The trust funds listed above - particularly the Social Security trust fund - deserve praise.
What deserves condemnation is America's refusal to raise sufficient tax revenue to pay its obligations.
"Taxes are the price we pay for civilization" and Americans refuse to behave like civilized people.
Instead, we prefer the delusional belief that massive tax cuts can -- and will -- be made, including Lizzie Borden whacks on Social Security and Medicare.
Instead, we prefer the delusional belief that massive tax cuts can -- and will -- be made, including Lizzie Borden whacks on Social Security and Medicare.
It is an incontrovertible fact that not a single national poll that takes the trouble to specify actual cuts
is approved by more than a small minority of the electorate.
Furthermore, the more clearly that cuts are specified, the less likely Americans are to support them.
Polling Results http://online.wsj.com/news/articles/SB10001424052748704728004576176741120691736
http://www.huffingtonpost.com/2011/07/07/pew-research-americans-fa_n_892445.html
http://ourfuture.org/report/american-majority-project-polling
Furthermore, the more clearly that cuts are specified, the less likely Americans are to support them.
Polling Results http://online.wsj.com/news/articles/SB10001424052748704728004576176741120691736
http://www.huffingtonpost.com/2011/07/07/pew-research-americans-fa_n_892445.html
http://ourfuture.org/report/american-majority-project-polling
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Greetings,
I dispute the content of your article,"Tracking Our Taxes: Ritholz Chart." http://www.bloombergview.com/articles/2014-04-15/tracking-our-taxes-ritholtz-chart?wpisrc=nl_wonk
Social Security disbursements are not paid out of income tax revenue except indirectly when the federal government pays back its debt to the Social Security Administration.
Am I missing something?
Alan: Recently, a Washington Post article linked to "Where Your Taxes Go, In One Chart" by Matthew Iglesias. http://www.vox.com/2014/4/14/5611944/where-your-tax-dollars-go-in-one-chart Not only is this article grossly misleading, its slatternly statement that 24% of Americans' federal tax dollars pay for Social Security is beyond libelous. Were I a Christian fundamentalist I would categorize this misinformation as satanic. Not only does Social Security pay its own way without a single dollar of federal tax input, the Social Security trust fund -- which guarantees EVERY Social Security payment for the next 25 years -- serves as the federal government's "piggy bank," a kind of in-house loan agency from which the feds borrow at will. If America's second most important newspaper can propagate such brazen lies, what is the mainstream press not capable of? Would it have us believe the Holocaust didn't happen? That George Bush's Whimsy War was a stroke of political genius? That Charles Manson did not kill Sharon Tate? That Mother Theresa operated brothels for John Paul II?
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"When Lew says Social Security is “entirely self-financing,” he refers to the trust funds that have built up assets of more than $2.5 trillion over the years. That’s what the rest of the government has borrowed and spent on other things. Those trust funds and the future interest payments will keep benefits funded at promised levels for years to come, it’s true. But unless the government raises taxes or cuts other spending substantially, the government will need to borrow more from the public to finance its obligations to the trust funds."
http://www.factcheck.org/2011/02/democrats-deny-social-securitys-red-ink/
If my understanding is correct -- and your article repeats Mr. Yglesias' misrepresentation -- little wonder America's "national discussion" of "anything" prompts global ridicule.
I look forward to your reply.
I will happily post any correction/elucidation you provide.
Gratefully,
Alan Archibald
Pax On Both Houses
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"Politics and Economics: The 101 Courses You Wish You Had"
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