I stand to address the Commission today as a frustrated and tired taxpayer of this County. As you all know, I have been down at these meetings off and on since 2015. For a significant period of time, I was here every single week.

Today I stand before you to ask you to finally listen to the people of Clay County. I implore you to vote no on this excessive spending spree that, let’s face the truth, just Commissioners Ridgeway and Owen are proposing.

Commissioner Nolte has made it abundantly clear that he wants no part in this proposal, but as is usual with you two, instead of building consensus, you are just going to roll over him as if he doesn’t exist and he doesn’t represent the entire voice of the democratic body of this county.

One of my favorite thinkers is an investment analyst by the name of John Mauldin. Mauldin’s greatest strength is he’s capable of taking complex economic and investing ideas and boiling them down to simple things. One of my favorite sayings of his is the following:

Debt is either consumption denied or consumption brought forward

Admittedly, not all debt is bad. Sometimes it’s perfectly acceptable to bring consumption forward when it’s done responsibly and with a productive purpose.

You are proposing nearly $50 million dollars in principal payments and millions more in additional interest to be paid back for the next 20 years. You’re effectively bringing forward the future spending or denying the future spending of this County in the name of a bunch of projects that you’ve allowed no public discussion on, you’ve made no public appeal for, and you’ve made no compelling case that we even need.

Of all the projects on the list, the one I find most outrageous, and the one I’m going to take a minute to comment on is the new Annex. I would go as far to grant you the point that the existing Annex is a building that is past it’s time. It’s even arguable that we should do something about it. The problem I have is there has been no public discussion of what the actual needs are for this building.

You’re asking for $20 million for that one building!

How did you get to this figure?

Did you throw a dart at a dart board?

If you got to it with professional assistance, I want to know who the architect was and what piece of ground that you specifically have in mind. And then I want to know how come you think this is acceptable to do all this behind the back of the public?

The Annex is nothing more than a government building that serves a function. We don’t need a Taj Mahal to County government, after all we have enough of those things around this county in the form of overbuilt public high schools. At the end of the day, you could convert an old retail place to do everything that’s needed in that Annex and save current and future taxpayer’s a ton of money.

Now, I’m no expert, but I consume a significant amount of market and economic analysis on a weekly basis. The current recovery we’re inside of is the third longest in American history. There is more debt in the entire system than anytime in human history. Economic “experts” often disagree wildly, but It’s worth pointing out that the majority of reputable economists agree the Great Recession of 2008 was caused by too much debt.

You would be foolish to sit there and tell me that this economic cycle won’t end at some point. And when it does end and the tide goes out, we’re going to see who has been swimming without their bathing suits on. I’d venture to say the way things have been run the last 6 years around here, I bet we’ll want to cover our eyes just a little bit.

It’s irrelevant that we can meet the payment on these certificates of participation now. It’s responsible and prudent to be worried about the rainy day that will eventually come. Heck, your own ordinance even says it’s something to be mindful of. Just flip to page 12, the section titled “Changes in Economic, Demographic, and Market Conditions.” The payment on these certificates will have to be made. In an economic downturn, real property values will correct, and when they do, that means assessments will fall. It is not an unreasonable thing to worry about our taxes going up in the future because of your actions.  

Since the early 2000s, we have seen the County budget more than double. Assuming the rate of inflation since then and little changes we shouldn’t see the operational budget over $75 million. Somehow that budget is now over $100 million dollars, and I saw Commissioner Ridgeway on a TV news report this last week pointing out holes in ceilings in this very building.

If you can’t make basic building repairs on a $100 million dollar budget, you’re doing something really wrong.

So it begs the question, where the heck is all this money going? You stated on that same news report that “It’s time to do some major surgery.”

You know, I remember the last election, and I don’t remember either of you two saying anything about this desperate situation. If we’re having major surgery, you’d think someone would have wanted to inform the patient before we rehired the doctors. And let’s not ignore the fact that this isn’t all cracks in ceilings being addressed here, there’s a whole lot of new on this proposed project list.

You’ve done absolutely nothing to inform the people of any of these needs, so if you seem surprised that people are a little angry with you about this situation you’re completely to blame. A simple Internet search reveals that neither one of you even have active websites. Your Facebook pages have barely any information on them, and you don’t even have email newsletters. I can tell you from direct experience, it’s not that hard!

Commissioner Owen, I’m not making this up, I took a screenshot of it this weekend, your page on the County website literally says (to be finalized). You’ve been in office for almost two terms now. Apparently you both think it’s 1982, and the only way people get information is a newspaper.

If you think communication is too difficult to figure out, there’s a significant amount of people in this world that could help you figure it out. It’s really not that hard. I self-taught myself everything I’ve ever done online. Believe it or not there are a lot of books on using digital tools for communication. Since we pay you a salary, one that you felt justified in raising yourselves, you’re effectively an employee. Part of your job as that employee is to communicate to me, your constituent. I get a say-so in rehiring one of you every two years. Frankly, you’re terrible at your job.

To be honest, I fear it’s far worse than incompetence. Based upon your past actions, I suspect you have contempt for the people and don’t even feel you owe it to them to communicate.

Commissioners Ridgeway and Owen, I’ve been involved in politics in this county for almost 10 years now. Clay County has become known across the state for our dysfunction. I continually think to myself, it can’t get worse. Then you two make another decision.

If you genuinely think some of this stuff needs done, start figuring out a way to communicate the evidence for each and everyone of these items to us. Create a plan that Commissioner Nolte can get behind. Build support with the public. If you can’t do those basic things, things that show you respect the people and the hard earned money we are forced to give up to this county, then table this ordinance right now!

For the next two years, just set up there and do absolutely nothing more than the minimum. Collect your ridiculous salary and do us taxpayers all a favor, ride off into the sunset on your pension in two years.

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I thought I’d make this pretty simple.

Trump’s action to declare a National Emergency is a dangerous and stupid solution to a problem that is perceived far worse than it actually is.

If you’re a Republican, and you are willing to go along with it, you had better think a little deeper and a little longer term.

Republicans will not retain the Presidency forever.

Mark my words, the next time the Democrats take it, there will be a real problem perceived far worse than it actually is, and you better believe that they won’t bat an eye to declare their own “National Emergency.”

You had better ask yourself what your stupid little short term “win” is worth because it may result in a far worse loss of your rights.

This came across my feed the other day on Twitter.

So simple, so true.

If you’re someone who spends their waking hours hating wealthy people because “capitalism” and the free-market are evil, you should check your premises.

We’ve not had free-market capitalism in this country since the early 1900s. Capitalism is not failing, capitalism is being smothered to death by an ever growing form of soft socialism. The more you beg for a harder form of socialism, the worse it’s going to become. You think there’s a divide between the rich and the poor now, just wait till you further destroy the middle class in this country with idiotic ideas like the New Green Deal and Modern Monetary Theory.

You desperately need to begin to study what you think you know.

There is no free-market capitalism with central banks and government securitization of assets.

Lots and lots of people seem to have opinions on “capitalism” these days. I think that’s a positive because I think there are some things that warrant discussion. The problem is that many who have rose to prominence right now, especially on the political left, have not a clue what they’re talking about and probably haven’t read anything that ever challenges their small minded understanding of what capitalism is, or could be. You even see it with some on the political right which I often find a lot disconcerting.

The reality is, we have nothing right now that even remotely resembles “laissez-faire capitalism.” The market is not free. Price discovery is on life support in many industries. Capitalism hasn’t failed, hell we barely have it in this country right now.

There’s a new book out by Jonathan Tepper called The Myth of Capitalism: Monopolies and the Death of Competition. Tepper is a Rhodes scholar, and off the charts brilliant.

I’m yet to read the book, but I’ve read a couple of other books by the author. Tepper has been all over much of the financial media I follow, and I’ve heard him interviewed a couple times. He makes a compelling argument, but I’m concerned what solutions he may propose. I need to read the book to establish a better understanding and opinion.

Here’s the summary of the book:

The Myth of Capitalism tells the story of how America has gone from an open, competitive marketplace to an economy where a few very powerful companies dominate key industries that affect our daily lives. Digital monopolies like Google, Facebook and Amazon act as gatekeepers to the digital world. Amazon is capturing almost all online shopping dollars. We have the illusion of choice, but for most critical decisions, we have only one or two companies, when it comes to high speed Internet, health insurance, medical care, mortgage title insurance, social networks, Internet searches, or even consumer goods like toothpaste. Every day, the average American transfers a little of their pay check to monopolists and oligopolists. The solution is vigorous anti-trust enforcement to return America to a period where competition created higher economic growth, more jobs, higher wages and a level playing field for all. The Myth of Capitalism is the story of industrial concentration, but it matters to everyone, because the stakes could not be higher. It tackles the big questions of: why is the US becoming a more unequal society, why is economic growth anemic despite trillions of dollars of federal debt and money printing, why the number of start-ups has declined, and why are workers losing out.

I’ve mentioned John Mauldin multiple times in my writing. He’s probably my favorite financial writer, and one of the smartest people I’ve ever read. (Tepper has co-written two of Mauldin’s books). His weekly Thoughs From the Frontline is alwas a must read for me. I don’t think I’ve missed one in over five years now.

The Soviet Union’s collapse and spread of semi-free markets through Eastern Europe seemingly ended the socialism vs. capitalism argument. Capitalism had won. Collectivist economies everywhere began turning free. Even communist China adopted a form of free market capitalism although, as they say, with “Chinese characteristics.”

The fruits of capitalism: millions of people freed from abject poverty and a few who got rich indeed. Nor is this a recent phenomenon. Capitalism in the last three centuries, with all its faults and problems, with all its contradictions, generated the greatest accumulation of wealth in human history. From a few hundred years ago when the vast majority of the people of the world lived below the poverty line, barely above subsistence levels, today we have less than 10% doing so and that number is shrinking every year.

Yet now, perhaps because this prosperity is so easily taken for granted, some on the left are again embracing socialist ideas and irrationally high tax rates. What drives this thinking? One problem is “capitalism,” in practice, does indeed provide many points for justifiable criticism. It is, to paraphrase Winston Churchill, the worst of all systems, except for everything else.

Today’s capitalism has a contradiction that is increasingly hard to ignore: lack of competition in key markets. That’s a problem because competition incentivizes producers to get more efficient and reduce prices for consumers. Without competition, you end up with bloated monopolies that may be highly profitable for the owners, but don’t serve the greater cause of economic growth.

My good friend Jonathan Tepper, with whom I wrote Code Red and Endgame, has an excellent new book on this: The Myth of Capitalism: Monopolies and the Death of Competition. He and co-author Denise Hearn explain why this is a serious problem with world-shaking consequences. I highly recommend the book and today I want to give you a brief taste of it, plus a few more thoughts afterward.

READ THE REST OF THE ARTICLE OVER AT MAULDINECONOMICS.COM