Observations on life

Don’t you think a person running for the highest office in the land should be able to manage his own money?

Net worth you say, one is age 74 and has virtually no savings beyond some home equity and the other looks like a spendthrift. Those numbers are their estimated net worth calculated by Forbes (others report Sanders net worth at closer to $400,000.) 

  
 

  

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6 replies »

  1. Your question is: should those who run for office be able to manage their money. The short answer is no they do not have to manage their money but be smart enough to hire someone who can manage their money whether its millions of dollars or only thousands of dollars. Personal assets may be a measure of how well they manage their money however you should be able to run for office and not be a millionaire. I do not think a millionaire activity tries to manage his own money just for tax reasons without help.

    And then there is Trump, a millionaire who has made and lost a fortune several times. Do you elect a guy who has had several bankruptcies? Is that managing your money or playing the system doing and what the laws allows?

    One final thought, maybe it is good to have an elected official who has been hounded by bill collectors to understand what they are doing with the national debt. They will either find away to pay the bills or the more likely choice of just forgive the debt. Maybe that is not a good ideal after all.

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    • I think you miss the point. I’m not saying you need to be wealthy to run for president, but that you should demonstrate prudent actions and personal responsibility in your life. Those qualities are some of what is needed to run a country.

      The median net worth for someone Sanders age is $1,122,000. He doesn’t come near that. He hasn’t even effectively planned for his own retirement while he talks about increasing Social Security benefits. A look at his own investments shows he didn’t know what he is doing or hired someone who doesn’t. In short, he is a dreamer from the1960s who doesn’t understand reality.

      Rubio is simply irresponsible such as buying an $80,000 boat while heavily in debt.

      As far as Trump goes, I hope I don’t have him as a choice to vote for. However, a business bankruptcy is rather routine as is failure in business. The real measure is what you do about it and in that measure he excels. Even the fact he got started with a million dollar loan from his father is not negative. Many, many people borrow that amount and more and fail miserably. His biggest problem is that running the government is not like running your own company; he won’t be able say “do it” and get things done.

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    • “forgive the debt”? What is that? The government terminating debt obligations – walking away from its debt contracts?

      What you should fear is a decision to inflate the money supply, which will devalue accumulated assets – particularly among retirees who have worked, and saved and prepared for retirement. It is a real threat, but it is actually the easiest way politicians have to worm their way out of their promises to voters … they can “deliver” on their promises of more and more and more benefits (to buy votes) while concurrently reducing the deficit and debt – just print money baby!.

      They tried that in Germany, you know, and the result was that the world got Hitler.

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  2. Some estimated then 1st term US Senator Obama’s net worth at $1.3MM in 2007 – not that bad for a former academic and community organizer with a working spouse and two young daughters at the age of 46. The New York Times reported that President Obama’s net worth is currently between a minimum of $853,014 to a maximum of $6,395,999 (midpoint of $3,624,507). So, despite the fact that he was a millionaire then, and today he is a multi-millionaire, his economic policies are crap, and the everyday American people have suffered from his economic quackery. I guess I will always be more concerned with the policies these folks are pushing. Workforce participation is at a 50 year low (back to when women were significantly increasing their participation in the workforce), the nominal national debt has doubled to $19MM since he took office, we celebrate a near-$500B annual deficit as “progress”, etc.

    Bernie (Hillary, Mark, almost all of them) seek to follow in President Obama’s footsteps, or even go further. Crap I say – just look at the data. For example, these idiots remain totally opposed (along with President Obama) to allowing exports of domestic energy. Post-fracking, we have dramatically increased domestic production and can easily afford to retain good paying jobs by exporting that which we are not using. Instead, the Democrats limit exports, triggering significant layoffs in exploration and production here in the states (maybe 150,000+ people, and the associated economic value triggered by their incomes/wealth). Make sense to you?!?

    Marco, well, he seems to be interested in the economics of moving on up. He looks to be one who favors crony capitalism – how about taxpayer financed subsidies (profit guarantees) to Floridian sugar producers, who in turn, finance his election pursuits – including tariffs on dramatically lower cost, equal quality sugar imported from places like Brazil, tariffs that double or triple the cost of sugar (and significantly increase the cost of using sugar in other products). Remember when you bought a bag of simple cane sugar – it came in a 5lb weight, and for less than a $1. Today, it is a 3lb bag, and costs $3+ – even though we could remove the tariffs on imported sugar and return to 1960’s pricing. One might also be concerned about Mr. Rubio’s actions in concert with Norman Braman. Here he is channeling Obama. Remember, Michelle Obama saw her income triple at the University of Chicago hospital – which of you would pay $300,000+ to an individual who served as a hospital’s “vice president of community relations” – all occurring once Obama became a state senator and steered millions of dollars of taxpayer earmarks to the hospital. Remember, when she left, the hospital eliminated the position. So it is with Mr. Rubio and Mr. Norman – who employed Rubio’s wife to advise the Braman family’s philanthropic foundation – while Rubio successfully engineered a $80MM state grant to a university favored by Mr. Braman.

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  3. A Florida legislator’s salary is quite low – the base is less than $30,000 per year plus $129/day when the legislature is in session. Many of them usually a well paying full time job also though. I am not sure when Senator Rubio didn’t have one. It does seem that he and/or his wife are into “status” instead of being prudent with their finances. I live in Florida so I am more familiar with Rubian than with Sanders.

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