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Sucking money out of the SS fund just to make people feel richer was a huge error to begin with--along with the Rx Medicare bill the dumbest economic move of the W admin. If people want benefits when they retire they need to pay for them while they work. The end.
What? $20 extra a week won't fix the whole US economy?
I would be totally fine passing on my social security if I could opt out of paying into it now AND be able to invest in a tax free vehicle for my own retirement. Yes I have paid in for decades but it will be decades before I can retire so I would take my own chances.
No, it's not a matter of spelling. Rather, your error is a sure indicator that you don't read or write frequently in the field. If you did, you would be instinctively familiar with the difference between the two terms and would not make this kind of slip-up.
No it means I am posting on an internet forum, not proof reading it, and you are posturing like an ass.
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So I wonder: Are you still a student? Have you published any of your work? In what field? Why did you drop the MBA (often, people do this because they can't handle the quantitative aspects, even such as they are).
You leave nothing to doubt.
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By the way, anyone with a background in statistical analysis recognizes immediately that computing a coefficient of linear correlation is nothing at all special, which leads me to ask where along the way did you learn your math and statistics? Surely not in a psychology program or in an MBA (presumably unfinished).
Uh what? I just had to create a formula because I can't keep track of how many times you don't talk about the subject.
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More generally, where are we going with this discussion? Seems to be quite unfocused (witness your comments about Marx and the Norman primitive accumulation; castles? OK).
Specifically you know nothing about classical economics. You didn't read it . You don't know one thing from another, but still find it within you to have a determined opinion. After embarrassing yourself like a hack, you turned to your editing skills. That sums it up.
And since we are so observant, I noticed you are trying to sell a deficiency as a strength again. You consider Marx, an economist , to be inappropriate subject matter in an economics forum, and see castles as unrelated to his topic of the landed gentry. I see, well, never mind then;you are hopeless.
You tell me. Workers have less buying power so now what? What will we be doing with the worker's output that they will now be purchasing 2% less of it? Less for them and more for what? More government bonds?
I think the media did a disservice to the public, making believe all tax breaks would be extended except for the very rich. A lot of angry voters when they see their paychecks reduced.
You tell me. Workers have less buying power so now what? What will we be doing with the worker's output that they will now be purchasing 2% less of it? Less for them and more for what? More government bonds?
Now correct me if this is seems unreasonable. If I have nothing better to do than sit an stare at the wall, then perhaps cleaning out the attic would be a net gain. On the other hand if I could earn $500 that day, then the cost of cleaning the attic would be $500 in opportunity costs.
So again I ask. When we are at 70% utilization, what is being saved at 65% utilization? What and where is the opportunity cost? What's the plan to use the unconsumed 2%?
What would be gained by leaving this to doubt, or lost by clearing it up?
Judging by what you have said and what you have declined to say, it looks like your highest qualification as an economist is a BA/BS in psychology, and perhaps part of an unfinished MBA. If so, that's OK. It's nothing to be ashamed of, but it would help explain any emotional need to attempt to encrust thoughts in a thick shell of faux erudition and real pedantry. Typically, this kind of defense mechanism might be employed by a graduate student who isn't really doing too well or by someone who perhaps left a PhD program unfinished.
Last edited by Hamish Forbes; 01-05-2013 at 04:55 AM..
Good ole' teabaggers in the House GOP screwing up everything again. Yes, we need entitlement reform, but letting the payroll tax go back up does nothing.
I want social security to be there, but playing chicken with the debt limit is insane. I envision the House GOP being similar to the banjo-playing scene in Deliverance.
Over in the politics forum we're debating this and this is what I found out when I googled something.
That FICA tax holiday cost us big time.
Recall that the Fed was going to put money into FICA to make up for the 2% we were getting back.
So the Fed borrowed $120 billion and got back $12 billion in GDP growth.
It didn't work obviously. But now we are saddled with $120 billion loan accruing interest.
It was a loser proposition right off the bat and we did it for 2 years.
And people are upset that it's gone. It didn't work and cost us more to put that $20/week in your pocket.
- But those whom The FED borrowed the $120 Billion from will now make money from the interest.
So, who was The Fed really helping out anyway???
I think the media did a disservice to the public, making believe all tax breaks would be extended except for the very rich. A lot of angry voters when they see their paychecks reduced.
That is the inherent problem in our society right now. A public that is dependent on the media to acquire their information and that media is now so often partisan and representative of a lack of balance and contrary information in their presentation. If a person is dependent on the tv media and most of the radio media they are asking to be uniformed. Many of the talking heads don't know or understand the full dimension of what they are presenting or are able to distinguish various forms of taxation and how people do or don't make money.
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