So, today the Captain was doing a little reading.
By no coincidence I was researching the infamous Marie Antoinette.
Born Maria Antonia Josefa Johanna (November 2, 1755), she was the archduchess of Austria.
Born into privilege.
For the sake of a political alliance, at age 14 she was married to Louis Auguste, dauphin of France. Later that same month Louis ascended to the throne of France as Louis XVI, making the young Marie Antoinette queen of France.
Now, Louis XVI was not the smartest of kings; he reportedly had difficulties making decisions.
CAPTAIN’S NOTE: The couple didn’t consummate their marriage for quite a while after their wedding because apparently Louis either didn’t know how to do it or didn’t want to put forth the effort!
That didn’t stop Marie. Throughout her adult life she was accused of promiscuity, with both men and women.
Several of her pregnancies were suspected of being not the offspring of the King.
She was also (perhaps rightly) known for her lavish spending - on clothing, hairdos, and decorating her living space(s).
She was also accused of espionage - sending aid and state secrets back home to Austria.
It was none other than Thomas Jefferson who wrote in 1821,
“Her inordinate gambling and dissipations, with those of the Count d'Artois, and others of her clique, had been a sensible item in the exhaustion of the treasury, which called into action the reforming hand of the nation; and her opposition to it, her inflexible perverseness, and dauntless spirit, led herself to the Guillotine."
Jefferson’s conclusion was damning: "I have ever believed that, had there been no Queen, there would have been no revolution."
Because Louis frequently dithered, Marie took an active hand in her husband’s political affairs, so when the French Revolution came and the monarchy was abolished, she was arrested, tried, and beheaded nine months after the king.
Marie Antoinette has gone down in history as the epitome of
privilege, showing no compassion for the peasants citizens of France, even when food and bread were
in short supply.
However, after considerable research, the Captain discovered there is no evidence she ever uttered the words “Let them eat cake!”
CAPTAIN’S NOTE: This line was taken from Jean-Jacques Rousseau’s autobiography, in which he writes, “Finally I recalled the stopgap solution of a great princess who was told that the peasants had no bread, and who responded, ‘Let them eat brioche’.”
Rousseau never named the “great princess”, but the timeline doesn’t fit Marie Antoinette’s history.
So why is any of that relevant?
Last week, U.S. Commerce Secretary Howard Lutnick had a “Let them eat cake” moment on a podcast.
The topic was Social Security.
Originally called “Old Age, Survivors, and Disability Insurance” (OASI), the Social Security Act was passed in 1935 as part of FDR’s “New Deal” following the Great Depression. It created a social safety net for the working poor in America.
Employers and employees are each taxed at 6.2% percentage of the employee’s wages, which go into the OASI Trust Fund. Upon retirement, you receive a monthly stipend to help you in your old age.
Effectively, what the Captain contributes into OASI pays the current retirees while the next generation's contributions will pay mine.
Between 1983 and 2009, revenue exceeded expenditures. That changed with the onset of retiring Baby Boomers, and now some are saying the OASI funds will be depleted by 2033, a concern that has been discussed at least since the Reagan era.
The current administration in Washington D.C. is working hard to convince the American people that not only is Social Security running out of money, the system is rife with fraud and waste. The poorly-named Department of Government Efficiency is right now sifting through the records of the Social Security Administration (SSA), firing employees, closing local offices - quite literally moving toward shutting down SSA completely.
So what about the more than 70 million Americans currently receiving Social Security benefits? And those of us on the cusp of retirement?
CAPTAIN’S NOTE: According to SSA, of all beneficiaries over age 65, 12% of men and 15% of women get at least 90% of their monthly income from Social Security.
Enter Secretary Lutnick, who thinks shutting down SSA wouldn’t be so bad. In his mind, only those receiving checks fraudulently would complain:
"Let's say Social Security didn't send out their checks this month. My mother-in-law, who's 94, she wouldn't call and complain… She just wouldn't. She'd think something got messed up, and she'll get it next month. A fraudster always makes the loudest noise, screaming, yelling and complaining."
In short, Lutnik, formerly the CEO of a prestigious Wall Street equity investment firm, just had his “Let them eat cake!” moment.
Mates, the Captain has worked with poor folks on many occasions. I have dealt with widows who live solely on their $600 per month Social Security check; a simple thing like a flat car tire can throw their meager budget completely out of whack.
So missing a whole check would be significant.
No. Devastating.
Think about rent. If you miss a month, you could be evicted. And without the resources to pull together a deposit of first-and-last month’s rent, you probably won’t find another place to live.
Think about utilities. If you miss a month, your electricity/water/gas could be shut off. Most utility companies apply a hefty “re-connect fee” after you’ve paid what you owe.
I’m guessing neither Mr. Lutnick nor his 94-year-old mother-in-law have ever had that problem.
I’ll make it personal. The Captain’s own dear mother (who also
happens to be 94) is totally dependent on her Social Security check. A small
pension and whatever she was able to save while raising four children have
evaporated over the 24 years since she was forced aged into retirement. She worked
full-time for 28 years, plus some part-time jobs along the way, faithfully paying
into OASI to insure a sustainable retirement.
Now that might be taken from her.
Mr. Lutnick says she won't even notice.
Contrary to popular opinion, your Captain is not a wealthy CEO who can simply give her “a little cash” to tide her over until the checks started arriving again.
“Let them eat cake!”
Indeed!
Does anyone else remember when President George H.W. Bush was running for a second term in office? A child of privilege, do you remember how he was widely ridiculed because he was so out of touch with the common man/woman?
Because he did not know how much a gallon of milk cost!
That was a pivotal moment that cost him the election.
I miss those days.
