Public Debt and Entitlements

[Burncycle360]

Our stewards have done very poorly when it comes to fiscal responsibility, perhaps an unintended consequence of the turnover rate of leadership incentivizing it, with short term benefits outweighing long term consequences.  But eventually that bill comes due, and it seems that social security is little more than a Ponzi scheme.

Taken in isolation, Peter Schiff believes that the Govt will sacrifice the dollar rather than do the difficult thing if it means short term assuagement, in a way resulting in a tragedy of the commons like downfall.

Milton Friedman famously suggested eliminating social security, and cutting a check for everyone who paid in for the amount they paid in the short term, and a negative income tax in the long term to replace welfare so that people can put that money to whatever they want (as opposed to an earmarked type of welfare like SNAP where it must go to food), with the contention that nobody in America should starve, at least.

No matter what happens, a lot of people are going to be angry, so what should be done and who will volunteer to be the scapegoat by being the bearer of bad news?

[Rick]

As my mother once said (in regard to Social Security) "As long as I get mine, I don't care!" Which pretty much sums up the situation. My opinion is that Ponzi scheme that is Social Security will gradually pay less and less until it disappears. Current kids and grandkids will be left to shrug their shoulders. Maybe the rare one will re-read Alexis De Tocqueville's quote "The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money” Which leads to public dept and entitlements. 

Public debt and entitlements really means individual responsibility which begins with individual morality. Due to secular liberalism there is rapid and sadly ongoing depletion of this morality. To build morality, a person and the public must build this foundation on the Bible. Then emphasize, especially to young males, the work ethic that is still prevalent in many parts of this great nation.

No public money goes to single mothers. If you can't close your legs don't expect the tax-payer to open their checkbooks! This would eliminate the single largest source of poverty. On the opposite end of the age spectrum, for government healthcare, anyone who uses tobacco or is obese needs to pay their fair share, iow, alot more than they do now. I would also deny tax-payer funds to illegal drug use and repeated willful stupidity such as not wearing seat belts.

If one finds this offensive, let them put their money where their mouth is.

[rmgill]

 

[Skywalkre]

I don't know how I missed this post earlier.  I'm shocked, SHOCKED that it's been ignored and fallen so far back (only noticed it when looking for the 'Hypocrisy of the Right' thread).

On 10/28/2020 at 5:47 PM, Burncycle360 said:

Our stewards have done very poorly when it comes to fiscal responsibility, perhaps an unintended consequence of the turnover rate of leadership incentivizing it, with short term benefits outweighing long term consequences.  But eventually that bill comes due, and it seems that social security is little more than a Ponzi scheme.

Taken in isolation, Peter Schiff believes that the Govt will sacrifice the dollar rather than do the difficult thing if it means short term assuagement, in a way resulting in a tragedy of the commons like downfall.

I think you've mentioned Peter Schiff before and I've always meant to start listening to him.  Do you happen to have a direct link to a podcast or interview where he discusses this (or similar issues with other programs like Medicare)?

[JWB]

19 minutes ago, Skywalkre said:

I don't know how I missed this post earlier.  I'm shocked, SHOCKED that it's been ignored and fallen so far back (only noticed it when looking for the 'Hypocrisy of the Right' thread).

I think you've mentioned Peter Schiff before and I've always meant to start listening to him.  Do you happen to have a direct link to a podcast or interview where he discusses this (or similar issues with other programs like Medicare)?

 

https://moneymorning.com/2017/01/16/peter-schiff-america-should-get-rid-of-medicare-and-medicaid/

 

[Skywalkre]

On 11/6/2020 at 10:41 AM, JWB said:

 

https://moneymorning.com/2017/01/16/peter-schiff-america-should-get-rid-of-medicare-and-medicaid/

 

Thanks for the link.  The article points to, I'm guessing, a more detailed discussion of his on the matter back on 15Jan17 but it's not one of his podcasts (episodes on the 13th and 18th).  Hmm...

Anywho, what little is mentioned in that link is similar to a popular article that circulated back during Obamacare talks about shifting insurance to the rarest of diseases and letting the market handle common medical issues.  He also has a good point about untying insurance from employment.  That's one of the biggest issues we have now as Americans don't have a choice, have never had a choice, in where they get their insurance and the need to find a job with decent insurance for some limits their potential positive economic impact.  The whole healthcare edifice in this country is in desperate need of reform and the Rs still have nothing while the Ds want to make it worse.

Oh, yeah, and this thread still didn't generate any discussion in the last two weeks.  I'm still in shock!