November 21, 2011
— Monty

PSA: This is Thanksgiving week, and so this week's DOOM will be stepped down a bit. Less DOOM per day, and no DOOM on Thursday as well as Friday. (Well, the DOOM will still be there...this column will simply remain silent on it until the following Monday.)
ItÂ’s an interesting question: what if you had to choose between political freedom and financial stability? Democracy is often messy and chaotic, and markets hate uncertainty. Yet robust markets really canÂ’t develop anywhere but in a representative political system (though rarely in pure democracies; a representative republic is generally the most fertile political system, economically speaking).
The Super CommitteeÂ’s failure was pre-ordained. In fact, it was part of the Democrat plan right from the start, which is why they packed it with far-left ideologues. It was never intended to succeed -- it was an election-year prop. Even if the group scrambles to put some last-minute "agreement" together, it will obviously be a thin layer of face-saving political blather over a vast ocean of disagreement over the shape, responsibilites, and size of the Federal Government. These are not trivial issues, so perhaps it is not surprising that consensus is so hard to reach: the goals of the makers and the takers are completely at odds. The only way to get consensus is to have the voters speak and give the lawmakers a mandate, one way or another, and that won't happen until next year. Markets will hate it, and we may well be in for another credit downgrade...which would be richly deserved.
I've said it many times before: the notion of "retirement" is a modern fiction based on some flawed assumptions. The idea that you can take the last 20 or 30 years of your life as an extended vacation turns out not to be sustainable. This is not the result of a broken societal or cultural model; this is reality re-asserting itself, as it always does.
America before the entitlement state.
Reacting to calls for cuts in entitlement programs, House Democrat Henry Waxman fumed: “The Republicans want us to repeal the twentieth century.” Sound bites don’t get much better than that. After all, the world before the twentieth century–before the New Deal, the New Frontier, the Great Society–was a dark, dangerous, heartless place where hordes of Americans starved in the streets.And even if you disregard the moral and ethical questions surrounding the entitlement state we've built, there is this bedrock truth: we can't afford it.Except it wasn’t and they didn’t. The actual history of America shows something else entirely: picking your neighbors’ pockets is not a necessity of survival. Before America’s entitlement state, free individuals planned for and coped with tough times, taking responsibility for their own lives.
Just a reminder: Illinois is still on a rocket-sled ride to insolvency.

Posted by: Monty at
05:00 AM
| Comments (60)
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Posted by: Oldsailor's poet at November 21, 2011 05:03 AM (ZDUD4)
no DOOM on Thursday as well as Friday.
nooooo! I was going to enjoy a little turkey, football, and DOOM at the same time!
Posted by: learflyer at November 21, 2011 05:05 AM (9vscO)
Posted by: AuthorLMendez Is Offering $ To ace If He Bans Curious/Sky at November 21, 2011 05:06 AM (yAor6)
I live off of dividends and a company cash balance pension. My biggest expense? taxes followed by medical.
Posted by: Vic at November 21, 2011 05:10 AM (YdQQY)
Posted by: nevergiveup at November 21, 2011 05:10 AM (i6RpT)
Posted by: nevergiveup at November 21, 2011 09:10 AM (i6RpT)
once I saw Murray, Durbin, and Kerry were in it, I knew the Dems weren't serious.
Posted by: AuthorLMendez Is Offering $ To ace If He Bans Curious/Sky at November 21, 2011 05:13 AM (yAor6)
Yep, spend spend spend and debase the currency. Now that will screw up my retirement.
Posted by: Vic at November 21, 2011 05:13 AM (YdQQY)
Posted by: nevergiveup at November 21, 2011 05:14 AM (i6RpT)
Fixed.
Posted by: Waterhouse at November 21, 2011 05:15 AM (0n9YV)
Posted by: nevergiveup at November 21, 2011 09:14 AM (i6RpT)
what is this "retire" you speak of?
Posted by: AuthorLMendez's generation When They're In Their 80s at November 21, 2011 05:15 AM (yAor6)
“The Republicans want us to repeal the twentieth century.”
WRONG we want to repeal every horrible fiscal/entiltement policy since 1929, let's get back to the days of Harding-Coolidge
Posted by: AuthorLMendez Is Offering $ To ace If He Bans Curious/Sky at November 21, 2011 05:17 AM (yAor6)
Posted by: torabora at November 21, 2011 05:18 AM (6Q321)
Posted by: Superdupercommittee, LTD. at November 21, 2011 05:19 AM (rgZoO)
Posted by: nevergiveup at November 21, 2011 05:19 AM (i6RpT)
Posted by: Oldsailor's poet at November 21, 2011 05:21 AM (ZDUD4)
Posted by: nevergiveup at November 21, 2011 09:14 AM (i6RpT)
I have been retired since 2005.
Posted by: Vic at November 21, 2011 05:21 AM (YdQQY)
Posted by: nevergiveup at November 21, 2011 05:22 AM (i6RpT)
Posted by: nevergiveup at November 21, 2011 05:23 AM (i6RpT)
Posted by: Jean at November 21, 2011 05:26 AM (WkuV6)
Actually the average life expectancy has changed very little since the 30s when SS was enacted for people who make it to 65. What has changed is early childhood death which effects the averages but doesn't have that much impact on SS.
Posted by: Vic at November 21, 2011 05:26 AM (YdQQY)
http://yhoo.it/sPNsQ9
Even on a holiday week, Osama Obama is still a stuttering clusterfuck of a miserable failure.
Posted by: MrScribbler at November 21, 2011 05:27 AM (HkOAc)
Posted by: FRONT TOWARD LEFT at November 21, 2011 05:27 AM (p7SSh)
Posted by: FRONT TOWARD LEFT at November 21, 2011 05:27 AM (p7SSh)
Posted by: Marie at November 21, 2011 05:28 AM (P9OJs)
The single biggest thing that raised the median death age from 45 was the development of chlorinated public water systems. Just in time for the industrialization of America. Vaccinations helped too. So the Democrat mantra that Republicans want 'dirty water' probably comes from an instinctual reaction to the R's wanting to limit/roll back entitlement programs....they think the R's are trying to kill them with bad water since the entitlement programs aren't sustainainable. They know this is true.
*insert pause here*
simply put, Dems are friggin insane. So rather than everybody getting half a loaf they want everybody to get NO loaf.
Posted by: torabora at November 21, 2011 05:28 AM (6Q321)
Posted by: Fritz at November 21, 2011 05:29 AM (/ZZCn)
(AFP) Australian officials were working Sunday to trace how a top-secret dossier containing detailed plans for US President Barack Obama's recent visit to Australia came to be found in a gutter.
The 125-page booklet, classified "In Confidence" and containing the phone numbers and contact details of senior personnel from Australia and the US, was found near parliament on Thursday by a Fairfax journalist.
In the gutter. How appropriate for Barry
Posted by: TheQuietMan at November 21, 2011 05:33 AM (1Jaio)
Posted by: SUPER DUPER Committee at November 21, 2011 05:34 AM (KGI89)
You needed that much?
Posted by: DarkLord© for Prez!
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at November 21, 2011 05:34 AM (GBXon)
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at November 21, 2011 09:34 AM (GBXon)
*shrugs*
I'm an optimist
Posted by: AuthorLMendez Is Offering $ To ace If He Bans Curious/Sky at November 21, 2011 05:36 AM (yAor6)
It was very striking to me back in 2004 when I got to take a trip to St. Petersburg, Russia.
Here is a people that has only known monarchy or totalitarianism other than the last couple of decades are so. They really, really didn't seem to know what to do with the freedom and just reading the faces I got the vibe that most really wanted some big nanny state to tell them what to do.
I think those of us who want to be truly free and understand and accept the responsibility that comes with it make up perhaps 25% of the population at most.
Posted by: Scott J at November 21, 2011 05:40 AM (KC2BE)
If you were homeless in Chicago in 1933, for example, you could find shelter at one of the cityÂ’s 614 YMCAs, or one of its 89 Salvation Army barracks, or one of its 75 Goodwill Industries dormitories.
Just for fun, I went to the YMCA location finder for ChicagoLand; there are now 26 locations. That includes the suburbs; compare to the above stuff I bolded.
Gubmint has supplanted private charity. The ones still left generally get gubmint grants now, which was NOT the case back then in the Dark Ages of the early 1900s.
Very interesting.
Posted by: GnuBreed at November 21, 2011 05:43 AM (ENKCw)
Every YMCA I know of is really just a gym. There are no places to stay.
Posted by: Scott J at November 21, 2011 05:44 AM (KC2BE)
nooooo! I was going to enjoy a little turkey, football, and DOOM at the same time!
You forgot the glass of un-oaked chardonnay [preferably with bubbles].
Posted by: Sasha -N- Malia at November 21, 2011 05:59 AM (Bjf6P)
We had plenty of compassion for people who could not help themselves before LBJ and plenty of chances for people who just needed a little help provided they were not just bums.
Posted by: Dandolo at November 21, 2011 06:03 AM (GAJm6)
I think those of us who want to be truly free and understand and accept the responsibility that comes with it make up perhaps 25% of the population at most.
Within the USA [as it exists today], or worldwide?
Because worldwide, over the course of human history, I'd say that the number is no better than 2.5%, and maybe a lot more like 0.25%, or even 0.025%.
Posted by: Sasha -N- Malia at November 21, 2011 06:07 AM (Bjf6P)
Posted by: Zombie Ayn Rand at November 21, 2011 06:11 AM (6Q321)
Posted by: Jean at November 21, 2011 06:12 AM (WkuV6)
Simply Brilliant, Monty !! Brilliant.
Now I have some pleasant Hendrix in my head.
Posted by: TXMarko at November 21, 2011 06:21 AM (FBBd7)
Regarding retirement, the main impediment is the piss poor standard of living of the rest of the world. Per capita productivity is the highest it has ever been in the history of the man. If it weren't for the 3rd worlders draggind down wages for the working class some measure of retirement would still be a pretty viable option for thrifty individuals with jobs. It's not like we don't produce enough stuff. It's the people who are willing to work for some rice and beans while living in a mud hut who are insuring that the rest of us have to work until we die.
As for those of us blessed with a good income, it's still possible. But you do have to put off today's gratification for tomorrow's security, and you have to be willing to live modestly. My personal target is to buy enough income streams (mostly dividends) to make it out of the conventional work force somewhere between age 50 and 52. For me that seems like a vital target, since young people assume anyone over 50 doesn't understand anything invented since the iron age. Once you hit that magic number your employer will do all it can to kick you to the curb.
Posted by: Reactionary at November 21, 2011 06:22 AM (xUM1Q)
Because worldwide, over the course of human history, I'd say that the number is no better than 2.5%, and maybe a lot more like 0.25%, or even 0.025%.
Posted by: Sasha -N- Malia at November 21, 2011 10:07 AM (Bjf6P)
Indeed. Now, how to convince more people of this truth? Because we need to accept that fact that universal suffrage is a bad thing, and so is trying to convince a pack of savages who are comfortable with feudalism that it's in their interest to live in a democratic republic. If democracy is to spread, let it spread naturally. If an enemy we defeat in war likes to live under the heel of a dictator, then give them a dictator we can live with.
But, it's a losing cause. We in the West are plagued with hordes of idealistic do-gooders. They're a bigger threat than any external enemy.
Posted by: Reactionary at November 21, 2011 06:30 AM (xUM1Q)
And many starved to death, a fact of life in America's history. Children were abandoned as slaves in the "foster care" of those with means in need of free servants. Hence Charity for the indigent, widows and orphans.
Food stamps are the 21st Century electronic American soup kitchen lines. Yes, every program is abused by opportunists. So attack corruption IN WASHINGTON at the source.
Btw, in '08, Mitt told voters that our manufacturing industry was gone forever, never to return, that those jobs are never coming back, and for workers to prepare for "good" jobs (never stipulating the "good" job description/title). This year, it's painfully apparent that unless America revitalizes our own manufacturing industry stateside, whether it's the Dollar, the general economy or national security via reliable Military war machine, our nation is lost. So now Mitt wants to buy the worker vote with a promised tax break on his inflating Dollar balloon. But then, those earning up to $250K are the "good" jobs. Mitt will be subsidizing middle management contracting global corporatism produced by foreign countries, certainly not the productive working blue-collar lower-middle class manufacturing American journeymen and artisans.
Any civilization that loses respect for its own products is lost to whatever it buys. Germanic nations and Asian never forfeited their own identities as willingly as those Americans entering the 21st Century. Our too-big-to-fail welcome-mat mentality of willingly being walked on has surpassed the level of being abused. We are no longer allowed to be the American melting pot, as our own president and bipartisan leadership stratify our population into political target groups. It is fallacious now to presume that the American individualism ideal isn't already sold out by the usurping globalism motto pirating E Pluribus Unum. Any nation/tribe that doesn't stand up for its own identity has no such identity.
Observe that the US Constitution increasingly is designated as "radical" meaning subversive. That's the American melting-pot voter wake up call. Our Constitution is the only thing effectively binding America together. Authoritarianism is pirating that bond.
Posted by: Espana~ at November 21, 2011 06:32 AM (lpWVn)
Posted by: Espana~ at November 21, 2011 06:37 AM (lpWVn)
Posted by: Peter Drucker at November 21, 2011 07:17 AM (e8kgV)
MF Global trustee: $1.2 billion missing"
Posted by: sky at November 21, 2011 07:40 AM (oZfic)
"Oh Jeez: MF Global Trustee Says Customer Shortfall May Be Even Worse Than Feared"
"MF Global trustee: $1.2 billion missing"
"If you have money in Greek banks, get it out now. If it's a small amount put it under the mattress. If it's a large amount, I am not sure where to tell you to put given pressure on Switzerland and illegal requests from the EU."
Posted by: sky at November 21, 2011 07:56 AM (oZfic)
What horseshit. Starvation on a large scale has never been a problem in the United States (or even during Colonial times except for the very earliest settlements). If you except criminal neglect or contributing disease factors, America has never been a victim of famine on any significant scale.
I realize that the teaching of American History is terribly debased these days, but honestly, this is just ridiculous.
Posted by: Monty at November 21, 2011 08:05 AM (/0a60)
Further, our modern food production capacity is immense compared to the Depression era, even though we were one of the leaders then. Take away stupid policies that artificially inflate food prices and the likelihood of anyone starving without government assistance is small indeed.
A critical difference, though, is that private charity can require the beneficiary to meet some needed behavioral requirement. Like not being a junkie. If someone is so defective they would favor being a crackhead over regular meals, let them. You cannot save everybody. Attempting to do so only wastes resources better applied to those who could someday contribute if given the chance.
Posted by: epobirs at November 21, 2011 10:48 AM (kcfmt)
Posted by: steevy at November 21, 2011 11:46 AM (7WJOC)
Posted by: The Saint ePub at November 21, 2011 05:07 PM (XoEq8)
Posted by: Blood on the Tracks iBooks at November 21, 2011 05:31 PM (YgHsL)
Posted by: Einstein: His Life and Universe AudioBook at November 21, 2011 06:05 PM (X7EjA)
Posted by: Einstein: His Life and Universe AudioBook at November 21, 2011 06:07 PM (X7EjA)
or am I nuts to think this?
Posted by: Keating Willcox at November 21, 2011 08:34 PM (zsyG/)
video to flash converter
Posted by: nanonu at November 21, 2011 09:37 PM (h4iu5)
Posted by: Head Off & Split ePub at November 21, 2011 10:48 PM (XGfgs)
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Posted by: AuthorLMendez Is Offering $ To ace If He Bans Curious/Sky at November 21, 2011 05:03 AM (yAor6)