March 3, 2013
IF ECONOMIC REALITY IS ONLY GOOD NEWS FOR THOSE OF US WHO HAVE 401ks AND HSAs....
The Rich Get Richer: Obama-Style Crony Capitalism (Lloyd Green Mar 3, 2013, Daily Beast)
The stock market yawned at sequestration and then rose. The S&P is near a five-year high and is up by 10 percent over the past 12 months.How concerned is Obama by the bad news and the sequester cuts that on Friday he termed "dumb," "unnecessary," "arbitrary," and "inexcusable"? Not very, one would think, since his own 2012 budget forecast projected the very cuts in discretionary spending that the president now abjures, and described them in glowing terms. As Columbia's Jeffrey Sachs recently pointed out. "the level of spending for fiscal year 2013 under the sequestration will be nearly the same as Mr. Obama called for in the draft budget presented in mid-2012." Indeed, the White House budget forecast boasted that it would "bring domestic discretionary spending to its lowest level as a share of the economy since the Eisenhower administration."For some reason, none of this feels like government by or for the people, and it isn't. Rather, it seems as though "crony capitalism" is the watchword for this administration.
...then shouldn't public policy be based on getting 100% of the citizenry into such accounts and boosting our holdings?
Posted by Orrin Judd at March 3, 2013 8:00 AM