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BENJY SARLIN NOVEMBER 12, 2011, 10:54 PM 18993 271
Michele Bachmann thinks America blew it by extending a safety net to millions of Americans under President Johnson’s “Great Society.” Her solution? Model the economy after communist China.

“The ‘Great Society’ has not worked and it’s put us into the modern welfare state,” she said. “If you look at China, they don’t have food stamps. If you look at China, they’re in a very different situation. They save for their own retirement security…They don’t have the modern welfare state and China’s growing. And so what I would do is look at the programs that LBJ gave us with the Great Society and they’d be gone.”

Aside from the basic absurdity of crediting a country that’s still officially communist with avoiding the pitfalls of the welfare state, it’s worth noting that Bachmann’s broad condemnation of LBJ’s legislative record is in open conflict with her own political positions. She has repeatedly positioned herself as a staunch defender of Medicare, the centerpiece of the Great Society programs, and has slammed President Obama for using funds from the Medicare Advantage program to help finance the Affordable Care Act. Her critique of saving for “retirement security” also runs up against her stated support for Social Security.

“Social Security and Medicare provide a safety net to millions of Americans,” an issues page on her website reads. “This is a system that many Americans have paid into their whole life. America needs to keep its promise to senior citizens.”

It continues:

Unfortunately, many Americans have been unduly frightened by scare talk about alleged attempts to potentially eliminate these programs. Michele understands the concerns of seniors who have been frightened into thinking that their Social Security could be taken away. As President, she will ensure that any reform to Social Security or Medicare will only affect those 55 and younger, and she will work to find a way to ease the next generation into a program that is solvent, fiscally responsible, and empowering to the individual. Michele has also pledged to protect Medicare by repealing Obamacare.

-VIDEO Link-

Beijing (CNN) – Nearly half of Chinese millionaires are thinking about leaving the country, while 14% have or are in the process of applying for emigration, according to a Hurun Research Institute and the Bank of China report.

Their joint “Private Banking White Paper 2011” talked to individuals with assets of more than 10 million yuan (US$1.57 million) in18 cities to find out how China’s super rich manage their wealth. The average asset holdings of the 980 surveyed are 60 million yuan (US$9.44 million), with the average age of 42.

Where do China’s millionaires want to move? North America is the top choice. The United States is the most popular immigration destination for Chinese millionaires, attracting 40% of the respondents who are interested in leaving China, followed closely by Canada (37%) followed by Singapore and Europe.

Half of the investors said they want to leave for better overseas education opportunities for their children. About a third invest abroad as a step toward emigration, while a quarter of them do so to diversify and manage risk.

Observers believe that personal and capital safety is an increasing concern for the rich who are choosing to transfer their wealth overseas.

“We see too many worried entrepreneurs nowadays who are afraid that they would end up in prison for offending Chinese officials,” Beijing-based scholar Hu Xingdou told Ming Pao, a Hong Kong newspaper. He believes the lack of legal protection in many areas has lead to the worsening of business environment in China, which is accelerating the emigration drive.

Where did they get their cash? One quarter of China’s top 1000 richest people obtained their wealth from property, compared to less than 10% among the world’s 1000 richest, the report says. The percentage of wealth generated from manufacturing industry is also significantly higher.

One-third of the rich surveyed own foreign assets, which accounts for 19% of their investment assets. Another one-third are planning to invest abroad. The most popular investment is property.

The outflow of super-rich is worrisome to some China observers. Hu warns that if the cash fails to flow back to the mainland due to recession, Chinese economy might face a collapse.