Wednesday, August 11, 2010

HARD TRUTH: Why Peter Schiff Lost His Senate Race

We all knew this day would come. Peter Schiff's bid for the U.S. Senate came to an end last night. Former WWE executive Linda McMahon beat the truth-telling investor in the Republican primary for U.S. Senate in the State of Connecticut. Schiff had become an Internet sensation after his economic predictions came to fruition in 2008. A youtube video called "Peter Schiff was right" spread across the Internet and the rest is history. Schiff correctly predicted in the years leading up to the 2008 collapse that debt was going to sink the U.S. economy. Since then, he has rocked the boat by criticizing the federal government's ever expanding size and debt.

So why did Peter Schiff lose?

I'm sure that some people will say that he was too aggressive in addressing certain economic issues such as entitlement spending. Others will argue that GOP voters thought he was too extreme. But the hard truth is that Peter Schiff lost because he spoke the truth.

The truth is the most offensive thing in American society. Nothing will repeal attractive females, voters, employers or anything else in America faster than the truth. Americans don't like to hear the truth. Ron Paul's 2008 presidential race is proof that no matter how much Americans claim they don;t like war, we never want to heard that our empire-building foreign policy is a disaster.

Ross Perot is another good example. Sure, he was weird, but in a land of deceit and corruption, any honest man would appear to be odd. Ralph Nader was blamed by liberals for Al Gore's defeat in Florida. Nevermind, the criminal behavior by a hand full of corrupt Republican officials. It was Nader's fault. Nader was ignored for the same reason that Paul was ignored, they were portrayed as wacky. Why?

Because they were telling the truth about American foreign policy and the American people didn't want to hear it. Schiff views Social Security as a ponzi scheme. Fifty and Sixty year olds who have paid into Social Security for decades with the expectation of its safety when they retire do not want to hear about it being a ponzi scheme.

Let's check.

1. Government promises retirement money through a program.
2. People pay into it through taxes.
3. Government lies and spends the money on war and other programs.
4. Government uses money from new customers to pa for the retirement of others.
5. Massive amount of early generation customers coming to collect the money.
6. There's not enough money for everyone.

Hmm, me thinks this is a ponzi.

Or should I say....Madoff.

Social Security in the red this year