Posted on 02/15/2013 4:26:52 PM PST by jazusamo
A nation's choice between spending on military defense and spending on civilian goods has often been posed as "guns versus butter." But understanding the choices of many nations' political leaders might be helped by examining the contrast between their runaway spending on pensions while skimping on military defense.
Huge pensions for retired government workers can be found from small municipalities to national governments on both sides of the Atlantic. There is a reason. For elected officials, pensions are virtually the ideal thing to spend money on, politically speaking. Many kinds of spending of the taxpayers' money win votes from the recipients. But raising taxes to pay for this spending loses votes from the taxpayers. Pensions offer a way out of this dilemma for politicians.
Creating pensions that offer generous retirement benefits wins votes in the present by promising spending in the future. Promises cost nothing in the short run — and elections are held in the short run, long before the pensions are due.
By contrast, private insurance companies that sell annuities are forced by law to set aside enough assets to cover the cost of the annuities they have promised to pay. But nobody can force the government to do that — and most governments do not.
This means that it is only a matter of time before pensions are due to be paid and there is not enough money set aside to pay for them. This applies to Social Security and other government pensions here, as well as to all sorts of pensions in other countries overseas.
Eventually, the truth will come out that there is just not enough money in the till to pay what retirees were promised. But eventually can be a long time.
(Excerpt) Read more at creators.com ...
"In a nuclear age, we may not have time to recover from our short-sighted policies, as we did in World War II."
He must have farmed this one out to Captain Obvious.
Yes, I hear you but remember he doesn’t write his columns for FR, there are many around the country not, you might say, tuned in. You make a good point though.
The thought about not having the time to get our military up to speed as we were able to in WWII has occured to me often in this nuclear age, and worries me to no end with these self serving idiots running the government today.
I don’t believe that when we are next attacked it will be a rosy outcome at all.
I couldn’t agree more my FRiend and that’s what so down right pathetic about this administration.
If they were merely pathetic, I’d feel a lot better. However, I am convinced that they are evil.
All leftist thought, from the limousine liberalism of a George Clooney to the murderous horrors of Mao, Stalin, and Pol Pot, is of and from Satan. Leftism is a contaminant in the human cognosphere, not a natural component of it.
Satan is smarter than we are, and he never sleeps. Those over whom he has the most influence are like maniacally evil energizer demons.
If they were merely pathetic, I’d feel a lot better. However, I am convinced that they are evil.
All leftist thought, from the limousine liberalism of a George Clooney to the murderous horrors of Mao, Stalin, and Pol Pot, is of and from Satan. Leftism is a contaminant in the human cognosphere, not a natural component of it.
Satan is smarter than we are, and he never sleeps. Those over whom he has the most influence are like maniacally evil energizer demons.
No one could have the disrespect and disregard for Americans and our country that Obama has without being evil.
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