Sunday, April 27, 2008

The Bail-out Nation.........

America, I call it now "the bail-out nation". Our liberal media and their cohorts in Congress seem to have devised a plan to "save" everybody from everything. Katrina, the Bear Stearns financially engineered debacle, low interest rates, high interest rates, predatory lenders, it goes on and on and on; have you ever met a politician who "couldn't" save us from any issue given enough time and money?

It is truly such an affront to common sense and financial literacy it defies explanation.

And many Americans think the "government" is something other than my tax dollars and yours. God help us when they finally figure that out. I love the Chinese, yes there are a billion-plus of them that have somewhere in the vicinity of a 35% savings rate compared to what we have in America where the savings rate may average between a negative 2% and 2%. You see boys and girls, ladies and gentlemen, the Chinese don't have Social Security to bail them out in their old age. There is nothing social nor secure with Social Security. It's a cruel hoax. And the baby boomer generation is going to get a rude wake-up call when it comes time to retire. You see, inflation today is eating their lunch. They are not saving what they need to save to even come close to continuing the same or nearly the same life-style in retirement as they have while working full-time today. In fact most of them have no clue on how to structure a retirement plan or even plan for it investment-wise. Many dont' want to pay for professional advice and do-it-yourself. That's fine but on some of the biggest financial decisions of your life you may need some help, from people who can take you through all the different scenario's. There's a reason dentists don't perform root canals on themselves and heart docs dont' crack their own chests. Many spend more time planning their vacations and working their deer lease than planning for a successful retirement and more power to them. I meet people every week who tell me the stock market is too risky (stock market indexes only go one way long term), that they can't contribute to their 401-k accounts because the new plasma TV and new vehicle payments are too expensive or gas and food costs are spiraling. Probably the same people who will expect to be bailed out from a lack of personal responsiblity in their financial decisions.

I'm one of the fortunate few who won't be getting a $600 check next week. I could use it as much as the next guy but you see, the duds who make the laws say that I make too much money, I've been far too successful to share in my own tax payments. Hard work, my years of education, paying off school loans, my building a business all have contributed to the simple fact my own government won't allow me the same financial advantage as someone who doesn't make as much money. My business wasn't built on 40-hour work weeks. Double that for starters. Most of you who are self-employed can easily understand that statement.

I'm going back to work. Enjoy your checks and maybe save some for your retirement down the road because inflation, deer leases, taxes and energy/food prices are only going one way.

Care to guess which way they are going?

They are going the same way Obama and Hillary are telling you they are going.

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