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Thread: The results are in on social security

  1. #121
    Professor xpiher's Avatar
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    Re: The results are in on social security

    is it really showing favoritism by simply not taxing things everyone actually needs?

  2. #122
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    Re: The results are in on social security

    yes - it provides preferential tax treatment of a particular sector of the economy which encourages overinvestment in that sector. we just went through something very similar due to the preferential tax treatment shown to debt.


    that's why they call economics the "dismal science"
    Last edited by cpwill; 06-14-11 at 02:16 AM.

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    Re: The results are in on social security

    Quote Originally Posted by cpwill View Post
    yes - it provides preferential tax treatment of a particular sector of the economy which encourages overinvestment in that sector. we just went through something very similar due to the preferential tax treatment shown to debt.
    1) Would over investment in food and medical be bad?
    2) I don't believe it would lead to do over investment in those sectors. People aren't going to buy more food, more medical, and rent more houses just because they aren't tax as much.

  4. #124
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    Re: The results are in on social security

    Quote Originally Posted by xpiher View Post
    1) Would over investment in food and medical be bad?
    yes. in particular much of our currently spiraling healthcare costs are due to distorted price signals that create overconsumption.

    2) I don't believe it would lead to do over investment in those sectors.
    then that's very nice, but the combined weight of economic history vehemently disagrees.

    People aren't going to buy more food, more medical, and rent more houses just because they aren't tax as much.
    just like people didn't buy more house than they needed when the government and financial markets were working to reduce the prices of mortgages

  5. #125
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    Re: The results are in on social security

    Quote Originally Posted by cpwill View Post
    yes. in particular much of our currently spiraling healthcare costs are due to distorted price signals that create overconsumption.
    The distorted price signals occur largely because no one pays for health insurance themselves so hospitals get away from largely charging anything they want. Its not because of tax code.


    Quote Originally Posted by cpwill View Post
    just like people didn't buy more house than they needed when the government and financial markets were working to reduce the prices of mortgages
    The price for the mortgage wasn't reduced or even tried to be reduced. They simply tried to get more people to get mortgages. Credit is a different animal by it very nature, it accures cost. With a national sales tax, no matter how it is written, downward pressure is applied to credit.

  6. #126
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    Re: The results are in on social security

    Quote Originally Posted by Misterveritis View Post
    Do you believe all wealth belongs to the government?
    Hell no, I believe that we shouldn't start multiple optional wars that we can't pay for without adding to the national debt and money payed in through FICA.

    The rich can't have their tax cuts and spend almost as much as the rest of the world combined on the military at the same time.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  7. #127
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    Re: The results are in on social security

    Quote Originally Posted by Misterveritis View Post
    It is an IOU. It is worthless. It has always been worthless. It was a fraud. I wish we could go after the wealth of every politician that has ever voted for these entitlement that are so far out of control. I would start by bankrupting them and their heirs.
    It is a contract with American workers and retirees. What we need to do is raise the cap on FICA and do what Gore suggested, lock the funds from General fund use. Problem solved. At the beginning of the Bush Administration we had a $2.6 trillion dollar surplus in SS revenue.
    Last edited by Catawba; 06-14-11 at 03:39 AM.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  8. #128
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    Re: The results are in on social security

    Quote Originally Posted by Catawba View Post
    It is a contract with American workers and retirees. What we need to do is raise the cap on FICA and do what Gore suggested, lock the funds from General fund use. Problem solved. At the beginning of the Bush Administration we had a $2.6 trillion dollar surplus in SS revenue.
    Still doesn't change the fact that the money would grow faster in private hands than in the governments

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    Re: The results are in on social security

    Quote Originally Posted by xpiher View Post
    Still doesn't change the fact that the money would grow faster in private hands than in the governments
    SS was never intended to be a high risk investment program.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  10. #130
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    Re: The results are in on social security

    Quote Originally Posted by Catawba View Post
    SS was never intended to be a high risk investment program.
    And neither is allowing people to manage their own retirement plans. IRAs are pretty stable

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