Lefty Hackery Exposed: Phil's Stock World


How do you know someone is a left-wing whackjob?

All you have to do is catch them lying about the “full faith and credit” of Social Security and Medicare, which they (of course) use as an excuse to avoid fiscal reality.

Well, almost solved because, according to the 14th Amendment to the Constitution (oh that thing), right there in section 4, is the statement that: “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.”  So we’re stuck with those damned Social Security obligations (the ones people put money into their whole lives on the good faith that the US Government would take care of it for them and pay them back when they retire) unless we can figure out a way to get that 14th Amendment repealed so we can default on that obligation.

Uh, no.

Phil then goes on to rant about an alleged “right-wing” conspiracy to void the 14th Amendment that, he claims, is really all about turning Granny into dogfood.

That Phil seems to be this ill-informed about what Social Security and Medicare are and aren’t makes everything else he says worthless.

Incidentally, the legal status of Social Security and Medicare is not my opinion – it is that of the United States Supreme Court.

This also isn’t a new decision.  Indeed, it’s a 1960 decision – Flemming .v. Nestor, which held that Congress reserved the right to alter, amend or repeal any provision of the Act.

In point of fact there is no “debt” owed to those receiving entitlement benefits through these programs.

They are legally welfare programs which Congress can modify or even eliminate at any time without triggering any sort of Constitutional or “full faith and credit” problem, or any other legal obligation to those who have allegedly “paid in” to them over their working lives.

That is, your FICA and Medicare taxes are in fact a simple tax and your Social Security and Medicare benefits are in fact a simple welfare program.

The rest of “Phil’s” tantrum in the above-referenced link is equally-devoid of logic or mathematical fact.  That won’t stop those over at Huffington Post from having orgasms when they read it, but it fatally dooms those prescriptions from actually working (such as his proclamation that we can make homes “energy independent” by “simply” installing $50,000 worth of solar panels paid for with money we don’t have on every house.  I’ll leave the thermodynamics of that for another time.)

Someone willing to intentionally ignore long-settled (40 years+ worth!) decisions by the US Supreme Court that decisively declare the type and character of a government program, and who founded the entirety of their argument on an intentionally-false premise, simply cannot be taken seriously on any other matter of national or personal financial importance.

The Market-Ticker