Beauty Is In The Eye Of The Beholder

“Beauty is in the eye of the beholder” – what one person finds beautiful, another person may not. Beauty is an opinion; we all have one! There’s no universal standard. When it comes to politics, what some deem beautiful is downright ugly in the eyes of others.

President Trump proclaimed he wanted “One Big Beautiful Bill” passed by July 4th.

Congress and the media went through their normal political hysteria and met the deadline.

For years, Congress played games with BS “omnibus spending bills,” urgently passed just before Christmas. One party declares victory “for the American people”, while the opposition screams financial Armageddon.

No matter who is president, we always end up with historic deficit spending and national debt beyond imagination. The ruling class doesn’t give a damn about wasting our hard-earned money.

I want to thank subscriber Ares 23 for sending along, “The Senate’s ‘One Big Beautiful Bill’ – A Comprehensive Overview” by Jim Reynolds, www.Reynolds.com. It’s very straightforward.

Let’s compare conflicting projections:

“Fiscal Impact: Divergent Projections

• White House Estimates: The Trump administration projects that the bill could reduce the federal deficit by $2.1 to $2.3 trillion over the next decade, primarily through tax-cut-fueled economic growth.
  
• Congressional Budget Office (CBO) Analysis: Contrarily, the CBO estimates that the bill could increase the deficit by $2.4 trillion over ten years.”

The White House tells us to expect a $2+ trillion reduction, while the CBO estimates a $2+ trillion increase. Two government agencies, with separate political agendas, are predicting what “could” result ten years out. What could possibly go wrong? The media feeds their frenzy to suit their political agenda. Here’s an example:

The Credit Bubble Bulletin quotes Andrew Duehen in the New York Times (known for extreme political bias):

“The legislation that Republicans passed…show it adding at least $3.3 trillion to the nation’s debt over the next 10 years — making it among the most expensive bills in a generation — but it would also reduce the amount of tax revenue the country collects for decades. Such a shortfall could begin a seismic shift in the nation’s fiscal trajectory and raise the risk of a debt crisis.”

It’s time to sort through the crap, get an honest perspective, and make necessary investment adjustments for our own survival. I contacted friend and expert, Chuck Butler.

DENNIS: Chuck, thank you for taking your time to help our readers sort through this mess. We need to protect our own well-being.

You continually remind us that government agencies and politicians lie, particularly when it comes to numbers.

Since 2015, our national debt has increased around $20 trillion. Over the next four years, the US Debt Clock projects an $8 trillion increase.

If the White House says debt will go down by a couple trillion, or the CBO says it will go up by a like amount, what does this mean? Chuck, please explain what is going on with these projections?

CHUCK: Dennis, there are certain expenses baked into the system, like interest on the current debt. In both cases, they are talking about the impact of the bill provisions, in addition to those costs.

As to their accuracy? Here’s where the rubber meets the road. It’s all in what you want to believe. Will you believe politicians who habitually lie to keep their cushy jobs? Or will you believe the CBO, who debates the data the government propeller heads throw out there?

Me? I am going with the CBO’s figures. We added $20 trillion over the last decade, and the pace is accelerating. Bottom line is the current bill has not addressed the ever-increasing deficit. Even if the White House projections are correct, our debt is still out of control.

I believe we should prepare for the worst, but hope for the best!

DENNIS: While the media hyped the bill as “a tax cut for the rich,” the Reynolds analysis explains that the 2017 tax rates have been made permanent; minimal changes.

What does the NYT mean by “reduce the amount of tax revenue the country collects for decades. …. and raise the risk of a debt crisis?”

CHUCK: This is all political talk and nonsense; politicians project spending increases, then reduce the amount of the increase and call it a cut – pure baloney!

For the most part, we are keeping the 2017 tax code permanent. Had they reverted back to the old tax rates, it would have been a tax increase.

What they don’t mention is only 40% of Americans pay taxes. They will pay their taxes at the same rate they have for the last 9 years.

DENNIS: Here’s my big concern. It’s not republicans versus democrats; it’s the swamp versus the American people. We heard lots of hoopla when Elon Musk discovered mega-billions in government waste. The swamp reacted, bombed his dealerships, you name it, and quickly ran him out of town.

If spending continues along the current trajectory, in a decade it will be beyond anything we can imagine. Is Musk right when he says DC is a “uniparty?”

Where do you see this going?

CHUCK: I agree with Elon Musk, our two-party system has morphed into one… they both spend like drunken sailors, no difference there. They both grow government at the same rate, and they both believe that the US can grow its way out of this mess… (they also believe in the tooth fairy and unicorns).

While we may be past the point of no return, Argentine Prime Minister Javier Milei is addressing the same problem in his country. It may take a third party to bring this about.

I’m also seeing renewed interest in congressional term limits, which would be a step in the right direction.

This all may be too little, too late, but desperate citizens may surprise us.

DENNIS: Congress is only concerned about debt and inflation when it can no longer be ignored.

This Wallethub survey explains:

“Consumers Care More Than Politicians: More than 4 in 5 people say they’re more serious than the government about paying off debt.”

This isn’t surprising, consumers are responsible for paying their debts, while Congress leaves that to future generations.

This “One Big Beautiful Bill” may have started with good intentions; however, the swamp turned it into more of the same. The uniparty won’t be bullied; Congress made no serious attempt to address the deficit

What will it take to get our elected officials to do something meaningful and address the ridiculous spending?

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CHUCK: Politicians react when they feel threatened, primarily to protect themselves.

We should expect out-of-control inflation with each party blaming the other, with the media fanning the flames. The survey shows the public isn’t buying their crap like they used to.

Musk is tapping into public opinion. If we can’t have term limits, a third party with some common sense might help temper uniparty damage.

Assuming deficit spending continue on the current trajectory, I feel we’ll not reach 10 years before the strain on the financial system leads to the collapse of our financial system.

Wolf Richter illustrates what I’m talking about.

A worldwide collapse of the faith in the US dollar is already underway. Countries will look for alternatives, unloading their US dollars and Treasuries.

Wolf Street shows us the dollar share of world reserve currency is declining.

When I wrote for the Sovereign Society, I reported that China was signing currency agreements with their trade partners and no conversion to dollars would take place. Well, as time has gone by… seeing that the US froze Russia from SWIFT, China is developing their own version of SWIFT… and that means countries will no longer need to hold dollars… uh oh!

“Debt out the wazoo” cannot continue forever. So, it won’t be long before the dollar will be part of a fire sale, which will lead to its collapse. We will eventually start all over again, but without the dollar as the world reserve currency. We will have to increase our interest rates on Treasuries in order to attract lenders.

Higher interest rates and high inflation will be part of the life we all have to deal with.

DENNIS: Once again, thank you for your time. One final question. We’ve been speeding toward a train wreck. If the swamp had implemented true spending cuts and deficit reduction, it might have slowed things down.

You have been warning us for some time. Any changes on how we prepare?

CHUCK: Dennis, thanks again for the chance to share my thoughts.

All fiat money systems fail because politicians spend more than they take in and create the difference out of thin air – resulting in inflation.

I feel Gold will be a part of our new financial system. And that brings me to a question that I ask repeatedly – Got Gold? Prudent investors can hedge against inflation.

Dennis here. In 2015, anticipating a Hillary Clinton victory, Nobel Prize-winning economist Paul Krugman wrote in the New York Times that “deficits don’t matter.” After Hillary lost, he wrote the opposite. Ignore the propaganda!

While parts of the “One Big Beautiful Bill” may address spending issues that have overwhelming public support, I agree with Chuck. Shuffling around spending, with no meaningful reduction, is rearranging deck chairs on the Titanic.

After seeing Chuck’s “Got Gold?” recommendation, my wife asked how our gold investments are doing. My response? It’s performing beautifully!

Help keep us online! I love it when readers thank me for “telling it like it is” for providing content they won’t find in the mainstream media. I’ve been sent to Facebook purgatory a few times – they didn’t approve. Free speech isn’t appreciated in all circles. When I started Miller On The Money, I vowed to keep our newsletter FREE! I’ve kept my promise – our weekly letter is an expensive hobby. Donations are our primary source of financial support, and what keeps us going. We don’t peddle your name to anyone. I’ve turned down proposals from advertisers, feeling their offerings were inappropriate for our readers. Readers pitching in to help offset our cost are much appreciated. It’s strictly voluntary – no pressure – no hassle! If you want to help, click the DONATE button below. You do not have to sign up for PayPal to use your credit card. And thank you all!

On The Lighter Side…

When I began my writing career, former colleague David Galland predicted, “after 10 years, you may feel burned out and have to take a break.” David was correct.

In May, I celebrated my 85th birthday. I was tired and frustrated. Our subscriber list is going through normal attrition and I’m struggling to add new readers. Facebook banned us from advertising (Explaining we “don’t meet their standards”), and then my account was hacked with several fraudulent charges for Facebook advertising.

Kind readers have asked how to help. I urge them to forward our articles to friends, recommending they subscribe. We still have a Miller On The Money Facebook page. I no longer advertise to “boost” my posts; however, readers can like, subscribe and follow daily which helps increase our visibility. I publish one quote each day which a lot of people enjoy and like to share.

We had a lot going on and I decided to take a break, take the summer off. We had plenty to keep Jo and me very busy.

I’ll start with the good news. I have been cancer-free for a little over a year. PET scans are scheduled every 12 weeks. The oncologist has now reduced the frequency, meaning less radiation and fatigue.

In May we sold our AZ home and headed back to our summer home in Indiana. Before we left, Jo had both knees replaced and cataract surgery. Our plan is to head to The Villages, Florida and relocate in Florida.

Why the Villages? It’s a one-day drive. The 3-day drive across the country was no longer fun. We can also fly direct from Evansville (2 hours) to Orlando. Our family lives east of the Mississippi, and they joyfully embraced our decision.

We have had a change in schedule as Jo had unexpected rotator cuff surgery. Her rehab schedule delays things a bit; however, we should be able to get a nice place before it gets too cold.

Right now, it’s my turn to keep the “In sickness and in health” vows, paying her back for all she did during my cancer treatment. I’ve requalified my domestic chores, including the care and feeding of the cat. All a good thing!

With all the fanfare about the spending bill, and some time on my hands, I decided to jump back into writing. It feels good. Likely, once we head south, I’ll take some more time off.

I want to thank all the kind readers who checked in on me over the last couple months. Things are fine, Jo is recovering nicely, and we are looking forward to the next chapter in our lives together.

Quote Of The Week…

Some friends raised their eyebrows, “At 85, you are buying a new home?” Why not?

“A hidden secret to staying young. Always have something fun written on your calendar for the months ahead. Visualizing these fun times keeps you busy planning, gives you something to look forward to and smile. When the time comes, have a blast, and immediately start planning your next one….”

— Dennis Miller

And Finally…

Friend Courtenay W. shares some thoughts on aging for our pleasure:

• “To get back to my youth I would do anything in the world, except exercise, get up early, or be respectable.” — Oscar Wilde
• “The older we get, the fewer things seem worth waiting in line for.” — Will Rogers
• “We must recognize that, as we grow older, we become like old cars – more and more repairs and replacements are necessary.” — C.S. Lewis
• “Old age is like a plane flying through a storm. Once you are aboard there is nothing you can do about it.” — Golda Meir
• “Wisdom doesn’t necessarily come with age. Sometimes, age just shows up all by itself.” — Tom Wilson.
• “Always be nice to your children because they are the ones who will choose your retirement home.” — Phyllis Diller
• “It’s paradoxical that the idea of living a long life appeals to everyone, but the idea of getting old doesn’t appeal to anyone.” — Andy Rooney
• “Birthdays are good for you. Statistics show that the people who have the most live the longest.” — Larry Lorenzon

And my favorite:

• “Aging seems to be the only available way to live a long life.” — Kitty O’Neill Collins

Until next time…

Dennis Miller

“Economic independence is the foundation of the only sort of freedom worth a damn.” – H. L. Mencken

 

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