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December 2, 2014

Jonathan Tobin: Defending the Right to a Jewish State

Heather Hale: Compliment your kids without giving them big heads

Megan Shauri: 10 ways you are ruining your own happiness

Carolyn Bigda: 8 Best Dividend Stocks for 2015

Kiplinger's Personal Finance editors: 7 Things You Didn't Know About Paying Off Student Loans

Samantha Olson: The Crucial Mistake 55% Of Parents Are Making At Their Baby's Bedtime

Densie Well, Ph.D., R.D. Open your eyes to yellow vegetables

The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review March 24, 2010 9 Nissan 5770

An Off-Budget Office?

By Thomas Sowell




http://www.JewishWorldReview.com | Under the headline "Costly Bill Seen as Saving Money," the San Francisco Chronicle last week began a front-page story with these words: "Many people find it hard to understand how the health care legislation heading for a decisive vote Sunday can cost $940 billion and cut the horrendous federal deficit at the same time."


It's not hard to understand at all. It is a lie.


What makes this particular lie pass muster with many people, who might otherwise use their common sense, is that the Congressional Budget Office vouched for the consistency of the budget numbers that say you can add millions of people to a government-run system and yet save money.


The Congressional Budget Office does honest work. But it can only use the numbers that Congress supplies — and Congress does dishonest work. It is not the CBO's job to give their opinion as to whether any of the marvelous things that Congress says it will do in the future are either likely or possible.


The Congressional Budget Office is like a computer: Garbage in, garbage out. The numbers in the health care bill are especially smelly garbage.


Do we really need a government agency to give us a false sense of security? Don't we already have politicians to do that? Weren't they doing that at the height of the housing boom that preceded the collapse, which then brought down the whole financial system and the whole economy? Many warnings were brushed aside by Barney Frank, Christopher Dodd and many others in Congress.


What we really need — and will never get — is a Congressional Off-Budget Office. This would be an agency that does not have to accept whatever numbers Congress sends them and pretend to take those numbers seriously.


An independent agency could add up all of the government's financial liabilities, whether they are in the official budget or not. For example, the Federal Deposit Insurance Corporation, which guarantees bank accounts, has only a fraction of the money that it is supposed to have on hand to see that people's life savings don't get wiped out when a bank fails.


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No administration of either party is going to let people's life savings get wiped out. That would be political suicide. FDIC is definitely too big to fail. But none of the billions of dollars that will be necessary to pour into FDIC at some point, as banks continue to fail and the FDIC's reserves continue to shrink, appears in the official budget numbers that the CBO sees.


It is a similar story with the Federal Housing Administration, which has what the Wall Street Journal calls "razor thin reserves" as it goes around the country, merrily guaranteeing ever larger mortgages for ever larger numbers of people, while 14 percent of those mortgages are already delinquent.


When the FHA is finally scraping the bottom of the barrel, trying to come up with the money to redeem all the reckless — but politically popular — guarantees it is making, where do you think that additional money they need will come from? From taxpayers — current and future.


But none of this money is in the official federal budget that the Congressional Budget Office sees. There are many other financial liabilities of the government that are "off-budget," which means that they do not show up in the official numbers.


What if an individual operated this way? If you are 80 years old, and your assets exactly balance your liabilities, you're in good shape, right? Wrong.


At your age, you know that there may be some big medical bills coming, somewhere down the road. If you have been following politics — which may be bad for your blood pressure — you know that the mountainous federal deficits that extend into the future, as far as the eye can see, are likely to set off inflation that will silently steal a big chunk of the value of whatever money you have put aside for your old age. But none of that shows up in the numbers measuring your current assets and liability.


Moreover, at 80 years of age, you are not likely to be able to resume a career and make anything like the money you once made. What can you do? Unlike the federal government, you cannot just send your official numbers over to the Congressional Budget Office and have them announce that you are in great financial shape.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

Comment on JWR contributor Thomas Sowell's column by clicking here.

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