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(Think Progress)   Rich Wall Street CEO to old people: "Get back to work, you"   ( thinkprogress.org) divider line
    More: Dumbass, Wall Street, Scott Pelley, Lloyd Blankfein  
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11926 clicks; posted to Main » on 20 Nov 2012 at 7:56 PM (5 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2012-11-21 07:31:35 PM  

Surpheon: HoratioGates: Our baby boomers are a demographic nightmare.

Heh, they're nothing compared to the old fart boom that China is looking at - the fruit of their one-child policy.

Population control is easy. Empower women, urbanize the population, provide an adequate welfare and retirement program that people aren't reliable on their children when they get old and you're done. Every first wold country is now at or below replacement birth rates (France and the US are the ones who are closest to hitting right on stable).

I wonder what the demographics of Fark are. Are we breeding at replacement rate?
2012-11-21 09:32:33 PM  

gibbon1: Macular Degenerate: For a Wall Street CEO, this guy completely sucks at math.

No he thinks other people suck as math.

Life expectancy at 65 is 17.19 years. At 70 it is 13.73 years. By raising the retirement age from 65 to 70 you cut payouts by 20%, which leaves enough money left over for the Federal government to continue borrowing from social security in order to preserve Reagan's tax cuts for people like Lloyd Blankfein. Otherwise we might have to do something drastic like eliminate the carried interest tax break*.

*The carried Interest scam allows money managers to pay capital gains tax rates on their income instead of earned income tax rates.

While it is technically true that we "borrow" from Social Security, it is irrelevant. The government will issue a set number of bonds, let's say $100 for the hell of it.
Scenario A: Social Security has $50 extra this year. It can't just hold a warehouse full of cash, and it's too much money to drop in a bank. So, they invest it in the most secure financial vehicle on the gorram planet. End result: SS buys $50 worth of bonds. Joe Xin buys the other $50. Net money borrowed by the government: $100.
Scenario B: Social Security has no extra money this year. It buys $0 worth of T-bills. End result: Joe Xin buys $50 worth of bonds. Muhammed Smith buys $50 worth of bonds. Net money borrowed: $100.
2012-11-21 11:13:01 PM  

TopoGigo: While it is technically true that we "borrow" from Social Security, it is irrelevant.

The way I now look at taxes is, taxes reduce consumption. Expenditures increase consumption. So what happens with social security is, we tax working stiff's earned income. We then turn around and pay money to old farts, which allows them to consume more. Basically this is okay, since everyone gets a turn in the barrel and out of the barrel.

When the government collects more social security taxes than it spends, working stiffs have to consume less than they would have. The government then 'borrows' that money and spends it on stuff. Key thing is, they didn't offset that by reducing consumption elsewhere, via a tax. The main beneficiaries of this are very wealthy people. Meaning your consumption is suppressed via taxation so that Lloyd Blankfein can consume more. Essentially the government is using it's tax laws to tip economic balance in Lloyd's favor. This subsidy, typically 100 billion a year, Lloyd and co are loath to give up. So they lie and they lie, and they pay people in the media to lie. And they fund politicians to lie.
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