...and Speaking of Inflation

Today the notable Rep. Charles Rangel (D-NY) held forth on the airwaves repeatedly, and in shrill tone, defending the health of Social Security on the basis of those special class T-bills that replaced the real money they took from us, declaring that of course the money was protected by the full faith and credit of the U.S. government.

/long pause/

How's that again? The government has only such funds as they take from us, folks, so redeeming those T-bills (currently some $1.7T in value) will mean yet another trip to our hip pockets, mattresses, and bank accounts. Unless they simply fire up the presses and print new cash, thereby avoiding the ugly detail of a legal tax increase. As Milton Friedman pointed out, "Inflation is the one form of taxation that can be imposed without legislation."

Let us all remember, though, that as they make us pay, so too, must we exact payment from them, when the time comes. Vote 'em out. All of them.