Archive for the ‘News/opinion’ Category

The leader of the American Gerontocracy trips and falls

Posted: March 21, 2021 by John Ruberry in Always look at the bright side of Trump, News/opinion, politics
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By John Ruberry

Unless you tuned in at the right time and you get your news only from MSNBC or CNN you probably didn’t know that President Joe Biden, while climbing the stairs up to Air Force One, fell not once, not twice–but three times. Apparently he was not injured.

Biden, 78, is the oldest man to serve as US president. How old? The prior oldest commander-in-chief, Ronald Reagan was 77 years-old when he completed his second term. 

Biden has been president for 60 days–he has gone longer than any president without holding a press conference since Calvin Coolidge. But Biden will end that silence by holding an afternoon presser on Thursday. 

Many conservative commentators have made a similar observation. Joe Biden’s fastball, if he ever had one, has lost its spin. Biden’s tightly controlled appearances have gone beyond gaffes. In one appearance he clearly forgot the name of his Defense secretary and where he worked, referring to him as “the guy who runs that outfit over there.” Oh, his name is Lloyd Austin, “that outfit” is the US military and “over there” is the Pentagon.

What else?

He referred to his vice president as “President Harris.” Was Biden dropping a hint?

In Texas while discussing relief from the winter storm there Biden uttered, “What am I doing here?” He also botched the some names of dignitaries at that appearance.

An unsure Biden during a video feed said, “I’m happy to take questions if that’s what I’m supposed to do, Nance [Nancy Pelosi], whatever you want me to do.” But then the White House abruptly cut off that feed.

While Biden has been president for a brief time, I’m not cherry-picking these embarrasments. They have one thing in common. All occurred in the last four weeks.

Everyone knows of an elderly relative who one day just didn’t mentally have it anymore. There’s an unsteadiness in speech, in steps of too, the eyes aren’t focused, names are forgotten, or they are confused with others.

That’s Biden. 

It gets worse for America. Lots of other people in government leadership are really old. There’s speaker of the House Nancy Pelosi, who turns 81 this week, House majority whip James Clyburn, the kingmaker who arguably paved the way for Biden winning the Democratic nomination, is 80, Senate majority leader Chuck Schumer is 70, his second-in-command, Dick Durbin, is 76, and Treasury secretary Janet Yellen is 74. Ah, but liberals cry out as they do about so many other political discussions. “What about Trump?”

Well, what about him?

True, until Biden’s win Trump was the oldest person elected to the presidency. But Trump regularly engaged the media in impromptu question-and-answer sessions. His energetic campaign rallies usually lasted more than an hour–where he spoke without notes–or a teleprompter.

Contrast Trump with Biden, with his shoulders slumped, squinting into a teleprompter as he struggles through his speeches. Yes, medical technology and healthier living habits have allowed people to live longer than ever. Age was a major issue for Reagan, who was 68 when he won his first presidential election in 1980 as it was for him four years later. But science–which of course we must follow at all times–has had less success battling cognitive decline and dementia.

Being old should not be a disqualifier to be president. Konrad Adenauer, 74, became chancellor of West Germany in 1949, a key reason he was chosen is that he was seen as a transitional leader for the new nation because of his age. But he served capably until he was 87. In 2003, German television viewers selected Adenauer as the greatest German of all time.

Coincidentally last spring, when he had clinched the Democratic nomination, Biden declared himself a “transition” candidate. Sorry, Joe, but you are no Konrad Adenauer. 

Biden is the head of state of the American Gerontocracy. That’s not a good thing.

In the 1970s and early 1980s the Soviet politburo was dominated by old men. After the long-ailing Leonid Brezhnev died in 1981, he was succeeded by Yuri Andropov, then Konstantin Chernenko, two sick old men. Finally a vigorous and relatively young Mikhail Gorbachev took the helm at the Kremlin in 1985. But by 1991 the Soviet Union was no more.

Back to Germany.

Paul von Hindenburg, a World War I hero, wanted to retire as president of Germany in 1932. He reluctantly ran for reelection after being warned that if he didn’t to so then Adolf Hitler would win the presidency. Hindenburg prevailed, but the next year he appointed Hitler as chancellor. Hindenburg died in 1934 at the age of 86; historians disagree whether he suffered from cognitive decline late in his life.

Hold on! I’m not saying, or even hinting, that because of Biden and the Gerontacracy that the United States faces imminent dissolution or a dictatorship. American democracy is still very robust. But a weaker America is already here. Whether by choice, inacation, or by incompetence, our southern border is no longer secure. At last week’s disastrous summit with China in Anchorage, Secretary of State Antony Blinken was lectured by our adversary over our human rights record. Yep, this is the same China that has concentration camps for Uyghurs and is stifling democracy in Hong Kong. Biden’s sole legislative achievement, the $1.9 billion stimulus, may bring back 1970s-style inflation. As I wrote last week there are winners and losers with inflation. The latter won’t keep quiet. 

Biden is already the weakest American president since Jimmy Carter, who was just 56 when he left office. Yes, age isn’t everything.

Franklin D. Roosevelt was an ill man in the last year of his life. Shortly before his death he was duped by Joseph Stalin at the Yalta Conference, eastern Europe was gift-wrapped for the communists.

A weaker America means a more unstable world. 

Right now the symbol of America to the rest of the world is a frail Biden falling on a set of stairs.

John Ruberry regularly blogs at Marathon Pundit.

High inflation will make Illinois’ pension crisis less severe

Posted: March 14, 2021 by John Ruberry in economy, News/opinion, politics
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By John Ruberry

Will high inflation offer benefits? In Illinois and other states burdened by woefully underfunded pension plans, it just might.

Boss Michael Madigan, the man behind Illinois’ financial debacle, is finally gone. Hard work by the Illinois Policy Institute, some Republicans, local radio hosts, and yes, bloggers, made the Madigan name toxic. The tipping point against the longtime chairman of the Illinois Democratic Party and the speaker of the state House for all but two years since 1983, was a disappointing 2020 general election. He’s now enjoying a comfortable retirement.

How comfortable? Madigan, 78, contributed just $350,000 to his retirement, an amount he’ll collect as a state pensioner in just three years, according to the Illinois Policy Institute. Over the next 17 years, of course if he lives that long, the Chicagoan will collect $2.9 million from his pension. Not that Madigan is poor. Presumably he’s made a lot of money from his law firm, Madigan & Getzendanner, which specializes in property tax appeals. How much money? We’ll never know because Madigan has never released his income tax returns. 

In 1989, Governor James Thompson, a Republican, signed into law a bill that gave Illinois retirees a three-percent annual cost-of-living increase raise in their pensions. Which means after twenty years their pensions double. Madigan was the House speaker when the pension COLA bill passed through the General Assembly. 

Over thirty years later Illinois’ pension plans are among the worst-funded among the 50 states.

Short of default–pension benefits are protected by the state constitution–or a federal bailout, there is no way out for Illinois in regards to these obligations. It’s that bad.

But then there is inflation. Joe Biden’s stimulus package, most of which is not related to COVID-19, has many economists, including Lawrence Summers, Treasury secretary under Bill Clinton, worrying about higher inflation. A basic explanation of how high inflation occurs is too much cash chasing too few goods. And Biden’s stimulus is more than double that of Barack Obama’s stimulus of 2009.

Here’s what Forbes’ Elizabeth Bauer said two years ago about inflation and pensions:

If the United States were to hit a period of high inflation rates, sustained over a long period of time, these liabilities would shrink considerably — and I’m not even speaking, snarky photo aside [the article contains a photograph of a Zimbabwean $100 trillion bill], of hyperinflation. Based on my calculations (and yes, these are real calculations, using real data for this plan collected for another project, not merely back-of-the-envelope estimates, however unlikely the very even numbers make it appear), an inflation rate of 10%, and assumptions for interest rate/asset return rate and salary increases over time which reflect the same net-of-inflation rates as at present, would halve the pension liabilities of the Illinois Teachers’ Retirement System.

Crisis solved? Kinda sorta. Public pension debt in Illinois will be less of a financial burden if 1970s-type inflation returns. And of course it’s easy to chuckle about the over 100,000 retirees who last year were collecting over $100,000 annually in their pensions, unless you are a member of this fortunate caste.

But what about the retirees collecting half of that–after years of seeing large chunks of every paycheck deducted for retirement? They’ll lose too.

When I was in college an economics professor explained to me and my classmates that inflation is a zero-sum game; he used the example of a five-person poker game. When the first cards are dealt there is, let’s say, $500 placed in chips, $100 per-player. When the final hands are played there is still $500. Some leave the table richer, others poorer. 

High inflation–and hyper inflation–will reward some, which is why, for my largely self-funded 401(k) plan, I recently moved some of my funds into real estate. Let’s hope I made the right decision.

Among hypothetical inflationary losers will be Illinois pensioners, and presumably other public-penioners, unless their plans are tied to the annual rate of inflation. 

Of course don’t expect the public-sector union bosses to quietly accept their fate if inflation deals them, excuse me for not letting go of the poker example, a bad hand. Among the lessons learned from the COVID-19 lockown is that teachers unions are very powerful and they have the ears of Democratic politicians, despite what the science says about the virus and how it spreads among younger people.

John Ruberry regularly blogs at Marathon Pundit.

Well-deserved pushback against Chicago Monuments Project underway

Posted: February 28, 2021 by John Ruberry in culture, media, News/opinion, politics, Uncomfortable Truths
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Abraham Lincoln: The Head of State, designed by Augustus Saint-Gaudens. It is one of Chicago monuments “under review.”

By John Ruberry 

Last week in my DTG post I wrote about the Chicago Monuments Project, Mayor Lori Lightfoot’s response to last summer’s riot surrounding the Christopher Columbus statue in Grant Park south of downtown.

The committee for the project earlier this month identified 41 monuments, mostly statues but also plaques, reliefs, and one painting. Five of the monuments are statues of Abraham Lincoln. Yes, that guy, the one who led the Union during the Civil War, which led to ending slavery in America. Illinois is the Land of Lincoln, that slogan has been emblazoned on every Illinois license plate for decades. His face is on all standard Illinois license plates. On every Illinois driver’s license and state ID card is Lincoln’s countenance–and automobile titles too.

Other monuments “under review” by the project include statues of Benjamin Franklin, George Washington, Leif Erikson, Ulysses S. Grant, William McKinley, several pieces honoring Father Jacques Marquette and Louis Jolliet, and works featuring anonymous Native Americans. 

But don’t worry! Really! In a Chicago Sun-Times op-ed published last week–on Washington’s birthday–three of the project’s members assured us:

Various accounts, especially on social media, have inaccurately described this project as an effort to tear it all down. This could not be further from the truth. It is a discussion.

I don’t believe them. The “discussion,” in my opinion, is a first step to, yes, “tear it all down.” Liberals work by way of incrementalism. Many left-wing politicians, probably most, want to ban private ownership of guns. They can’t express that sentiment because of the predictable outrage–and it could mean that they’ll be voted out of office. So they start with the easier targets, such as bans on semi-automatic rifles. If they succeed they’ll move on to other firearms, ending with the banning the type of handgun Mrs. Marathon Pundit purchased this year.

So the Chicago Monuments Project is beginning with “a discussion.” Without pushback that discussion very well may devolve into moving statues in the wee hours, which is what happened to two Christopher Columbus statues, including the one at the center of the riot, into storage. Both of those statues of the Italian Navigator are on the project’s “under review” status. 

It’s not just social media users and conservative news sources that have objected to the Chicago Monuments Project. In a Chicago Tribune op-ed, Lincoln biographers Sidney Blumenthal and Harold Holzer wrote, “The Orwellian idea of removing Lincoln from Chicago would be as vain as an attempt to erase the history of Chicago itself.”

The editoral board of the Chicago Tribune–paid subscription required–favors keeping the Lincoln stautes.

Lori Lightfoot even weighed in, “But let’s be clear, we’re in the Land of Lincoln, and that’s not going to change.”

But I’d like to explain to you that the other monuments are also worth keeping. Benjamin Franklin owned two slaves but he freed them and he later became an abolititionist. Ulysses S. Grant, when he was under tremendous financial hardship, freed the only slave he owned. Grant of course was the commander of all Union armies in the Civil War. George Washington’s slaves were freed after the death of Martha Washington. Yes, Washington is the Father of our Nation.

Other than being white, I can’t astertain why Marquette and Jolliet, or Leif Erikson, are “under review” in Chicago.

The source of the rage against Lincoln likely comes from his approving the hanging of 38 Dakota warriors in 1862. But Abe commuted 264 Dakota War executions. There were atrocities in that conflict committed by both sides. Here’s what a Norwegian immigrant described in a letter at that time, courtesy of the Minnesota Historical Society:

The Indians have begun attacking the farmers. They have already killed a great many people, and many are mutilated in the cruelest manner. Tomahawks and knives have already claimed many victims. Children, less able to defend themselves, are usually burned alive or hanged in the trees, and destruction moves from house to house.

If the Chicago Monuments Project is about education, then it probably means that Lightfoot sorely needs one. “In time, our team will determine there are no monuments to African Americans in this city,” Lightfoot said last summer while announcing what has become the Chicago Monuments Project. “There are no monuments to women. There are no monuments that reflect the contributions of people in the city of Chicago who contributed to the greatness of this city.”

But in her namesake park on the South Side stands a Gwendolyn Brooks statue. Brooks was the first African-American to serve as Illinois’ Poet Laureate. A couple miles north of that statue is the beautiful Victory Monument, which honors a World War I African American regiment, and a bit north of that one is the Monument to the Great Northern Migration. I believe each of these are on city of Chicago or Chicago Park District property.

Does Chicago need more monuments featuring women and minorities? Absolutely. It can also benefit with a Ronald Reagan statue. The Gipper is the only president who was born in Illinois and the first to live in Chicago, although the apartment where he lived as a child was razed by the University of Chicago in 2013.

Click here to view the monuments in question. To express your comments about the Chicago Monuments Project please click here. Please be courteous. And if you Tweet this blog post–please do!–use the #ChicagoMonuments hashtag.

Make your voice heard. They’ve begun to listen.

John Ruberry regularly blogs at Marathon Pundit.


What’s in YOUR wallet?

Posted: February 27, 2021 by ng36b in business, economy, News/opinion, Uncomfortable Truths
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Most Americans are going to get a small influx of money in the next 60 days, due to two separate events. First, the 1.9 trillion dollar COVID-19 bill that is 90% about bailing out Democrat-supporting regions of the country will include some sort of stimulus checks, likely the $1400 per individual. Also, most people are filing their taxes between now and April, and most Americans will get some sort of refund on their taxes.

The thing is, most of this money gets spent without thinking about future consequences. The local used car dealerships always run “sales” this time of year that mention tax returns, and I’m seeing “stimulus check” sales advertisements popping up now. Yet we’re not going into happy times anytime soon. If you watch the stock market and references by the Fed that indicate inflation is going to come roaring back should give us pause.

If you’re not one to care about the Fed, then look more locally. Wood prices at Lowes and Home Depot are well double what they were a year ago, between the boom in home building due to low interest rates and COVID-19 shutting down the lumber mills for a time. Gas is more expensive now. I’ve had more Amazon packages getting delivered late than ever before. Stores are still running out of basic items, and while this is infrequent now, remember that is essentially never happened in the past.

All this indicates we’re in for a bumpy ride for at least two years, if not four. I’m not going to get caught unprepared for this, and you shouldn’t either. I suggest you prioritize spending this way:

  1. Debt. Get rid of any debt you can. Car almost paid off? Pay it off now. Credit card debts? Pay them off or work a forgiveness plan, an especially good idea now since card companies are also taking advantage of low interest rates.
    I would also refinance your house if you haven’t done so. Most people can’t simply pay off their mortgage, but you can make a principle payment to pay it off earlier, and shifting to bi-weekly payments (if your company allows you to) will cut years off the back end.
  2. Build up supplies. COVID-19 taught us that everything from toilet paper to sweet potatoes will be in short supply. It’s going to happen again. Rather than fight lines at a store, build up a 1-3 month supply of basics that don’t really ever go bad: bottled water, paper products, disposable eating utensils, soap and cleaning supplies. You should also keep about 2 weeks of meals in reserve. I have things like spaghetti and frozen foods that can keep for a long time just hanging out. They occasionally save me when dinner decides to catch on fire, and when the stores were swamped in the initial stages of pandemic, this food let me stretch our groceries further.
  3. Fix what you can. Americans are pretty handy people, but we also can be lazy. Plenty of homes and vehicles have little things that need repair. Get those done now. Don’t wait forever on car maintenance. The pandemic backed our local dealership up by a month for appointments. Same goes for home maintenance, even if you do it yourself, you may not get the supplies when people buy out the stores.
  4. Set your investing on automatic. Unless you’re smart on the stock market, you’re best off making long term investments on mutual funds. Whatever your investing strategy, put it on automatic through automatic funds transfers and investments. Too many people get scared when the market comes down and sell, which is the worst time to do that. Putting it on cruise control helps you take advantage of the down market over time.
  5. Build up your local network. This may not cost much money, but its critical. Do you know your neighbors? Do you know a local electrician, plumber, car mechanic and veterinarian? Remember how even routine house calls for minor issues became a major problem in the pandemic? You avoid this by knowing local people. Now is the time to get to know them and be on good terms, so when you need their help in a pinch, you can get it.

Don’t throw your stimulus to the wind! Set yourself up now to get through the trying times ahead.

This post represents the views of the author and not those of the Department of Defense, Department of the Navy, or any other government agency.

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