Politics, Economics, and the Law
A Few Thoughts on the ‘State of the Union’ Address
January 24, 2012Posted by on
• Are you still impressed by boilerplate calls for bipartisanship, getting things done, and “yay us!” feel-good-isms? I’m not.
• I find the claim that our foreign military adventures have made us safer and more respected highly questionable.
• It is disingenuous to claim or imply that we can meaningfully improve our national budget or debt situation by taxing the top earners more. A careful look at the government’s financial situation shows this will not be the case. This claim amounts to nothing more than populist rhetoric.
• I find the claim that the government will be imposing upon banks a requirement for a “living will,” a written method of repaying those the bank owes money, in the event of its collapse, interesting. However I’m unsure how you plan to implement this under our current system of fractional reserve banking, as under this system banks are at all times insolvent.