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Tag Archives: Social Security

Quotation of the Day…

… is from page 56 of Michael Strain’s excellent 2020 book, The American Dream Is Not Dead (But Populism Could Kill It): It is hard to know what to make of changes in wealth inequality over time. To see why, consider this example: Expanded social insurance and safety net programs for lower- and middle-income households reduce the need for those households to accumulate assets. This exacerbates wealth inequality because it increases the gap in asset holdings between high-wealth and...

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A Missed Opportunity on Reindexing Social Security

The low point between the two men [President Obama and Senator Bernie Sanders] was a 2013 meeting with other Democratic senators. Obama had just put a chained Consumer Price Index in his budget, a proposal that would cut Social Security benefits by tying them to the rate of inflation. Many Senate Democrats were angry about it. But when they arrived for the meeting, it was Sanders who bubbled up, ripping into Obama for giving in to Republicans and not understanding...

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Pittsburgh Tribune-Review: “Progressive – not!”

My column for the August 8th, 2007, edition of the Pittsburgh Tribune-Review was inspired by a game that my son, Thomas – then ten-years old – sometimes played. You can read my column beneath the fold. Progressive – not! My son, Thomas, 10, sometimes amuses himself with a game he calls “Opposite.” Whenever he is struck by the fancy to play this game, he announces to my wife and me that all that he says during the next several minutes will be the opposite of what he really means. “Mommy...

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Will Social Security Be There for You? Status of the Social Security Trust Fund in Fiscal 2019

“Don’t rely on Social Security”: Inflation adjustments are punitively low, and benefits become more inadequate as you age. The  Old-Age and Survivors Insurance (OASI) Trust Fund – which does not include the Disability Insurance (DI) Trust Fund – closed the fiscal year 2019 at the end of September with a balance of $2.80 trillion, according to figures released by the Social Security Administration. This balance was up by $3 billion from September last year, but was down $16 billion from...

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Some Links

Alex Nowrasteh highly recommends Azar Gat’s book Nations: The Long History and Deep Roots of Political Ethnicity and Nationalism. A slice from Alex’s post: Fortunately, recent scholars have put forward new definitions of nationalism. Yoram Hazony tries to define nationalism in his book The Virtue of Nationalism, but he produces a confused mishmash that boils down to (1) nationalism is a natural and ancient human ideology and (2) real nationalists are not responsible for anything bad like...

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Some Links

Steve Davies describes what he believes is, today, not a collapse of democracy but realignment. In this short radio interview, my intrepid Mercatus Center colleague Veronique de Rugy discusses Elizabeth Warren’s scheme for Social Security. Jeff Jacoby wonders why there is no more clamor over the gargantuan and growing indebtedness of the U.S. government. A slice: For the first time since World War II, the government’s debt ($22.02 trillion) is bigger than America’s entire economy ($21.06...

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Some Links

My intrepid Mercatus Center colleague Veronique de Rugy tells the harsh truth about Social Security. A slice: It looks even worse in the long run. The Social Security Board of Trustees reports that over the next 75 years, the program will be underfunded by $13.9 trillion. To make Social Security solvent over this period would require an immediate and permanent payroll tax increase (today) of 2.78 percent of overall wages — which raises the average Social Security payroll tax bite by 25...

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With the market already increasingly making parental leave routine, who needs government mandates from Congress? – Publications – AEI

AEI With the market already increasingly making parental leave routine, who needs government mandates from Congress? That’s the question Boston Globe columnist Jeff Jacoby asks in the title of his latest weekly op-ed, here’s a slice: It isn’t the job of the federal government to provide, mandate, or encourage paid leave for new parents, and there was a time when Republican politicians would have said so. That was long ago, when the GOP was still the party of fiscal sobriety...

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Some Links

Jeffrey Tucker eloquently laments the frightening and destructive rise of economic nationalism. A slice: The US President believes that every nation with whom the US has a “trade deficit” owes “us” money and therefore the American people should be subjected to new taxes for buying from them. It’s no more complex than that, truly. And through this one silly confusion over the meaning and significance of a piece of reported data, however faulty, America, which in many ways led the world...

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Henderson on Furman and Summers

The negatives are many. They [Jason Furman and Larry Summers] claim that tax increases are savings; they assume that tax cuts and government spending increases are necessary to get us out of recessions; they assume that we are in an era of “secular stagnation,” that is, low growth; they claim that failure to increase spending on infrastructure, education, and scientific leadership is more of a burden on the next generations than the national debt is; and they think...

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