, 2011

Andrew Klavan has decided it’s too much fun not to participate in the mainstream media’s latest game: waiting for Representative Michele Bachmann to get something wrong so they can make fun of her.

Pay no attention to that chap in the background:

(Crossposted at Sister Toldjah)

Bachmann for President?

March 24, 2011

Color me less than thrilled:

CNN has exclusively learned that Rep. Michele Bachmann will form a presidential exploratory committee. The Minnesota Republican plans to file papers for the committee in early June, with an announcement likely around that same time.

But a source close to the congresswoman said that Bachmann could form the exploratory committee even earlier than June so that she could participate in early Republican presidential debates.

“She’s been telling everyone early summer,” the source told CNN regarding Bachmann’s planned June filing and announcement. But the source said that nothing is static.

“If you [debate sponsors] come to us and say, ‘To be in our debates, you have to have an exploratory committee,’ then we’ll say, ‘Okay, fine…I’ll go file the forms.'”

Three GOP presidential primary debates are planned before and during early June: The first one on May 2 at the Ronald Reagan Library in Simi Valley, California and another on May 5 in South Carolina. CNN plans a GOP presidential primary debate in New Hampshire in early June.

Meanwhile, CNN has also learned that Iowa Republican state Sen. Kent Sorenson will likely be hired to be Bachmann’s political director for the state – and that Bachmann aides hope to have a complete team together for Iowa by this weekend.

Sorenson is a prominent Tea Party figure in Iowa and holds sway with evangelicals in the state. He has publicly said he will support Bachmann if she mounts a presidential bid.

Don’t get me wrong; I like Michele Bachmann quite a bit. She represents an important voice on the Right of the Republican Party, she is an intelligent* advocate for low-tax/fiscally responsible/limited government principles,  and is becoming a force in the House of Representatives. She looks to have along career ahead of her as an important lawmaker, perhaps even moving on to the Senate to displace Klobuchar or Franken.

And that’s why I don’t like this news: nothing I’ve seen in her says “president” rather than “legislator.” It’s the difference between an executive’s “temperament” and that of a legislator, and Bachmann strikes me as a natural —and good— legislator.

Also, this has me worried that her House seat will be at risk. If she seriously runs for president, she won’t be able to run for reelection to the House. Unless there’s a quirk in Minnesota that allows simultaneous campaigns, of course, but then how seriously will anyone take her in either race when she’s running for both? Or, if the presidential campaign fizzles out after, say, six months, and she decides to run for reelection, will she have time to mount an effective campaign? Her seat was heavily targeted by the Democrats in 2010, and you can bet your bottom dollar they’ll go for it even harder if they think it’s an open seat.

And letting those progressive clowns take any seat is unacceptable.

Like Paul Ryan (R-WI), Bachmann is someone I’d like to see in the House for the next ten years, helping to craft important reforms to undo the damage the Democrats and Republican statists have done and fighting for the principles of limited government. And I’d hate for her to give up that seat at the table for what is at best a quixotic** run for higher office.

PS: To answer the obvious retort, “You’re a Palin backer and you’re afraid Bachmann will steal votes from your girl!”, ummm… yes and no. Yes, I’m a Palinista. But, no, that’s not why I dislike the idea of “Bachmann in 2012.” I’m generally of the “more the merrier” school for the early primaries, confident that the process will thin the herd down to the best candidates. Therefore, let everyone compete and present their ideas, and let voters decide. That includes Bachmann, but, as I outlined above, I don’t think it’s her best move at all.

*As are many conservative women in politics, who’ve been routinely slagged in the media for the occasional gaffe, while the faux-pas of liberal males get the silent treatment.

**Passing petty thought: This wouldn’t be a response to being passed over for a House leadership position in November, would it?

via Big Government

LINKS: More at Hot Air and Pirate’s Cove.

(Crossposted at Sister Toldjah)