Meet Your New Friends …. Same as Your Old Friends
Mr. ToughMoneyLove has voted in elections since 1968. In 1971 The Who (remember them?) released my favorite of their songs, “Won’t Get Fooled Again.” I think of that song each election night, particularly the last lines:
Meet the new boss
Same as the old boss.
Tonight was, as most expected, a solid victory for the Democrat party. To Mr. ToughMoneyLove, the personal finance blogger, it means very little. We will have a new boss. That new boss can only spend what Congress appropriates. That new boss can only tax what Congress authorizes. We have had eight years of a borrow and spend Congress. The first six of those years, the Republicans were to blame. The last two years were presided over by Democrats. Could you tell any difference? I couldn’t. (OK, maybe the last two years were worse than the first six.)
So the new boss is stuck with a House and Senate that remain populated with (mostly) incumbent pork lovers who borrow, spend, rescue, and bail-out with little hesitation. Many of the politicians who were voted out will now become high-paid lobbyists. Your new friends are the same as the old friends, with some extra taxation thrown in.
So if your candidate won, enjoy the adrenaline rush. But please don’t be fooled. As I explained earlier this week, only you can solve your financial problems. The government will be too busy getting in your way and creating more problems for your money, mostly by spending it. And in that respect, our new boss is the same as the old boss.