... was RE: John Travolta, and the demise of the American piano industry and
some nonsensical comments from someone in Georgia.
I've been very quiet and good, y'all have to admit. But falsehoods
propagated on such a large forum deserve to be debunked. I will make this
one response. You may read it or delete it ...
Winston Churchill once said, "Men occasionally stumble over the truth, but
most of them pick themselves up and hurry off as if nothing ever happened."
1. The American work force, with the incredible rise in individual
prosperity and living standard our wonderful country has allowed us over the
last 50 years, or so--despite the insipid meddling of our federal government
and its confiscatory taxes--has become increasingly unwilling to accept
production and "menial" jobs. Just ask personnel managers at any of the
remaining factories about their turnover and staffing problems!
Workers naturally have increasingly demands for better wages and benefits,
but this pressure can price them right out of the market. Unions, despite
their often being necessary and beneficial to workers--especially in the
past--now often exploit workers, blackmail corporations, and become just
another "middle man" in the costs of goods and services. When vote-hungry
politicians pander to people with laws requiring companies to fork over
increased minimum wages, long-term unemployment, child-care, paid leave,
etc.--while simultaneously gouging the corporations and their
investor-owners for outrageous taxes--they force (yes, FORCE) companies into
international competition for profits and, in many cases, survival. Add to
all that the consumer's DEMAND for low-cost goods, creating such monsters as
Wal-ChinaMart, and you begin to see that the problem is complex, nasty, and
intractable.
Blaming the individual worker for national policy fiascoes, world
recessions, international competition, and management greed or
shortsightedness is just not fair. I don't think Mr. Travolta had much to do
with it, either, except to generate a lot of economic activity with his very
popular movie.
2. Is the "national debt" a concern? Yes. The outstanding public debt as of
May 18, 2003 at 03:27:49 AM GMT was: $6,487,335,802,041.31 (That's TRILLIONS
with a "T", folks). In the time it takes you to read this, the debt will
have risen by millions and millions of dollars (about $1.13 billion per
day).
Most people do not have a clue what comprises this debt, to whom it is owed,
or why it keeps climbing. Here are some basic facts:
The greatest part of the debt is money we owe to ourselves, i.e., American
citizens. More generally, the national debt is the money Congress owes to
whomever Congress has borrowed from. The national debt, more properly called
the public or federal debt, is an accumulation of yearly Congressional
budget deficits.
Constitutionally, Congress has authority to borrow. In concept, Congress
borrows much the same way you or I borrow when we sign an IOU for money
received and then receive money. For example, Congress uses savings bonds
and treasury bills to serve as the IOU. Congress also borrows through the
Federal Open Market Committee.
Actually, Congress only increases its self-imposed debt limit; the U.S.
Treasury does all the work at auction through issuing and selling commercial
instruments: bonds, bills and notes.
The problem with the public debt is that through the machinations of the
Federal Reserve and Treasury, Congress does not always borrow currency in
circulation, but creates currency out of thin air. When that debt is
purchased by individuals, currency already in circulation is used and that
debt is not inflationary. However, when the Fed buys the debt, the Fed
creates the currency out of thin air and this move is inflationary. This
currency is spent on consumables and "entitlements." Such spending is backed
by no goods and services, and hence, is inflationary.
The government provides services but produces NOTHING in an economic sense.
That's why an increasingly larger government work force actually reduces
overall American worker productivity.
Congress committed the American people to repay anyone holding there IOUs.
Some holders are Americans, some are foreign and some are just internal
bookkeeping between various government departments. Therefore, the national
debt is owed by Congress, representing the American people, to whomever
holds one of those IOUs.
Please note that it is congress, especially the House of Representatives,
that is almost solely responsible for spending and the lack of control or
discipline therein. The Executive Branch can only propose budgets and
arm-twist to try and get what they want. The president cannot, without the
full cooperation of congress, add one penny to our deficits and debt.
3. Reduced Taxes = More money in the hands of business owners, investors,
and consumers = more production demand and consumption, genuine economic
activity and growth = Increasing money in circulation = More money in hands
of business owners, investors, and consumers = more production demand and
consumption, genuine economic activity and growth = Increasing money in
circulation = More money in hands of business owners, investors, and
consumers = more production demand and consumption, genuine economic
activity and growth = Increasing money in circulation = More money in hands
of business owners, investors, and consumers = more production demand and
consumption, genuine economic activity and growth = Increasing money in
circulation = More money in hands of business owners, investors, and
consumers = more production demand and consumption, genuine economic
activity and growth = Increasing money in circulation = More money in hands
of business owners, investors, and consumers = more production demand and
consumption, genuine economic activity and growth = Increasing money in
circulation = More money in hands of business owners, investors, and
consumers ... etc. ad infinitum ...
Get the idea? Now, in all of that whirling financial activity, the
government continues to dip its hungry mouth. They get a smaller PERCENTAGE
share but a much larger amount in REAL dollars. So Reduced Taxes = More
Money For The Government!
You see? This is one of those simple little truths Churchill was talking
about.
Is this voodoo theory? No. Notwithstanding wars, disasters, and problems
created by other governments (including state and local) and politicians who
do not (or pretend to not) understand this simple formula--it works every
single time it's tried, without exception. It's a proven winner. Kennedy did
it, with great success. Reagan took us from the Carter malaise and
double-digit inflation to the most vigorous sustained economic boom in
American history, lasting about 20 years.
Having the government put the squeeze on people--including the "rich"--works
against all logic and fails every single time IT is tried. But it's that
"Look, we're doing something ..." political lie. What they are "doing" is
being horrible divisive while deliberately holding back the American worker
and the incredible American economic engine.
Thanks for listening. I'll step off the soap box now. Agree or not, please
be kind.
Alan Barnard
Salem, MO
-----Original Message-----
From: pianotech-bounces@ptg.org [mailto:pianotech-bounces@ptg.org] On
Behalf Of gordon stelter
Sent: Saturday, May 17, 2003 6:14 PM
To: Pianotech
Subject: John Travolta, and the demise of the American piano industry.
Dearest Tom,
In case you did not notice, my comment was what
is commonly referred to as a "Joke". But I remain
curious as to why, exactly, both automobile and piano
manufacture in America took a precipitously sharp
decline in quality in the 1970's???
"Saturday Night Fever" is the most plausible
explanation to have occurred to me, as of yet, and I
observed it infect many of my friends not fortunate
enough to take refuge in a profession such as ours!
This easily observable decline in quality then
made us simple prey for overseas manufacturers, and we
are today running the worst trade deficit in U.S.
history, as its aftermath. Economically, this means
that U.S. cash piles up in nations such as China,
which then loan it back to us, at interest, as the
"National Debt".
With Bush's tax cuts, that interest will soon
pile up so that it is all we can do just to keep up
with it, and we will not be able to put even a dent in
the principle. And we will then be beholden to
"Communist" china.
I know that the Chinese are kind, generous, and
truly lovely people, but I someghow find this
disturbing.
Thumpe
Gordon,
Revisionism raised to a new level!
The leap to an expression of your Geo-Political-Economic
theories escapes me.
You disparage a group of people and accuse me of not getting the
"joke". You have raised "tiresome" to the Bremmie level.
Tom Driscoll RPT
P.S. Sign your real name please--List etiquette
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