Wednesday, July 30, 2014  
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A comment by Joe Lee III

   A good portion of the money in your wallet right now is Chinese.
   By our calculations, about 25 cents of every dollar in your pocket is borrowed.
   Admittedly, our math is loose, but I think you’ll have to agree our financial logic is sound.
   Some experts say that about 60% of the money in circulation in Mississippi was sent into the state via some sort of federal program or give-away. This includes welfare, EBT cards, Medicaid, Medicare, and, yes, even Social Security.
   All statistics that we are aware of tell us that 41 cents of every dollar the federal government spends is borrowed ... much of that money comes from China.

Do the math
   If you extend the math -- 25 cents of every dollar in circulation in Mississippi is from China (or possibly some other foreign source).
   Fiscal conservatives, such as this writer, have to admit to a certain degree of hypocrisy. We can jump up and down about federal giveaways and boondoggle construction projects, but the fact remains that all of us get a little of the action to one degree or another.
   Statistics tell us that an outside dollar brought into a local economy turns over up to seven times before government taxes eat it up.
   This statistic is cited over and over by tourism promoters, but the same is true of Social Security, welfare payments and even EBT cards.
   If half that revenue were to abruptly stop, Mississippi’s economy would crumble. Of course Mississippi is not the only state in this situation.

Social Security dilemma
   Some readers will be upset that Social Security is grouped with some of the other programs.
   “I paid into Social Security,” they’ll say. “That’s my money coming back.”
   We know the drill. We agree. Most of us, however, will receive more money than we put in, but the real problem is that there is no money.
   Congress long ago looted the Social Security trust fund that we Baby Boomers paid in to and left a big fat I.O.U. in place of the money. Of course, Congress has no money with which to pay it back, so there are only two ways to make today’s Social Security checks cash.
   One is to use the money current workers are putting into the fund, and the other is -- you guessed it -- borrow it from China or some other source.
   The problem is compounded by retiring Baby Boomers rapidly outnumbering the contributing workers. We all know this; why are we not making our lawmakers solve the problem?
   My grandmother would have referred to the present financial status of the United States as a “mell of a hess.”

Visions Concert
   Recently the Boss of the House went to the Christmas Visions concert at Grenada High School.
   It was a good as any production we have ever seen at the Orpheum in Memphis (and better than some).
   The band did a number that topped any band performance I have ever heard.
   The entire production was Broadway quality.


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