Watching the grass grow is far more interesting and exciting than enduring the current mud-slinging episodes between Clinton and Trump. They’ve both provided lengthy arguments supporting the fact that neither is qualified to be President. However, the most mind-numbing fact about these arguments is that both claim the other to be untruthful and untrustworthy, when in fact those characteristics have become a major requirement of the position. Ronald Reagan was the first “actor” elected President, but the truth is that it is the job of every President to be an actor. The job requires the reading of prepared lines and a masterful delivery that makes it “believable.”
Lines to be delivered are created by specialized writers, after the material has been massaged by “appropriate” experts. For example, the soon to be $20 trillion national debt is a truly staggering number, but it is equally absurd, because it does not take into account the true fiscal gap which would rightly include Medicare, Social Security and other promised but unfunded liabilities. The true debt could be ten times that number, but there is no advantage to being honest and creating a national panic, especially since the time for effective corrective action has long since passed. It’s simply too late for any type of quantitative easing, budget cuts or tax increases to stem the tsunami tide that’s coming. Like every fiat currency ever created, the dollar too will collapse under its own weight.
Similarly, since 1994 the Bureau of Labor Statistics has reported unemployment numbers very differently than previously. The President and Fed Chair are happy to tell you that unemployment is hovering around 5% and meeting anticipated “recovery targets.” But the reality is that since the reporting changes in 1994, anyone unemployed for more than 52 weeks, even if they continue to look for work, is dropped from the labor force roster. Additionally, if one works part-time in the past 30 days, even babysitting for a few hours one time, they are counted as employed. If the system were adjusted to reflect the truth, we’d see an unemployment rate in excess of 20%, but the truth won’t get you elected or keep you in office.
The Founding Fathers built our country’s economy on the principles of growth and productivity, but Presidents since became more concerned with getting elected and re-elected than sticking to that principle. Instead, they did exactly what the Founding Fathers warned against at the top of their lungs. George Washington said, “As a very important source of strength and security, cherish public credit.” Thomas Jefferson said, “I place economy among the first and most important virtues, and public debt as the greatest of dangers to be feared.” And James Madison said, “I go on the principle that a Public Debt is a Public curse.” The curtain is coming down. Are you prepared?