Saturday, September 05, 2009

How to weasel out of your responsibilities and make it sound like you are doing people a favor.

President Obama has issued a new set of edicts today that is purportedly supposed to help people save for retirement. A few of his proposals are good, some are good intentioned while infringing on people's right to self-determination, and one is blatantly self-serving. The self-serving one is the one I would like to talk about. One of his edicts is to require the IRS to allow people to take their tax refunds as treasury bonds. First off, treasury bonds aren't paying jack for interest, so they ar not exactly great investments. Secondly, the US Government has gone and printed so much worthless money that not even our biggest investors, China chief among them, want to take on any more of our debt. We are frankly bankrupt and our spending is out of control, but nobody has cut up the credit cards yet, which brings me to the self-serving part of the proposal.

What this really does is allow the IRS to hang on to the money and prop up all of the spending that Obama is doing while making the people think they are getting a good investment. You can do better investing in the lottery or three card monte than investing in the worthless paper of the US Government.

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