Friday Night Football Scoreboard

We didn’t avoid a fiscal cliff, we made it higher

In Greek mythology the tale of Sisyphus[1] always stands out when I am confronted with the Idiocracy[2] like ramblings of public spending promoters. No matter how many times I and others like me try and explain basic finances to those who so lustfully wish to spend “federal tax dollars” that boulder will not stay rolled up Common-sense Hill. The latest fit of moronity belches forth from some “investment guru[3] ” named David Bronner. Mr. Bronner, who has spent his life feeding at Alabama’s public trough claimed that Governor Bobby Jindal is “totally irresponsible [4] ” for rejecting the Federal government’s kind, benevolent offer of expanded Medicaid “grants”.

“That’s really dumb” Bronner continued because that free, federal money can pay for poor people’s health insurance and that will add 15,600 jobs to Louisiana[5]! Wow, why stop at a paltry 15,600 jobs? Why not employ all the unemployed and create 1,560,000 jobs!? Just add two zeros to the Medicaid bribe the Obama Administration is offering and voila, right?

Not so fast “Davy,” say hello to my little friend. No not “Scarface” this cat’s name is Sisyphus. “Federal money” says the infamous Greek knave, “doesn’t grow on trees… it also isn’t free unless you think conscripting 57% of what you, your children and grand-children will earn for your natural born lives is ‘free’. You see, whether the ‘federal’ loot is printed or borrowed it has to be paid back by someone. Congratulations that someone is you. When the Spartans would raid  the Greek helots[6]” Sisyphus continued “they at least had the compassion to kill everyone they didn’t turn into slaves, few of you, unless targeted by your ‘NSA’ will receive such ‘compassion’.” So you see kiddies, instead of heaping praise on the Spartan Bronner and scorn on Jindal, we should reverse those roles. Of course the sheople are far more contented with the mythology of “free” federal money creating jobs while suffering the all too real, Sisyphean fate of rolling tax boulders up a hill.

 

[1]              http://www.mythweb.com/encyc/entries/sisyphus.html

[3]              According to a study conducted by Morningstar “State Pension Plans: Liabilities, Funded Ratios” (see: See: http://www.governing.com/gov-data/state-pension-funds-retirement-systems-unfunded-liabilities-obligations-data.html ). As of December, 2011 the state of Alabama’s retirement system,  overseen by Mr. Bronner was funded to the  tune of 66.9% of liabilities, meaning Alabama citizens must make up the difference to honor the commitments. This puts every Alabama resident under a burden of $3,059 “to fully fund the system”. Yet Bronner was cited as an “economic guru” by the Times Picayune editorial board for the sheer dollar amounts of Bronner’s “public funds” without revealing those funds liabilities. “He is an expert on what drives economic growth. When he took over in 1973, the retirement systems had $500 million in assets. Currently, that figure is more than $30 billion. He has created that growth, in part, by building golf courses — the popular Robert Trent Jones Golf Trail — and office buildings.”  (See: http://www.nola.com/opinions/index.ssf/2013/11/rejecting_medicaid_money_is_ir.html#incart_most-comments )