Andrew,
As a follow up to your post on Car Culture, it is probably worth noting (from http://www.eia.gov/emeu/steo/pub/contents.html):
"Liquid fuel net imports (including both crude oil and refined products) fell from 57 percent of total U.S. consumption in 2008 to 49 percent in 2010 because of rising domestic production and the decline in consumption during the economic downturn. EIA forecasts that liquid fuel net imports' share of total consumption will decline further to 47 percent in 2011 before rising slightly to 48 percent in 2012."
In other words, our share of imported oil is going down as a result of less consumption (driving) as well as a slight increase in domestic production.
[I don't suppose you'll hear any Republicans mentioning that the share of liquid fuels made up of imports has dropped below 50% under Obama's watch? Didn't think so. :) ]
If there is one thing this recession is good for, it is wiping away, then keeping us from re-acquiring, our over-consumption in many areas.
Your pal,
Fred
Friday, August 19, 2011
Wednesday, August 17, 2011
Social Security as Ponzi scheme
Andrew,
I agree with virtually all your readers in the batch of letters you published as pushback against the idea of Social Security as a Ponzi scheme (in fact, I made a similar point as the first writer in a comment on the Indiviglio site).
But your last reader, who tried to make the point about the safety of T-bills as investment vehicles, probably would not have tried to make that point if he (or she) had realized that the Trust Fund is *required* to be invested in T-bills. Yeah, it is safe, but there was no casting about for safe places to stash the cash and then deciding upon Treasuries.
The reader should instead have made the point that the reason the law says to invest the surplus in T-bills is that they are, indeed, safe there.
Your pal,
Fred
I agree with virtually all your readers in the batch of letters you published as pushback against the idea of Social Security as a Ponzi scheme (in fact, I made a similar point as the first writer in a comment on the Indiviglio site).
But your last reader, who tried to make the point about the safety of T-bills as investment vehicles, probably would not have tried to make that point if he (or she) had realized that the Trust Fund is *required* to be invested in T-bills. Yeah, it is safe, but there was no casting about for safe places to stash the cash and then deciding upon Treasuries.
The reader should instead have made the point that the reason the law says to invest the surplus in T-bills is that they are, indeed, safe there.
Your pal,
Fred
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