Sunday, July 03, 2011

When you're rich

The Daily Star

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Monday, July 4, 2011
Home Business Sports Editorial Metropolitan National International Op-Ed Letters Latest News Charge When you're rich

Ted Rudow III, MA, Encina Ave, Palo Alto, CA California
Democrats closed the remainder of what had been a gaping budget deficit by relying on a combination of deep spending cuts, optimistic revenue projections and new fees that are sure to be challenged in court. The cuts will be triggered during the middle of the year if tax revenue falls short of assumptions.
This will include $100 million to the in-home services program. They already cut services 12% this year. Nursing homes cost five times as much per In-Home Supportive Service (IHSS) client. The number of skilled-nursing-center beds has dwindled through the years as IHSS' success has grown at helping the elderly continue living independently.
When you're rich and lose money on a leveraged investment, you are a victim of the bad economy and deserve to be bailed out. When you're poor and lose money on a risky investment, you're a financially incompetent person who chases get-rich-quick schemes.

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