to the editor from this week's Chronicle:
To the Editor
As Idahoans we are proud of the fact that our budget is always balanced.
Of course it is a legal requirement. Still we work hard to get everything
covered while balancing the budget at the same time.
However, we have to recognize that a large portion of our budget is
paid by the Federal Government; some say as much as 35%, and others say
even more. If we donít want Federal control, then we have to stop
taking Federal money. However a large portion of the Federal budget is
borrowed. If so much is borrowed so they can give it to us we have
to see that our budget is not really balanced.
Where would we cut if we stopped taking Federal money and had to cut
our budget by 35%? For instance could education survive a cut of
Education was much different 100 years ago without Federal support.
Still, our children learned, and in many respects they learned far better
than they do today.
Can we take a look at our balanced budget and see where serious cuts
can be made?
No. 122 - 8/21/2017
A change of pace, and some things to think about! And the question
you might ask yourself at the end of this article, "what do I think about
today's news and the following material?"
But a word of warning! Most people who read comments like those
below, will laugh a bit and think they are the musings of a demented person!
But be careful! Before the market crashed on "Black Friday" at the
end of the "Roaring Twenties," most investors believed that the wealth
and good times of the '20's would go on endlessly. Don't believe it? Research
and study what history has to say about the period! Primitive movies
taken at the time record in graphic detail, bankrupt wealthy men taking
suicide leaps out of upper story windows!
And another thing! Adequate research is convincing that a big
factor of the '20's investment success was low interest rates allowing
anyone to borrow money at near zero rates, then pour it into market stocks
which just kept going up and up for nearly a decade! Well!
Do we not have near zero interest rates today on savings and loans for
investment or for other purposes?
So some things to think about, all taken from a recent newsletter called
the MARKET UPDATE, published by Investment Rarities. Quotes which follow
do not necessarily represent the views of that company. And please note!
Each quotation is in turn taken with permission from recognized economists
and investment advisors. Do I believe or endorse any of them?
Tom Price, Economist: "There are a number of things you don't
want to hear a central banker say. One of these things just popped out
of Janet Yellen's mouth - 'I don't believe we will see another financial
crisis in our lifetime.' That has to be up there with Irving
from Oct. 17, 1929, that 'Stock prices have reached what looks
like a permanently high plateau, 'or John Maynard Keynes' comparably adept
forecast from 1927 that 'We will not have any more crashes in our time.'
Michael Snyder: "Global central banks now have more than 20 trillion
dollars in assets on their balance sheets and the world is more that 217
trillion in debt. The desperate measures that national governments
and central banks have been taking have delayed the coming crisis, but
they have also guaranteed that it will be far worse than it could have
otherwise been. The stage is set for the worst financial crisis in world
history, and the only way that it can continue to be delayed is for our
leaders to continue to inflate the bubbles larger and larger. But
of course, no bubble can last forever, and the bigger they become the harder
Mark Yusko, Asset Manager: "I'm telling you right now, the U.S.
is going to have a crash and it will be massive." Finally, a couple of
additional comments for your consideration!
Lawrence M. Vance: "It must be recognized that welfare programs are
destructive. Socialistic, they foster dependency on government, they
shift responsibility from the individual to society and the state, and
contribute to class welfare... It should be recognized that all charity
can and should be voluntary. Otherwise, it is not charity, but theft."
Zero Hedge: "After passing a $15 minimum wage intended to help low-income
workers in Seattle, economists at the U. of Washington produced a rather
extensive research report highlighting how the legislation was actually
doing the exact opposite. Companies were simply choosing to auto-mate menial
tasks, moving businesses out of Seattle...or simply cutting back on employees."
(Seattle wage hikes: crushing the poor: 6700 jobs lost, annual wages
down $1500 - U.of W. study)
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