May 2 2013 Page 3 One Man’s Opinion Another Man’s Opinion By Gerry Chong believes no one needs any more than that Adequate Information Only Helpsand the government has the right to establishOn April 1, President Obama declared April to be “National Financial Capability Month” during everyone’s limit of wealth. Make Better Choices which time his Administration will teach young On April 21, the International Monetary people “how to budget responsibly.” Among Fund representing 20 nations begged the United By Cristian Vasquez There is a likelihood that many consumers the other topics taught will be “Managing Debt States, “For the sake of the rest of the world, In recent years, many Americans have will not look at these labels. Furthermore, there become more concerned with the source of is a strong possibility that only a minority of “Unfortunately, the government has chosen to the goods they consume. Farmers’ markets, consumers check for GE foods or research the address only 16 of the 162 wasteful programs.” organic food and in some cases home gardens products they purchase. However, if this small have become people’s preferred options for group of consumers is taking the time to know and Credit;” “Getting the Most From Your address your long-term budget deficit.” Finance food sources. The arguments regarding the and understand the roots of their products, Credit Card;” and “Stay Below Your Credit ministers and central bankers from around benefits of organic food and the risks of they deserve to have full disclosure on the Limit.” I believe he said these things with a the world “called on Washington to develop genetically modified foods will vary depending items. When we go out to a new restaurant, straight face. a credible plan to deal with its spending and on who you ask. What is hard to dispute it is common to ask what ingredients are in With his program in mind, let’s play “Are You debts over the next several years.” is that with proper labels identifying foods a dish that might look appealing. As a former Smarter Than a Fifth Grader.” Here are the facts In 2011, the GAO specified 162 wasteful as being organic or genetically modified, food service industry employee, special the fifth graders will be asked to understand: government programs which, if corrected, would consumers can decide for themselves which requests with regards to food preparation According to the CBO, the Treasury result in annual savings of $250 billion, or type of product they would like to purchase. were a daily occurrence--and to be honest, Department will collect $2.7 trillion in tax $2.5 trillion over 10 years. Unfortunately, the Recently, U.S. Senator Barbara Boxer and it wasn’t a problem. It did not take away so revenue in 2013, setting a record for the government has chosen to address only 16 of Congressman Peter DeFazio introduced a much time from my other responsibilities most money the government has ever taken the 162 wasteful programs. U.S. Comptroller bill that would allow consumers to make that the company I worked for suffered a in. However, the President has proposed General Gene Dodaro, head of the GAO said, such a decision by simply looking at a financial burden. So if the waiters and deli spending $3.8 trillion in 2014 and $4.0 trillion “My term goes to 2025. I hope I won’t be product’s label. clerks of the world can tell their customers in 2015, increasing spending in every year of reporting all these same issues in that year.” The Genetically Engineered Food Right-to- what is in a salad or sandwich, why can’t his administration. Spending reductions of any nature are not Know Act would require the Food and Drug the Monsantos of the world tell consumers In 2012, the nation’s economy grew by within this administration’s vocabulary. Administration to clearly label genetically what is in the tomato they want to sell us? 1.8 percent, but to justify his spending, the Financial advisors almost uniformly agree engineered (GE) foods in an attempt to help Senator Boxer’s bill will not result in the President has projected our GDP growth rate that there is no hard and fast line beyond consumers make informed choices about the general population becoming 100 percent to double to 3.6 percent and tax revenue to which a nation’s debt cannot grow. Rather, goods they consume. This bipartisan bill is informed on the roots of the products they grow by 50 percent. on a case-by-case basis, when investors hit being supported by nine other Senators and consume. Furthermore, it will probably not The President projects tax increases over 10 a tipping point and lose faith on a nation’s by 22 members from the House. Groups inspire many more people to know. Yet years to total $1 trillion, transferring capital ability to pay its debts, they will withdraw in opposed to forcing labels on GEs fail to for those of us who care to know and for from the private sector to government. an instantaneous BANG moment. No one will realize or simply admit the risks associated consumers with allergies who need to know, While the top earners would pay two-thirds have any warning, so nations follow a course with flooding the market with such foods this is a necessary bill. Those of us with a of the tax increases, everyone would pay more of debt growth at their own peril. without providing proper labels for consumers. vested interest will always take the time to taxes, including the middle class on whom the The questions for our fifth graders are these: Allergies to food products such as peanuts research what we purchase, where it comes President said he would never impose new taxes. First, is the Obama Administration qualified are very common among Americans and if from and how it is made. As a consumer, that The President’s plan caps everyone’s IRAs, to teach this course? And second, how would a product has been genetically modified, is my responsibility. Still, as the producer of 401Ks and pensions at $3 million. Obama you project our financial future? • consumers deserve to know for safety reasons. 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Manhattan 05_02_13
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