wjexchange Government, political

No Party – No Problem – No Politics

In 1971, singer/songwriter John Lennon wrote and performed his iconic song called, “Imagine.” While always long on controversy, Lennon’s lyrics in this piece became an anthem of sorts for all the unrest and discourse that still grips the world today. The opening verse goes like this:

“Imagine there’s no heaven
It’s easy if you try
No hell below us
Above us only sky
Imagine all the people living for today”

No Political Parties

Imagine for a moment that there were no political parties. No Republicans. No Democrats. There would be no Speaker of the House designated by the party in power. There would be no Senate Majority Leader, only a Senate Leader.  Instead, we would have independent Congressmen and Senators serving the citizens that elected them, not beholden to party leadership. Imagine a congress comprised of independent thinkers that introduce and vote on legislation and policy with their conscience and common sense rather than blindly along party lines.

Imagine elections where candidates for public office are nominated and selected by petitions circulated amongst the electorate. Imagine elections with limits on campaign spending where all qualified candidates had equal access to campaign funds.  Imagine a system where the top five or six candidates that receive the most signatures participated in a series of televised debates. Imagine election results that required a simple majority of the vote to certify a winner. Failing to achieve a majority would require a runoff between the top two vote getters. Imagine this rule applying to the presidential election as well.

In the presidential election of 1992, Bill Clinton received 48% of the popular vote. George HW Bush received 38%. Ross Perot, running as an Independent, garnered nearly 20%, despite temporarily dropping out of the race in July. Had a runoff been conducted between Clinton and Bush, the presidential election of 1992 may have turned out differently. In the final tally, Bill Clinton received 370 electoral college votes compared to 168 for George HW Bush. Ross Perot received zero. In a runoff between Clinton and Bush, the electoral vote could have also turned out much differently with 20 percent of the Ross Perot swing votes suddenly up for grabs.

In the aftermath of the 2020 election that saw Democrats seize control of the House, Senate, and the Presidency, there has been noise within the Republican party about splintering off to form a new political party. That tactic would be political suicide and only serve to further fracture the conservative movement resulting in cementing the Democratic power grip for the foreseeable future.

If the goal of the conservative Republican party is to water down the far left agenda of the Democrats and bring it more to the center, consider a novel approach.  Imagine the effect of all Republicans suddenly declaring themselves Democrats. This act would surely sow seeds of discontent within the Democratic party and intensify debates over policies affecting the American people. Complete the process by allowing open primaries among all voters for all candidates regardless of one’s specified party affiliation. Party affiliation then, would revert to nothing more than a mere footnote on the voter registration rolls.

Steve Almond, a bestselling author which includes his book, “Bad Stories” – a literary investigation of what the hell just happened to our country, quotes in a 2018 essay: “political prejudice has become our most accepted form of bigotry.” He goes on to say, “what today’s voters see is not a candidate, or a set of policy proposals, but a party affiliation.”

If John Lennon were alive today, he might say something like, “Imagine a world and a system more focused on policy than partisan politics.” In the final verse of Lennon’s song, he says:

“You may say I’m a dreamer
But I’m not the only one
I hope some day you’ll join us
And the world will be as one”

wjexchange Finance, Government, political

Free Money for All

So here we are in the midst of the Democrat’s post-election after party. Executive orders drafted by the far left marionettes are piling up on poor Joe Biden’s desk. Dutifully, he signs one after another as he reads his handler’s carefully drafted commentary from the teleprompter across from his desk. Never before have we seen such blatant disregard for the legislative process as we are witnessing now. This current president that ran on a moderate platform has now been swept in as the enabler of the far left agenda.

America’s Unlimited Money Tree

The one major issue that still needs congressional approval is the much touted stimulus package bearing a price tag of $1.9 Trillion. Granted, the economy is in sour shape because of the COVID-19 pandemic and help is needed. Included within the package are $1400 direct payments to individuals making $75,000 or less, $150,000 for married couples. The idea is to top off the prior $600 payments made under the previous administration to make it $2,000.

I am having difficulty understanding why a married couple with an income of $150,000 whose employment has been unaffected needs or deserves this kind of handout. Even Kevin O’Leary, aka Mr. Wonderful agrees with me. Instead, more needs to be directed to the unemployed and under-employed that have been victimized by the pandemic and, two,  improve local vaccination distribution which has predictably been a disgraceful effort as predicted in my earlier post here.

The cost of a $1.9 Trillion package will contribute to a fiscal budget deficit projected at $2.3 Trillion for 2021 which will be added to our current national debt of $28 Trillion. No problem, say the democrats. We believe in MMT!

So, what is MMT? It stands for Modern Monetary Theory and it’s all the rage now in Washington DC. Those of sounder mind more aptly described it as “Mindless Magical Thinking.” In a nutshell, Modern Monetary Theory suggests that governments need not be concerned with fiscal deficits and balancing budgets because of their infinite ability to print money in their own currency. If you are so inclined, a more detailed and plain English definition can be found here at https://study.com/academy/lesson/modern-monetary-theory-definition-history-theorists.html.

Money, Money, Everywhere. The leading proponent of MMT, is Stephanie Kelton. She is a professor of economics and public policy at Stony Brook University and a leading expert on Modern Monetary Theory. A former Chief Economist on the U.S. Senate Budget Committee (Democratic staff), she currently advises Bernie Sanders and the likes of Alexandria-Ocasio-Cortez who look upon her as the financial guru. This opinion is shared by many of the Progressives currently in power. Ms. Kelton’s latest book, “Deficit Myth” is a good read for anyone interested in understanding MMT to form their own opinion. Me? I have read it and I view the theory as the ultimate Ponzi Scheme. Just sayin.

Governments raise money in three ways; Taxing, borrowing, and printing. According to MMT theorists, the government doesn’t need to tax in order to spend, but it does so to mainly offset inflation. Huh? Got that? Let me explain.

If the definition of inflation is too many dollars chasing too few goods, the government can simply just raise taxes as a means of confiscating our money rendering us unable to afford higher prices. Therefore, if we cannot afford to buy stuff, producers won’t produce. If producers cut production, what happens to the jobs? Think about it.

The best advice that I have heard lately goes something like this… “With America in the midst of a slow-motion collapse, we will give storage advice. Those who own the yellow metal (gold) should bury it six feet deeper.