4everlost (39.19)

“The Economic Bill of Rights”

June 11, 2009 – Comments (2) | RELATED TICKERS: JOB , FOR , ME.DL

jfc's post got me thinking about this.  The financial markets hate uncertainty and this creates uncertainty.  It has a profound impact on our ability to make sound investment decisions.

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Copied from here.

The Second Bill of Rights was a proposal made by United States President Franklin D. Roosevelt during his State of the Union Address on January 11, 1944 to suggest that the nation had come to recognize, and should now implement, a second bill of rights. Roosevelt did not argue for any change to the United States Constitution; he argued that the second bill of rights was to be implemented politically, not by federal judges.

Excerpt from President Roosevelt's January 11, 1944 message to the Congress of the United States on the State of the Union:

"It is our duty now to begin to lay the plans and determine the strategy for the winning of a lasting peace and the establishment of an American standard of living higher than ever before known. We cannot be content, no matter how high that general standard of living may be, if some fraction of our people—whether it be one-third or one-fifth or one-tenth—is ill-fed, ill-clothed, ill-housed, and insecure.

This Republic had its beginning, and grew to its present strength, under the protection of certain inalienable political rights—among them the right of free speech, free press, free worship, trial by jury, freedom from unreasonable searches and seizures. They were our rights to life and liberty.

As our nation has grown in size and stature, however—as our industrial economy expanded—these political rights proved inadequate to assure us equality in the pursuit of happiness.

We have come to a clear realization of the fact that true individual freedom cannot exist without economic security and independence. “Necessitous men are not free men.” People who are hungry and out of a job are the stuff of which dictatorships are made.

In our day these economic truths have become accepted as self-evident. We have accepted, so to speak, a second Bill of Rights under which a new basis of security and prosperity can be established for all—regardless of station, race, or creed.

Among these are:

 - The right to a useful and remunerative job in the industries or shops or farms or mines of the nation;

 - The right to earn enough to provide adequate food and clothing and recreation;

 - The right of every farmer to raise and sell his products at a return which will give him and his family a decent living;

 - The right of every businessman, large and small, to trade in an atmosphere of freedom from unfair competition and domination by monopolies at home or abroad;

 - The right of every family to a decent home;

 - The right to adequate medical care and the opportunity to achieve and enjoy good health;

 - The right to adequate protection from the economic fears of old age, sickness, accident, and unemployment;

 - The right to a good education.

All of these rights spell security. And after this war is won we must be prepared to move forward, in the implementation of these rights, to new goals of human happiness and well-being.

America’s own rightful place in the world depends in large part upon how fully these and similar rights have been carried into practice for our citizens."

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Basically, FDR's vision was to legislate a job, a house, healthcare, a solid eceonomy and a standard of living for everyone.  (This concept started before FDR but he magnified it.)  For decaeds now the gubment has been trying to make this scenario happen by taxes, incentives for industries that are in favor, changes in money supply, legislation, intervention, bailouts, deficit spending, redistribution of wealth, reform, wars, and on and on and on.  It doesn't matter which political party has power, whether they are "conservative" or "liberal", most of the gubment wants to legislate prosperity.  It can't be done!  All of the efforts and money spent toward trying is what underlies our problems today and will cause them in the future.  The nation's money is being spent on a goal that cannot be acheived via acts of gubment and everyone is poorer as a result.  Now, laws are being swept aside as our gubment is even more determined to enact this vision.  I don't believe that taking money from those that earned it and running it through an inefficient and corrupt gubment machine so it comes out on the other side for entitlements will help those it was intended to help or the people the money was taken from.  It is already killing us financially and will continue to do so until we get on a different path.  All IMO.  End of rant.

For discussion purposes only.  Do not use this post to make investment decisions.  Slower traffic keep right and don't fear the reaper.