In The Deficit Myth, you point out that much of the fuss about Social Security (and Medicare) stems from the perception that the trust funds out of which Social Security and Medicare payments are made are "running dry." You also observe that while the two trust funds for Social Security and one of the two for Medicare have provisions to the effect that benefits payments can only be made when the funds have a positive balance, the second of the two Medicare funds has no such proviso, meaning that the government commits to making payments from that fund regardless of the balance in the trust fund. The trust funds for Social Security were not necessary for payment purposes; rather, they were part of FDR's strategy for building political support for the program.
That suggests that, nearly ninety years later, it's time to change the laws governing the first three trust funds and to simply guarantee payment of Social Security and Medicare payments on a "full faith and credit" basis. Do you know of anyone who has drawn up or introduced legislation to that end?
Hell, lift the income cap and SS would be solvent for many decades to come.
If Monica Lewinsky did nothing else for humanity, by keeping The Blue Gap Dress as a souvenir of sorts, it had the unintended effect of derailing the grand bargain that Clinton was working with Congressional Republicans.
Well just imagine if all these politicians today listened to what Greenspan told Paul Ryan all those years ago. Sadly, its all a game here as they are indeed looking to benefit those on wall street who also lobby these gutless politicians to privatize Social Security so it gives them more money to gamble on via the stock market. I'm no fan of Dems, but if the GOP gets their way with the Senate and the Presidency in 2024, I guarantee you SS will be privatized. It's truly unfortunate.
Thank you for confirming the fact that inflation is the key and biggest ECONOMIC problem we face and that changing the MONETARY paradigm with a 50% Discount/Rebate policy at the point of retail sale (and the rest of the new paradigm program) is inflation's empirical, mathematical, macro-economic and temporal universe solution. Thank you.
Doing the above will also enable the accomplishment of the goals of MMT, UBI, Public Banking, Steve Keen, Michael Hudson et al. while additionally resulting in spillover positive and beneficial effects in our social, political, psychological and ecological systems. That's why I refer to it as probably only the third Mega-paradigm change in the history of the human species.
Money DOES make the world go 'round...and Direct and Reciprocal Monetary Grace As In Gifting will finally make it serve us by enabling it to accomplish the Common Good.
Private accounts. Just look at how poorly American fund retirement accounts now. Private account just mean giving financial institutions another way to get Americans to pay for the privilege of retirement security. America should understand that SS is a base amount to keep them out of poverty and that they need to save additional money if they want to have a comfortable retirement.
Social Security should Have been privatized decades ago.., so Americans can earn real returns . currently social security is about as “successful “ as Amtrak and the , Post Office..
Clearly Paul Ryan did not understand a word that Alan Greenspan said. The problem with Alan Greenspan’s answer is that you have to know the economics behind his answer to fathom what he is talking about. You can see that it went over Paul Ryan’s head completely.
You have to think of the basket of goods and services that the economy must produce (or purchase from foreign sources) that will support the life styles we want to provide for all the people living in the country.
Can our economy produce this in a way that can be paid for with USA money? That is the issue to worry about. The Federal Reserve is capable of creating an infinite supply of USA money. Will that be enough to purchase what will need to be purchased every year into the future?
If there are politicians who are worried that this may not be available in the future, they need to explain what will most likely go wrong, and how they are going to fix it. If the politician cannot even imagine how it will go wrong, how can we expect that politician to figure out ways to prevent the calamity? Why do we need people who can’t figure this out to be running our country?
Have I presented the issue better than Stephanie Kelton has? If neither Stephanie Kelton nor I can get ordinary people to understand this, then ordinary people should be complaining very loudly that they need a better explanation. Any comments? Please speak up.
Thanks.. but you got enough of my free wisdom. This stuff is common sense. People can run their own lives crazy liberals & their silly economists think they can use numbers, formulas & crazy climate b.s. to manipulate people. Not much difference between China communist party and liberal demacrapts. All about controlling their citizens
The "debt limit crisis" disappears with the content of this article and supporting resources.
“There’s nothing to prevent the federal government from creating as much money as it wants and paying it to someone.” ~Alan Greenspan
There's no law or anything else that requires the federal government to borrow to cover a deficit.
So- Pay all federal government obligations when due. If payment results in a deficit, don't borrow to cover the deficit if borrowing will exceed a debt limit.
In The Deficit Myth, you point out that much of the fuss about Social Security (and Medicare) stems from the perception that the trust funds out of which Social Security and Medicare payments are made are "running dry." You also observe that while the two trust funds for Social Security and one of the two for Medicare have provisions to the effect that benefits payments can only be made when the funds have a positive balance, the second of the two Medicare funds has no such proviso, meaning that the government commits to making payments from that fund regardless of the balance in the trust fund. The trust funds for Social Security were not necessary for payment purposes; rather, they were part of FDR's strategy for building political support for the program.
That suggests that, nearly ninety years later, it's time to change the laws governing the first three trust funds and to simply guarantee payment of Social Security and Medicare payments on a "full faith and credit" basis. Do you know of anyone who has drawn up or introduced legislation to that end?
Hell, lift the income cap and SS would be solvent for many decades to come.
If Monica Lewinsky did nothing else for humanity, by keeping The Blue Gap Dress as a souvenir of sorts, it had the unintended effect of derailing the grand bargain that Clinton was working with Congressional Republicans.
Well just imagine if all these politicians today listened to what Greenspan told Paul Ryan all those years ago. Sadly, its all a game here as they are indeed looking to benefit those on wall street who also lobby these gutless politicians to privatize Social Security so it gives them more money to gamble on via the stock market. I'm no fan of Dems, but if the GOP gets their way with the Senate and the Presidency in 2024, I guarantee you SS will be privatized. It's truly unfortunate.
Thank you for confirming the fact that inflation is the key and biggest ECONOMIC problem we face and that changing the MONETARY paradigm with a 50% Discount/Rebate policy at the point of retail sale (and the rest of the new paradigm program) is inflation's empirical, mathematical, macro-economic and temporal universe solution. Thank you.
Doing the above will also enable the accomplishment of the goals of MMT, UBI, Public Banking, Steve Keen, Michael Hudson et al. while additionally resulting in spillover positive and beneficial effects in our social, political, psychological and ecological systems. That's why I refer to it as probably only the third Mega-paradigm change in the history of the human species.
Money DOES make the world go 'round...and Direct and Reciprocal Monetary Grace As In Gifting will finally make it serve us by enabling it to accomplish the Common Good.
https://www.amazon.com/dp/B07PLNJLRN/ref=sr_1_1?keywords=wisdomics-Gracenomics&qid=1552358772&s=books&sr=1-1-catcorr
Link to 2005 article is broken. Just pulls up PSU CEER HOMEPAGE
Link broken to 2005 article. Will try YouTube
Private accounts. Just look at how poorly American fund retirement accounts now. Private account just mean giving financial institutions another way to get Americans to pay for the privilege of retirement security. America should understand that SS is a base amount to keep them out of poverty and that they need to save additional money if they want to have a comfortable retirement.
Social Security should Have been privatized decades ago.., so Americans can earn real returns . currently social security is about as “successful “ as Amtrak and the , Post Office..
Tweet is great
You need more warriors, less thinkers
Clearly Paul Ryan did not understand a word that Alan Greenspan said. The problem with Alan Greenspan’s answer is that you have to know the economics behind his answer to fathom what he is talking about. You can see that it went over Paul Ryan’s head completely.
You have to think of the basket of goods and services that the economy must produce (or purchase from foreign sources) that will support the life styles we want to provide for all the people living in the country.
Can our economy produce this in a way that can be paid for with USA money? That is the issue to worry about. The Federal Reserve is capable of creating an infinite supply of USA money. Will that be enough to purchase what will need to be purchased every year into the future?
If there are politicians who are worried that this may not be available in the future, they need to explain what will most likely go wrong, and how they are going to fix it. If the politician cannot even imagine how it will go wrong, how can we expect that politician to figure out ways to prevent the calamity? Why do we need people who can’t figure this out to be running our country?
Have I presented the issue better than Stephanie Kelton has? If neither Stephanie Kelton nor I can get ordinary people to understand this, then ordinary people should be complaining very loudly that they need a better explanation. Any comments? Please speak up.
John outlines it in the great delusion
This shit is easy
Thanks.. but you got enough of my free wisdom. This stuff is common sense. People can run their own lives crazy liberals & their silly economists think they can use numbers, formulas & crazy climate b.s. to manipulate people. Not much difference between China communist party and liberal demacrapts. All about controlling their citizens
The "debt limit crisis" disappears with the content of this article and supporting resources.
“There’s nothing to prevent the federal government from creating as much money as it wants and paying it to someone.” ~Alan Greenspan
There's no law or anything else that requires the federal government to borrow to cover a deficit.
So- Pay all federal government obligations when due. If payment results in a deficit, don't borrow to cover the deficit if borrowing will exceed a debt limit.
as long as your hanging here. my friend harold is ready to check out, any thoughts?