When a COLA is not a COLA

The President may be well intentioned to give a measly $250 bonus to the elderly in a year when the COLA (cost of living adjustment) is not justified, but at what cost to his agenda? This isn’t peanuts- a bonus to 80 million people will cost the government 20 billion dollars. Critics will hound him and once again his bigger agenda will be jeopardized in the process. If he doesn’t get the support of the centrists, he’ll fail. This kind of give-away won’t win the hearts and minds of voters. It will only turn people off.

Coincidentally, Goldman Sachs is doing so well this year, only nine months  after the bail-out, they’re on track to give out over 20 billion dollars in bonuses- on record high earnings- all 31,700 employees will receive an average bonus of $700,000. They earned it right? Or did they? We spotted Goldman Sachs billions of dollars so they can go back to the gaming table. Since the house always wins in a casino, and they’re the house, we spotted them a sure bet. How does anybody sitting at a desk, staring at a computer all day really earn $700,000? It’s a good racket if you can get into it, but that’s all it is- a racket.

It speaks volumes about where our country is as we claw our way out the decession- 80 million people are poised to get a tip for doing nothing, and 31,700 bankers are poised get a pot of gold for doing nothing. I think they’re both wrong. We made a mistake bailing out the investment banks, and we’re making another mistake tossing a paltry $250 to the seniors at a not so paltry tab of 20 billion dollars.

Here’s an article on the bonuses:

NY Times Article on Goldman Sachs