To the editor:
The major cause for shrinkage of assets and income in the U.S.A is the true rate of inflation. If is unfortunate our elected representatives in Washington, D.C. apparently ignore this fact. In recent years they have altered the method of calculating the annual rate of increase of all government pensions and Social Security. In their infinite wisdom, they decided to base annual increases on what they refer as "core inflation." The Federal Reserve decided this was a more accurate method of measurement and presented a more favorable reporting means. A lower rate of inflation, even though it is less accurate. In addition, the less you spend at home, the more your will be able to waste abroad.
Core rate of inflation is genuine (true) inflation minus food, taxes, and total energy consumption such as gasoline, diesel fuel, heat, electricity, etc. Inflation minus food and energy. Amazing! This rate applies only to people eating no food, and having no tax and insurance increases and using absolutely no energy. It would be more appropriately named and it should be called a cold-walking, and hungry index. This is nothing more than a load of bovine body waste, more commonly known as B.S!!
Presently the consumer price index is reported as 1/1 percent. In the real world, the total rate of inflation is slightly over 6 percent per annum. The result of this difference of loss of assets for seniors on a fixed income and Social Security is 5 percent per annum. This is totally unacceptable over a period of a few years. Ten years would be 50 percent loss of assets.
This loss, coupled with the added reduction of Medicare by the Democrats, to pay for Obamacare makes a bad situation worse by far.
You clowns in D.C. do not hesitate, not even for one second, to waste trillions of dollars annually attempting to be the world's police force and bailing out every buffoon that mismanages their businesses. In the past it was sink or swim. Surprising how many good swimmers we used to have. Your priorities are misguided today. In the event you all persist on continuing down this foolhardy path of mismanagement, coupled with wasteful and excessive spending habit of allowing the national debt to increase at the rate of $50,000 plus, per second, 23/7/365, you will one day be rudely awakened to a horrendous reality. And most likely in the not too distant future. The United States of America may very well become the Untenable States of America.
You will be cognizant of the fact that what started out as a 5-pound Rhesus monkey has evolved into an 800-pound gorilla with an enormous appetite and a matching vicious attitude.
We seniors will see you in the voting booths. Each and every one of you. Your reelection will be dependent upon your performance henceforth.
Robert E. Workman