Once again, the lowlights:
Still casting doubt on Treasury Bonds and whether they are backed by the full faith and credit of the United States of America, I see.
Pay-as-you-go means, by the way, money comes in and it goes out; you pay, and we go ahead and spend. And we spend not only on retiree benefits, but we spend on every other program. And all that’s left is file cabinets full of IOUs. You know, people think, well, the government has collected our money and they’re going to hold it for us, and then when we retire, we’ll give it back to you. That’s just not the way it works.
But wait – turns out those pay-as-you-go, worhtless paper IOUs stuffed in a filing cabinet aren’t so bad.</P
Now, people often ask me, you know, can I — are there going to be wise ways to set up these savings accounts? Of course there will be. I’m not going to say, you can — we want you to have a retirement fund; you can take your money and put it in the lottery. In other words, there’s a conservative mix of bonds and stocks that will be available. If you’re risk adverse, you can buy Treasury bonds, as far as I’m concerned.
You know, people say, well, you know, what happens if I’m getting close to retirement and there’s a market swing? Well, when you get close to retirement, there are ways to diversify out of a mix of bonds and stocks and get into — get into strictly bonds — government-backed bonds.
As you get older, you can transfer from, say, a mix of bonds and stocks to only bonds, relatively risk-free bonds, so that there’s more security the closer you come to retirement.
Somebody needs to ask Scottie about this contradiction.
Chimpy brought his favorite racist strawman back to Ol’ Virginny after an extended absence from Baboon-a-palooza.
There’s kind of a concept around that says maybe only a certain kind of people should own assets, an investor class, maybe only the rich. I firmly reject that idea. That’s not how I view America. >
Sometimes you hear what these personal accounts — I mean, asking people to do something they’re not capable of doing. Frankly, it’s kind of an elitist point of view, isn’t it?
And of course he can’t pass by an opportunity to heap derision on folks what gots book larnin’.
Doctor Olivia Mitchell is with us. She’s an expert on the subject. PhD?
DR. MITCHELL: Yes, sir.
THE PRESIDENT: For those of you who are younger, I just want you to look at the examples being set here. Olivia is a PhD. I was a C student. (Laughter.) Olivia is the expert. I’m the President. (Laughter.) Anyway, thanks for coming. (Applause.) A couple of B’s, a couple of B’s, yes. (Laughter.)
Finally, just what the hell is this?
THE PRESIDENT: Yes, I asked Olivia to join a council headed by Daniel Patrick Moynihan. Unfortunately, he has gone on.
“Gone on”, has he? Sheesh.