About: we are out of money


  1. item 11970
  2. bread and circuses
  3. obama spending


Mark de LA says

The America of my time line is a laboratory example of what can happen to democracies, what has eventually happened to all perfect democracies throughout all histories. A perfect democracy, a "warm body" democracy in which every adult may vote and all votes count equally, has no internal feedback for self-correction.... [O]nce a state extends the franchise to every warm body, be he producer or parasite, that day marks the beginning of the end of the state. For when the plebs discover that they can vote themselves bread and circuses without limit and that the productive members of the body politic cannot stop them, they will do so, until the state bleeds to death, or in its weakened condition the state succumbs to an invader — the barbarians enter Rome. (Heinlein)

Mark de LA says
     The decline & fall of the Roman Empire is traced to interventionism in the free market & inflation here by Ludwig von Mises in ECONOMIC POLICY - Thoughts for Today and Tomorrow - mostly in lecture 6. There are many parallels to the USA today although this lecture was published ~ 1973.  The whole pdf is here. Political parties & pressure groups are discussed around p95 of the pdf. The net there is that pressure groups destroy the democracy in that it becomes a lobby for parochial interests whereas the founders intended that the representatives have the whole country's interests in mind. (Today the Congress just loads up the pork in bills that nobody reads so that members continue to get re-elected)
     Price controls, a result of inflation & the debasement of the currency, which was a result of pressure groups, lead to the reversal of division of labor as people went back to the countryside to be self sufficient on the land. In turn the laws became abusive trying to reverse this flow & emperors were succeeded through assassination & things deteriorated from there.  See ~ page 104 ssq. of the pdf.
      Those who ignore the lessons of the past are condemned to repeat the mistakes.

Mark de LA says
& guess who is going to pay for it - at least until there is no middle class and we are all equally poor then the house of cards, the pyramid of Obama the campaign liar will tumble.
source: ... President Barack Obama's treasury secretary said Sunday he cannot rule out higher taxes to help tame an exploding budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul.
...did he just notice it?

Mark de LA says
~sums it up nicely at least for Congress' culpability.

P says
Social Security will probably be out of money this year!
Source: ... In a sign of a looming retirement crisis, the Congressional Budget Office is forecasting that the Social Security system will pay more in benefits than it collects in payroll taxes this year.
... When the Congress/President considers any income to the treasury as spendable then it's promises like health care & SS are mere phantasms. To anyone else but the duped hoi polloi this means lies!

Mark de LA says
Have we reached the tipping point for the bread & circuses prophesy yet?
 Half the people don't pay federal income taxes & Obama keeps harping on people not paying their fair share?

See Also

  1. Thought Brain Damage with 4 viewings related by tag "bread and circuses".
  2. Thought Why do we Need a Secretary of the Treasure if we are Broke? with 3 viewings related by tag "bread and circuses".
  3. Thought The face of Obama - the message with 3 viewings related by tag "bread and circuses".
  4. Thought The Bread and Circuses Presidency with 0 viewings related by tag "bread and circuses".
  5. Thought Robing Hoodies & Moral Decline with 0 viewings related by tag "bread and circuses".
  6. Thought The Karma of Smoking & other Tales with 0 viewings related by tag "bread and circuses".
  7. Thought Tipping Point Reached - Corruption Almost Certain with 0 viewings related by tag "bread and circuses".
  8. Thought The Congress or the NEWS (it all looks the same) with 0 viewings related by tag "item 11970".