Wisdom from The Action Wisdom In Action

CA Congressman Pete Stark--A Man You Wouldn't Want to Run Into in a Dark Alley, a Bank Line, or Even a Mall

From Fox News. Video version.

Excerpt from yesterday's Glenn Beck show:

"Take an imaginary neighborhood with "diverse" economic backgrounds:

Person One makes $250,000 a year. They owe $500,000 on a $520,000 mortgage, they financed a $20,000 boat, a sports car and a summer cottage on the lake as well. Life is sweet. They don't have a lot of savings — they'll do that later.

Person Two only makes $45,000 a year. But, they've paid off their mortgage, they bought used cars and have no payments. They've saved money for a rainy day.

Now, the way Congressman Stark sees it, the richest person on the block is the guy with the boat and the sports car. After all, he's got the nicest stuff and the biggest house. But, what happens if they both lose their jobs and have to take one of those jobs that Americans just won't do? Or what if their income is significantly cut back?

Well, when that rainy day comes, the richest person on the block is the person only making $45,000 a year. Why? Well, they don't have lots of stuff, but they don't owe anyone either. There's no bank or credit card company breathing down their necks if their income is slashed. Their life changes, of course, but not as much as the rich guy with all the financed stuff. He's got to scramble to sell the house, the boat, the car. When he can't, banks and credit card companies are coming after him. He could borrow more money to try and keep up, but what has that done? Made him wealthier or just more in debt? All it does is buy some time before it all comes crashing down.

It's the same with the federal government. If IRS returns drop and they continue to try and make up for the shortfall by printing more money or borrowing more money, we just fall deeper into debt.

We're not wealthier. We've only held off the inevitable."

Pete Stark, like most Progressives, believes the more you have to show for your money (whether or not it's paid for), the more wealthy you are. In his mind, debt = worth. The more you owe, the more you're worth.

Is it any wonder CA is in so much trouble? The reason why you wouldn't want to run into this guy: you might break a sweat bludgeoning him to death with your wallet.

Now you know why the Road to Serfdom (otherwise known as Interstate 5) is paved with so many backward ideologues--they did their damndest to avoid those Consumer Math and Economics classes. Math and science baaaad, philosophy and art goooood. Anything that requires ONE RIGHT ANSWER is taboo in the Land of Liberal La--they're best at "subjectives." This is probably why ice skating and snow boarding are considered Olympic sports.