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What should they have invested it into? I can't see what difference it makes how SS is funded, whether it is income taxes, payroll taxes, business taxes, or through deficits.
That is a whole other can of worms.
If the government wants to run its own mutual fund, then they should do it right. A buch of meaningless accounting entries is not a fund.
there is a difference between tax cuts (like the bush tax cut) tax credits after the math like obama 'make work credit) and a PAYROLL tax that is to pay for something SPECIFIC
the payroll tax 'amnesty' of 2% is HURTING the ss fund
is that simple enough for you
That very well maybe but the GOP is playing with fire IMHO. Most folks have a set amount that they get every pay period. They know that amount to the cent. When the first check of the New Year comes along and their net pay goes down they will call up HR. HR will say something to the affect there have been tax changes etc. Most folks don't follow this stuff and when the google payroll tax they are going to find a lot of articles that say the payroll tax cut was gutted because the GOP didn't want to raise taxes on 235K millionaires.
No you and I know this is a Dem gimmack but that's not how it will play out. The GOP should go ahead and vote this through the optics just aren't that good.
That very well maybe but the GOP is playing with fire IMHO. Most folks have a set amount that they get every pay period. They know that amount to the cent. When the first check of the New Year comes along and their net pay goes down they will call up HR. HR will say something to the affect there have been tax changes etc. Most folks don't follow this stuff and when the google payroll tax they are going to find a lot of articles that say the payroll tax cut was gutted because the GOP didn't want to raise taxes on 235K millionaires.
No you and I know this is a Dem gimmack but that's not how it will play out. The GOP should go ahead and vote this through the optics just aren't that good.
In the alternate, Boehner could simply explain that this was a Bipartisan deal that was only supposed to last for one year. The year is up and its important not to further aggrivate an already pummeled Social Security.
Boehner is no great orator, but he could certainly lay that out and explain it.
you could drop the payroll tax to zero and it wouldn't "damage" social security. All Congress has to do is pay for Social security out of the general fund instead.
the reason they fund SS with the payroll tax to begin with is to screw working people. Income over $106k is effectively exempt from having to fund the social security-welfare state.
Whether anyone agrees with it as a system or not, there is finally a system of understanding of how our money system actually works. Its not and endorsement per se, but at least it describes the system. I guess my point is that the system is now being used to defraud American citizens. If we are going to have such as system, even an Austrian economist ought to agree that a bad system is even worse when it is used in such a manner that is inimical to our interests.
Learning MMT can take some significant time as it turns most of modern economics on its head, but understanding MMT is vital in comprehending how the modern monetary system works and is particularly important at this juncture as many of its most controversial elements have been proven correct during the economic crisis of 2008. MMTers have experienced remarkable success predicting much of the economic outcomes over the last 20 years. This is not surprising as MMTers tend to view other economists as seeing the world through a largely defunct prism – a prism based on a gold standard world that became inapplicable in 1971, but whose thinking continues to poison the economic thinking to this day.
That might explain why I have this odd view that the national debt is an issue much like like the NFL running out of foot ball points. Only the rate of change and the proportion of those points matter. If da Bears score 128, it doesn't mean a thing, and nobody is running out of points. What did the Packers score is the outcome. The problem is the banks can put points on the score board at will while we pretend we are running out of computer blips to actually put people to work rather than spend the same amount of blips on food stamps and unemployment extensions.
We made too many puter blips for real estate, and we are paying interest to the banks as if we got a second North America out of it. Its all cause they whipped up all the computer blip money we asked for to bid against each other. So now we can't compete with labor that does not have these leeches who gave us unlimited money from nowhere to stake the next 40 years off our lives to pay a bank that never lifted a finger.
I'm confused. I thought the diehard conservatives and GOP were all for tax cuts, since they believe in smaller government? It was the Bush tax cuts, two unpaid wars that got into this mess.
So which is it? Are they admitting that the economic plans under the Bush administration failed or they unhappy that Obama finally decided to take the conservative approach to extending payroll tax cuts to help the economy keep moving away from a double recession?
What a joke.
They're all for doing whatever it takes to convince stupid people that the answer to every problem is giving all the money to rich people. They have no other real agenda.
They're all for doing whatever it takes to convince stupid people that the answer to every problem is giving all the money to rich people. They have no other real agenda.
The majority of tax revenues are spent on or benefit the 99% of us who are not rich. The majority of tax revenues are paid by the other 1%.
We need a progressive system. We also need to live within our means.
The government can't give you anything that they didn't take from somebody else.
The majority of tax revenues are paid by the other 1%.
you don't know what you're talking about.
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