When I read a blog entry that contains a nice quote, I usually capture it on my tumblr site. But sometimes I find a lot of great quotes in a single entry. Today it happened with a great piece by John Mauldin. Mauldin is always a thoughtful and erudite writer, but today he’s in perfect form. Here are a few of my favorite quotes:
Government checks of one form or another are about 20% of total personal income in the US.
And let’s be clear, this year’s “profits” becomes next year’s working capital when you are a small business owner.
But everyone knows that the only way to get the budget into some reasonable semblance of balance will be to either cut Medicare benefits or increase taxes.
The simple reality is that if We the People of the US want Medicare, in even a reformed and more efficient manner, we must find a way to pay for it. It will not be cheap. Raising income taxes on the “rich” is not enough. You have to go back and raise income taxes on the middle class, too. Oh, wait, that will be a drag on the economy and consumer spending. And in any event it will not be enough.
The defining political question of this decade will not be Iraq or Afghanistan, or the environment or any of a host of other problems. The single most important question will be what do you do with Medicare?
You may be able to fool the voters, but you will not be able to fool the bond market.
This election next week will change very little in real terms, the things that matter, like whether the US economy can grow or will face a very real crisis and a true depression.