{"id":5220,"date":"2011-03-08T08:54:00","date_gmt":"2011-03-08T14:54:00","guid":{"rendered":"http:\/\/ishmaels.net\/blog\/?p=5220"},"modified":"2011-03-08T08:54:00","modified_gmt":"2011-03-08T14:54:00","slug":"how-to-stop-the-end-of-america-a-few-secrets-from-warren-buffett-the-project-to-restore-america","status":"publish","type":"post","link":"https:\/\/www.ishmaels.net\/blog\/2011\/03\/08\/how-to-stop-the-end-of-america-a-few-secrets-from-warren-buffett-the-project-to-restore-america\/","title":{"rendered":"A few secrets from Warren Buffett\u2026 The Project to Restore America \u2026"},"content":{"rendered":"

These are some selected excerpts from the The S&A Digest<\/a>  You do have to sign up for it but some of the letters are free, although they will not give much in them but hints.  I have found that a lot of the \u201csales\u201d focused letters give enough hints that you can usually figure out what they are talking about, but usually it is late info.  That said it is good info for learning and maybe you find something worth paying for?   <\/p>\n

He presents some ideas on tax, reduced govt, etc.  I personally believe that we might need<\/strong> something more in lines with the Fair TAX, <\/strong>but I am for anything that brings our government<\/strong> and politicians<\/strong> under financial control.  I probably will only live long enough to see the \u201cTRAIN WRECK\u201d happen.  My kids and grandkids will have to suffer the outcome of that wreck.  Will it be another GREAT DEPRESSION like my parents endured?  I don\u2019t know, but it can\u2019t be good when when we are broke and our quality of living is spiraling down?  Things to think about.  – WD0AJG<\/p>\n

 <\/p>\n

Here are some interesting facts:
In 1965 \u2013 when Congress created Medicare\/Medicaid and greatly expanded the federal government’s role in health care \u2013 about 13% of Americans were obese. Today, 32% of Americans are obese.
Before the government<\/strong> enacted Social Security, Americans typically saved between 15% and 20% of their incomes. Today? Almost nothing. In fact, for many years, the savings rate in America was actually negative.<\/em>
Before the Great Depression, there wasn’t any government<\/strong> unemployment insurance. Not surprisingly, there was almost zero long-term unemployment.
One more interesting fact\u2026 the U.S. didn’t experience a Great Depression until the Federal Reserve<\/strong> was created. The main purpose of the Federal Reserve<\/strong> is to ensure that banks don’t fail. Sounds good. But it provides a perverse incentive for banks to act recklessly, which causes bigger booms and busts \u2013 just like the one we’re experiencing <\/strong>right<\/strong> now.
<\/a>\"\" I’m not arguing government<\/strong> spending is the primary cause of any of these problems. But I am saying you’d have to be a fool to believe incentives don’t play a big role in human action. Think about why all politicians<\/strong> try to spend more than they collect in taxes. They have a huge incentive to promise more than they can deliver \u2013 and to make<\/strong> up the difference by borrowing against future taxes or printing more money.
The problems created by the perverse incentives of collectivist actions are well known. They are as old as the ideas themselves. They explain why socialism and communism always lead to failure. And yet\u2026 we seem eager to pursue these policies in an almost mindless pursuit of bankruptcy. Why? That’s not hard to figure out either.
<\/a>\"\" What’s the No. 1 reason people<\/strong> make<\/strong> bad decisions? They don’t have to suffer the consequences. Which investors made worse decisions during the mortgage bubble? Was it the private hedge-fund managers, whose entire net worth was made up of the assets in their own funds and whose friends and families had invested alongside them? Or was it the senior managers of publicly owned banks, whose creditors were protected by the federal government<\/strong> and who owned little of their own company’s equity?
That’s easy to answer, even if you knew nothing about the financial crisis. Unless people<\/strong> have a stake in the outcome of an event, they are very likely to choose poorly or recklessly.
<\/a>\"\" The most difficult problem we face today is, far too few Americans have any equity in our government<\/strong>. Less than half of all Americans pay any federal taxes. Don’t listen to the nonsense about how almost everyone pays payroll taxes. It’s true, but it’s irrelevant. Payroll taxes don’t come close to covering the costs of the entitlement programs they support.
<\/strong>Cutting government<\/strong> spending will be easy compared to trying to increase the average citizen’s equity in government<\/strong>. But we must. People will always demand more from the government<\/strong> until they realize how expensive government<\/strong> solutions really are. And the only way to show them is to share the burdens of government<\/strong> more equally.
<\/a>\"\" Now, I know what you’re thinking\u2026 I’m making a political argument to reduce the progressive nature of our tax system. I’m not. I’m pointing out a simple fact: When half the voters don’t pay for any of the true costs of the government, your society is going to suffer terrible governance.
A democracy that concentrates the overwhelming burden of government<\/strong> on a tiny minority of the population is no different than an investment bank making bad loans and then selling them to someone else. You can’t separate the people<\/strong> making the decisions from the costs and the risks of those decisions. And yet, that’s what we’ve done.
<\/a>\"\" We’ve reached a point where we can longer continue on our current path. America spends 800% more than its nearest rival on its military. We spend 200%-300% more per capita on health care than any other similarly wealthy country<\/strong>. Are we safer? Are we healthier? I honestly don’t think so.
And even if you believe we are, can we afford it? Here are the simple numbers. Americans now owe $56 trillion in total debt, much of it held by foreign investors. We must spend $3.5 trillion each year on interest. That is already more than the federal government<\/strong> spends, in total. I do not exaggerate when I tell you we cannot afford these debts. We will never be able to repay these debts \u2013 already equal to roughly four times our country’s GDP. The largest components of the debts we owe are government<\/strong> debts\u2026 and they are growing rapidly and show no signs of stopping.
<\/a>\"\" The only way to stop<\/strong> the debt crisis we face is to reduce the total level of government<\/strong> spending \u2013 immediately and permanently. We have to stop<\/strong> giving our citizens improper incentives. We have to increase the "skin" voters have in the game by spreading the burden of government<\/strong> more equally. And most important, we must take away the politicians’ ability to debase our currency.
You see\u2026 politicians<\/strong> believe, as Dick Cheney famously said, deficits don’t matter.<\/em>They believe these debts can be safely printed away \u2013 which is what the Federal Reserve<\/strong> is doing right<\/strong> now.
<\/a>\"\" How can we accomplish these goals? I believe we need<\/strong> three simple amendments to our Constitution. First, we should have a balanced budget amendment. It’s hard to imagine why anyone would object to this, regardless of his politics. Politicians ought not have the right<\/strong> to burden future Americans with debt. It’s disgusting that we would leave a burden like this for our children and grandchildren.
<\/a>\"\" Next, we need<\/strong> a constitutional amendment that ensures sound<\/strong> money. If you tell the politicians<\/strong> they’re not allowed to borrow, they’ll inflate instead. There is no reason Americans shouldn’t enjoy the stability and safety of sound<\/strong> money.
Every argument you’ll hear against backing our currency with gold comes from bankers and swindlers who need<\/strong> the ability to be bailed out so they can make<\/strong> risky bets with enormous amounts of borrowed money. Let’s put a stop<\/strong> to this, once and for all.
The American government<\/strong> is the world’s largest holder of gold. Let’s put it to work for us, right<\/strong> away, in the form of sound<\/strong> money.
<\/a>\"\" Finally\u2026 we need<\/strong> a logical way to put a stop<\/strong> to the narrowing of the tax base. Everyone who votes should share in the burdens of government<\/strong> \u2013 otherwise the incentive will always exist to vote for more government<\/strong> spending.
I suggest a constitutional amendment limiting tax rates and abolishing all taxes except for income tax. Tax every adult over the age of 65 20% of his income \u2013 whatever the source. Give everyone a $24,000 annual personal exemption. Above that, everyone pays. No other deductions. We could get rid of the IRS. You could do your taxes on a post card. How much did you make? Send the government<\/strong> 20% of it.
Why do I think 20% is the right<\/strong> rate? The church has always asked for 10%. Surely the government<\/strong> can survive on twice what God needs. And\u2026 we should word the constitutional amendment to make<\/strong> clear our intentions: Every U.S. citizen has the right<\/strong> to keep 80% of his income<\/em>. Let the feds and the states fight over your tax dollars. Remember, your assets and income are part and parcel of your freedom. A man cannot have his liberty without his property and the right<\/strong> to his wages.
<\/a>\"\" By the way, the U.S. Constitution already decrees all citizens should be equal under the law. Making the tax code truly equal will merely be living up to the obligations our Constitution is already placing on the government<\/strong>. Likewise, the Constitution says Congress shall have the right<\/strong> to coin money. It says nothing about printing or the Federal Reserve<\/strong>.
And finally\u2026 the founding fathers of our country<\/strong> once rebelled over a 2% tax on sugar, and they expressly forbid income taxes in their Constitution. Can you imagine what they would think of marginal income tax rates in excess of 50% on people<\/strong> in certain states? These new amendments I’m suggesting aren’t really new at all: They’re simply a return, a restoration, of the real America \u2013 the greatest country<\/strong> in history.
<\/a>\"\" If you like these ideas\u2026 please share this Digest. <\/em>I’m sure it would be difficult to get these amendments passed. But if things in America get as bad as I think they’re going to, maybe people<\/strong> would be willing to rethink our government’s structure.
Sooner or later we have to learn to live within our means. Sooner or later, a preference for sound<\/strong> money will appear because inflation will have destroyed our currency. And sooner or later, the idea that you can live at the expense of your neighbor (through progressive taxation) will lead to a collapse. My preference would be to learn these lessons sooner, so the pain of this transition can be minimized<\/em>.
<\/a>\"\" I’m interested in organizing a conference about these ideas\u2026 maybe call it The Project to Restore America. I’d host it personally (and invest heavily in this effort). I don’t know where yet\u2026 but I know when \u2013 sometime later this year. My goal will be to get as many well-known people<\/strong> as I can to endorse these ideas and speak about them in public at the conference. I’ll try to lure my friends in the media (I have a few) to join with us\u2026 plus business leaders\u2026 plus regular folks across America.
If we want the government<\/strong> to listen to us\u2026 we have to start talking with one, unified and loud voice. I’ve got a pretty loud microphone here with my publishing company, but I can’t do it alone. I need<\/strong> your help. Please pass this Digest <\/em>around to folks who you think will be willing to read it. And if you want to get involved, please get in touch and tell me how you can help.
<\/a>\"\" If you’re interested in these ideas and want to keep up with my efforts, just sign up for a dedicated e-mail list. I’ll keep you up to date on what’s happening with The Project. And please, get in touch with me if you want to be an active supporter. Again, please pass this e-mail around to folks who you believe would be interested in these ideas and interested in backing The Project to Restore America. Click <\/strong>here<\/a> to have your e-mail address automatically added to the list.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

These are some selected excerpts from the The S&A Digest  You do have to sign up for it but some of the letters are free, although they will not give much in them but hints.  I have found that a lot of the \u201csales\u201d focused letters give enough hints that you can usually figure out what they are talking about, but usually it is late info.  That said it is good info for learning and maybe you find something worth paying for?   <\/p>\n

He presents some ideas on tax, reduced govt, etc.  I personally believe that we might need something more in lines with the Fair TAX, but I am for anything that brings our government and politicians under financial control.  I probably will only <\/p>\n

“And Now the Rest of the Story – “A few secrets from Warren Buffett\u2026 The Project to Restore America \u2026<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[13],"class_list":["post-5220","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bbs","odd"],"yoast_head":"\nA few secrets from Warren 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again","author":"wd0ajg","date":"January 8, 2015","format":false,"excerpt":"Well, I got sidetracked again today.\u00a0 It started with my reading\u2026 I don\u2019t read just to read, rather I read to learn and expand so my choice of materials are usually financial newsletter, technical letters and other things of that focus.\u00a0 I do, at times , read a book about\u2026","rel":"","context":"In \"Gregor Macdonald\"","block_context":{"text":"Gregor Macdonald","link":"https:\/\/www.ishmaels.net\/blog\/tag\/gregor-macdonald\/"},"img":{"alt_text":"Image 2","src":"https:\/\/i0.wp.com\/ishmaels.net\/blog\/wp-content\/uploads\/2015\/01\/Image-2_thumb.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/ishmaels.net\/blog\/wp-content\/uploads\/2015\/01\/Image-2_thumb.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/ishmaels.net\/blog\/wp-content\/uploads\/2015\/01\/Image-2_thumb.jpg?resize=525%2C300 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days working on taxes... and it truly sucks. Every year they make it harder to figure out what goes where. I suspect that is in an effort to keep everyone confused about what is right and wrong so they can get more\u2026","rel":"","context":"In "Idiots"","block_context":{"text":"Idiots","link":"https:\/\/www.ishmaels.net\/blog\/category\/idiots\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14128,"url":"https:\/\/www.ishmaels.net\/blog\/2013\/06\/12\/tax-vs-give-away\/","url_meta":{"origin":5220,"position":3},"title":"Tax vs Give-away","author":"wd0ajg","date":"June 12, 2013","format":false,"excerpt":"The government\u2019s willingness to borrow rather than tax is a statement about its ability to allocate pain. Higher taxation today allocates pain to wage earners now. Borrowing is a tax on future wage earners....","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12934,"url":"https:\/\/www.ishmaels.net\/blog\/2012\/11\/14\/politics-and-elections\/","url_meta":{"origin":5220,"position":4},"title":"Politics and elections","author":"wd0ajg","date":"November 14, 2012","format":false,"excerpt":"I have held my tongue for awhile but since I am back on the blog\u2026 so much for that control\u2026 The election went as we feared.\u00a0 We all voted just enough to maintain the gridlock and give those same idiots hold on our lives for another 4 years.\u00a0 We have\u2026","rel":"","context":"In \"APRS\"","block_context":{"text":"APRS","link":"https:\/\/www.ishmaels.net\/blog\/tag\/aprs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.thereformedbroker.com\/wp-content\/uploads\/2012\/11\/josh-table1.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":63814,"url":"https:\/\/www.ishmaels.net\/blog\/2021\/04\/08\/build-your-own\/","url_meta":{"origin":5220,"position":5},"title":"Build your own.","author":"wd0ajg","date":"April 8, 2021","format":false,"excerpt":"I haven't written in a very long time, because I was lazy, tired, old, take your pick or maybe it was I just didn\u2019t have much to say that was useful?\u00a0 I still don\u2019t have a lot to say that is useful but I need to get my mind back\u2026","rel":"","context":"In "Life"","block_context":{"text":"Life","link":"https:\/\/www.ishmaels.net\/blog\/category\/life-and-or-living-daily\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.ishmaels.net\/blog\/wp-content\/uploads\/2021\/04\/1-NIK_4421_thumb.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/posts\/5220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/comments?post=5220"}],"version-history":[{"count":0,"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/posts\/5220\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/media?parent=5220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/categories?post=5220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/tags?post=5220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}