I was right with you until "There’s a clean way to increase that spending without “bankrupting” anything or overhauling our economic theories: by raising taxes on Dimon and the people who filled that November conference room." The idea that federal taxes pay for any federal goods or services is orthodox thinking. And flat out wrong. Our federal government is a currency issuer. States, counties, cities, businesses and individuals are all currency users. Different rules apply.
At the federal level, funding is authorized by congress with instructions to Treasury and the Fed. We need to tax "Dimon and the people who filled that November conference room" because they have far too much influence and do far too much damage.
“What is true of government as a whole is also true of particular programs. Social Security and Medicare are government programs; they cannot go bankrupt, and they cannot fail to meet their obligations unless Congress decides–say on the recommendation of the Simpson-Bowles Commission–to cut the benefits they provide.
The exercise of linking future benefits and projected payroll tax revenues is an accounting farce, done for political reasons. That farce was started by FDR as a way of protecting Social Security from cuts. But it has become a way of creating needless anxiety about these programs and of precluding sensible reforms, like expanding Medicare to those 55 and older, or even to the whole population.”
— James K. Galbraith In Defense of Deficits March 4, 2010
For me, the most shocking information came from FDR. FICA taxes were a political ploy to keep his congressional opponents from cry socialism and encourage SSI recipients to defend SSI! (I have to dig up that FDR quote again.) Think of Social Security as, not only an essential safety net, but also as local stimulus. I could go on.
No competition for the LOTUS.
Uncle Joe will cover the spread.
I was right with you until "There’s a clean way to increase that spending without “bankrupting” anything or overhauling our economic theories: by raising taxes on Dimon and the people who filled that November conference room." The idea that federal taxes pay for any federal goods or services is orthodox thinking. And flat out wrong. Our federal government is a currency issuer. States, counties, cities, businesses and individuals are all currency users. Different rules apply.
At the federal level, funding is authorized by congress with instructions to Treasury and the Fed. We need to tax "Dimon and the people who filled that November conference room" because they have far too much influence and do far too much damage.
No need for your readers to take my word for it. Links to the experts at https://wecanhavenicethings.com/nice-things-we-can-have/expand-social-security/
Here's James K. Galbraith.
“What is true of government as a whole is also true of particular programs. Social Security and Medicare are government programs; they cannot go bankrupt, and they cannot fail to meet their obligations unless Congress decides–say on the recommendation of the Simpson-Bowles Commission–to cut the benefits they provide.
The exercise of linking future benefits and projected payroll tax revenues is an accounting farce, done for political reasons. That farce was started by FDR as a way of protecting Social Security from cuts. But it has become a way of creating needless anxiety about these programs and of precluding sensible reforms, like expanding Medicare to those 55 and older, or even to the whole population.”
— James K. Galbraith In Defense of Deficits March 4, 2010
For me, the most shocking information came from FDR. FICA taxes were a political ploy to keep his congressional opponents from cry socialism and encourage SSI recipients to defend SSI! (I have to dig up that FDR quote again.) Think of Social Security as, not only an essential safety net, but also as local stimulus. I could go on.
Many call it an entitlement..Guess it is when it's improperly given to illegal aliens