tag:blogger.com,1999:blog-8193628934721963907.post6209150440988824638..comments2024-03-29T06:41:16.038-05:00Comments on Give2Attain: Good For MNJohnhttp://www.blogger.com/profile/14991027705809503541noreply@blogger.comBlogger49125tag:blogger.com,1999:blog-8193628934721963907.post-13531549949466756632014-08-16T13:24:03.186-05:002014-08-16T13:24:03.186-05:00A Timely Financial Guide for Young People
Now if ...<a href="http://living.msn.com/life-inspired/sponsored-galleries/slideshow?cp-documentid=253175773#1" rel="nofollow">A Timely Financial Guide for Young People</a><br /><br />Now if they just have the patience, ambition and will power to do this.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-14868551384929667762014-08-16T10:40:06.179-05:002014-08-16T10:40:06.179-05:00What I find interesting is that Liberals seem to b...What I find interesting is that Liberals seem to believe that Conservatives think public employees are bad, lazy, power hungry, etc. Where as I tried to explain that this government growth problem requires no ill intent to occur.<br /><br />Meaning their good intentions can still lead to a bad result.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-65303947775946989172014-08-16T09:55:29.309-05:002014-08-16T09:55:29.309-05:00I do find it disappointing that many American citi...I do find it disappointing that many American citizens with all our freedoms seem inccapable to be responsible enough to save and invest for their retirement.<br /><br />Worse yet is that my benefits will be reduced or taxed because because I saved and invested aggressively, and they did not.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-77686580007262532712014-08-16T08:12:07.367-05:002014-08-16T08:12:07.367-05:00Way back 40 posts or so [you leave town for two da...Way back 40 posts or so [you leave town for two days and...] we were having a debate about the proper level of government spending. Somebody suggested "whatever government needs to do its job." Unfortunately, just like everybody else, government expands its "needs" to use all the available income and then, because it alone CAN, increases its income by decree. Just look at what has happened in MN. If State spending in 1960 had kept pace with inflation and population growth /only/ [one could say holding quality of life due to government spending constant], the State budget today would be only 10% of what it actually is! Really, is our quality of life ten times better than it was?jerrye92002https://www.blogger.com/profile/01858692298982859775noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-82377101423813282982014-08-16T07:58:51.389-05:002014-08-16T07:58:51.389-05:00It would appear that the big complaints about 401K...It would appear that the big complaints about 401Ks is that they let people save for their own retirement, are not controlled by government, that not everybody has them and many don't use them, and that the rich people have bigger nest eggs than poor people. I'm not seeing the problem, and in fact I have a simple solution.<br /><br />Simply require that Social Security taxes (on a sliding scale based on age) put those funds into a (fully vested personal) IRA/401K in exchange for an equally reduced SS benefit at retirement. Everybody pays, everybody benefits, and that terribly regressive FICA tax goes away. jerrye92002https://www.blogger.com/profile/01858692298982859775noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-41689658376892760082014-08-15T19:31:39.340-05:002014-08-15T19:31:39.340-05:00401K Failed Failed Experiment<a href="http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/retirement-gamble/teresa-ghilarducci-why-the-401k-is-a-failed-experiment/" rel="nofollow">401K Failed Failed Experiment</a>Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-66497655991900636522014-08-15T16:34:35.894-05:002014-08-15T16:34:35.894-05:00Sean,
"dismal performance of defined contribu...Sean,<br />"dismal performance of defined contribution plans as replacements"<br /><br />The plans work even better than social security, I remember this every time I calculate my net worth.<br /><br />The problem is not the plans. The problem is that people choose to spend their money today instead of putting it into their 401K or IRA.<br /><br /><a href="http://www.bankrate.com/finance/retirement/overcoming-inertia-save-for-retirement-1.aspx" rel="nofollow"> BankRate Overcoming Inertia</a>Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-63573646068937752942014-08-15T16:28:32.832-05:002014-08-15T16:28:32.832-05:00I am fine with maintaining social security, howeve...I am fine with maintaining social security, however I think some changes need to be made:<br />1. Raise payroll tax rate<br />2. Raise retirement age<br />3. Both of the above<br /><br />What I don't support is turning it into a wealth transfer tool like welfare. Way this happens:<br /><br />A. Tax benefits only for those with other income sources.<br /><br />B. Reduce benefits for those with other income sources.<br /><br />C. Remove the payroll tax cap without increasing the benefits for those impacted.<br /><br />People who promote A, B, C seem to think SS and Medicare should be converted into welfare and medicaid... If that is the case, then let's get rid of SS and medicare, and save the administrative costs.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-65063919667981085612014-08-15T10:39:28.432-05:002014-08-15T10:39:28.432-05:00When Social Security was enacted over half of peop...When Social Security was enacted over half of people over the age of 65 lived in poverty.<br /><br />Even today, about one-third of seniors are kept above the poverty line by Social Security.<br /><br />Social Security will only be more important in the years going forward because of the collapse of traditional pensions and the dismal performance of defined contribution plans as replacements.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-14080348932067916392014-08-15T08:35:24.922-05:002014-08-15T08:35:24.922-05:00"The reason we have Social Security is becaus..."The reason we have Social Security is because we had a bunch of destitute elderly people living on the streets and it was a real societal problem that wasn't otherwise being resolved,..."<br /><br />So why do we still have it today? Why is it rapidly going broke? Why is it mandatory? Why wasn't it privatized back when the transition would have been much easier, and the resulting payouts by now much greater? Just because government does something does not mean they SHOULD be doing it, or that they do it well, or that they do it better than the private sector.jerrye92002https://www.blogger.com/profile/01858692298982859775noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-61269253650401538292014-08-15T08:30:42.757-05:002014-08-15T08:30:42.757-05:00"Federal involvement in such programs develop..."Federal involvement in such programs developed from the failure of other levels of government and the private sector to do it on their own. "<br /><br />Really? Or did we just have some people that thought THEIR idea of how much "help" the poor "needed" was different than what the local authorities thought necessary? Equally likely, the national politicians wanted the "credit" for their do-good-ism, rather than letting the locals manage it for effectiveness. jerrye92002https://www.blogger.com/profile/01858692298982859775noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-46057565220012793702014-08-14T17:02:57.234-05:002014-08-14T17:02:57.234-05:00"destitute elderly people living on the stree..."destitute elderly people living on the streets"<br /><br />Do you have any idea why they didn't just put those people on some equivalent of welfare?<br /><br />Instead they force all of us to save the same percentage and to "invest" our money in government bonds. That money could have been likely put to a more effective use.<br /><br />Thoughts?Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-78320813471202318122014-08-14T15:25:00.815-05:002014-08-14T15:25:00.815-05:00This should have read:
"Why do you think the...This should have read:<br /><br />"Why do you think the Feds need to be involved in welfare, medicaid, food programs, etc?<br /><br />I had planned to leave medicare and social security out of it on purpose, since there are some benefits of those being at the national level. Being that people move over the decades.<br /><br />The others not so much so.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-69647659732869757112014-08-14T14:24:50.381-05:002014-08-14T14:24:50.381-05:00The reason we have Social Security is because we h...The reason we have Social Security is because we had a bunch of destitute elderly people living on the streets and it was a real societal problem that wasn't otherwise being resolved, not because wild-eyed democratic socialists were plotting to take away your liberty.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-29190247840242484152014-08-14T14:23:52.832-05:002014-08-14T14:23:52.832-05:00Remember the continuum... And how we have steadily...Remember the <a href="http://4.bp.blogspot.com/-LWppIjTcPNw/UF-67c2PFsI/AAAAAAAAAVE/lA9MbNZUors/s400/System_Continuum11.jpg" rel="nofollow">continuum</a>... And how we have steadily moved from the right to left since 1914. My thought is there can be too much of a "good thing".<br /><br />"Why not go back to 1914. I believe spending has increased tremendously in the last 100 years and if the trend continues might reach 100% of GDP." Laurie<br /><br />You should be happy then, if the DFL has it's way we may become a social democracy yet. Of course your kids won't have much economic freedom, since the government will just take their check and give your kids what they think is fair.<br /><br />Do you feel that water slowly coming to a boil??? <a href="http://www.sott.net/image/s3/73193/full/boiled_frogs_col.jpg" rel="nofollow">Ribbitt...</a>Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-23562269535957654402014-08-14T14:13:57.317-05:002014-08-14T14:13:57.317-05:00Sean,
Do you mean that the virtuous people in MN a...Sean,<br />Do you mean that the virtuous people in MN and like states deemed the people in Mississippi and like states to being non-virtuous in caring for their friends, neighbors and fellow citizens.<br /><br />Therefore the virtuous imposed their idea of being virtuous on the non-virtuous by moving the expense and burden to the national level.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-22751443571715527562014-08-14T13:10:23.062-05:002014-08-14T13:10:23.062-05:00"Why do you think the Feds need to be involve..."Why do you think the Feds need to be involved in welfare, medicare, food programs, etc?"<br /><br />Federal involvement in such programs developed from the failure of other levels of government and the private sector to do it on their own.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-52035189349004732902014-08-14T13:09:09.107-05:002014-08-14T13:09:09.107-05:00"Long term TANF, SNAP, Medicare, Heating assi..."Long term TANF, SNAP, Medicare, Heating assistance, Housing assistance, Earned income work credit, Legislated minimum wages, Free and reduced lunch, subsidized health insurance, etc are all examples of policies that continually transfer money from those with it to those without it."<br /><br />I don't know about "continually" because you have some programs in there that have some real defined limits, but yeah, that's their purpose.<br /><br />It's about ensuring people have the means to make the most of themselves. Are there some who won't? Sure. But the research shows that a huge majority give it their best shot.<br /><br />We can let kids go hungry at school, I suppose, but that's not really my thing. I'm not down for blaming kids for being born to the wrong parents. You seem to be big on dividing folks into the virtuous and non-virtuous, so go for it.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-29568534470360543872014-08-14T13:08:37.907-05:002014-08-14T13:08:37.907-05:00Why not go back to 1914. I believe spending has in...Why not go back to 1914. I believe spending has increased tremendously in the last 100 years and if the trend continues might reach 100% of GDP<br /><br />also have fun debating Bush record vs Obama record on spending, deficit, and jobs over at Minnpost. I am not up for it.<br /><br /><a href="http://www.alternet.org/economy/three-charts-send-your-right-wing-relative-guaranteed-make-their-head-spin?paging=off&current_page=1#bookmark" rel="nofollow">three-charts-send-your-right-wing-relative-guaranteed-make-their-head-spin</a><br /><br /><a href="http://www.minnpost.com/eric-black-ink/2014/08/three-economic-statistics-make-obama-look-good-some-cautions" rel="nofollow">Three economic statistics that make Obama look good — but with some cautions</a>Lauriehttps://www.blogger.com/profile/04780590153257411142noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-47812059410734332612014-08-14T12:47:31.593-05:002014-08-14T12:47:31.593-05:00"Other than national defense, they both have ..."Other than national defense, they both have pieces (in some form or fashion) of both."<br /><br />Why do you think the Feds need to be involved in welfare, medicare, food programs, etc?<br /><br />Why are we not keeping that at the local level?<br /><br />Are we not to be trusted caring for our own?Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-39330368035225839662014-08-14T12:43:52.258-05:002014-08-14T12:43:52.258-05:00To me a safety net means something that catches pe...To me a safety net means something that catches people when they fall.<br /><br />Not something that supplements their income for most of their life.<br /><br />Unemployment, Job training and short term welfare are examples of good safety nets. (ie safety trampolines)<br /><br />Long term TANF, SNAP, Medicare, Heating assistance, Housing assistance, Earned income work credit, Legislated minimum wages, Free and reduced lunch, subsidized health insurance, etc are all examples of policies that continually transfer money from those with it to those without it.<br /><br />These are more like safety hammocks. They provide no incentive for people to work harder, learn more, change bad habits, etc. Instead they enable them to continue as they are.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-87048675124563768902014-08-14T11:49:13.253-05:002014-08-14T11:49:13.253-05:00"Where does wealth transfer fit in here?"..."Where does wealth transfer fit in here?"<br /><br />I guess it would fall into the safety net category, depending on what you consider "wealth transfer".Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-28101790451351217312014-08-14T11:45:29.046-05:002014-08-14T11:45:29.046-05:00"Split: National vs State?"
Other than ..."Split: National vs State?"<br /><br />Other than national defense, they both have pieces (in some form or fashion) of both.<br /><br />For instance, the state doesn't typically fund scientific research, but they fund the large state universities at which such research is typically performed.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-16915320117597321172014-08-14T11:18:45.734-05:002014-08-14T11:18:45.734-05:00You have shared that before and it still seems sus...You have shared that before and it still seems suspect. Here is why:<br /><br />- Why did they start in 1980 rather than 1960? (luck or bias)<a href="http://www.forbes.com/sites/warrenmeyer/2011/07/14/its-a-spending-problem/" rel="nofollow">Kevin Drum at Mother apparently played with numbers to make a false point by starting in 1981</a>.<br /><br />- It focuses exclusively on taxes, not on spending. Sorry to say but our current deficit spending will need to be paid back through higher tax revenues.<br /><br />- It was created in 2012, so it does not have the recent tax hikes on the wealthy in there.<br /><br />- It does not mention all of the cash benefits the low income people get out of the system. If they are paying 20% in local, state, and federal taxes and getting back 30% in TANFF, Heating Assistance, Welfare, housing assistance, etc, in my mind they have a -10% tax rate.<br /><br />And we all know what I think about calling FICA a tax rather than a forced savings and insurance account.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-87107095302546388462014-08-14T10:52:57.371-05:002014-08-14T10:52:57.371-05:00...people like John are pained by the conviction t......people like John are pained by the conviction that they are paying ever more to finance the expansion of government.<br /><br />But in fact, most Americans in 2010 paid far less in total taxes — federal, state and local — than they would have paid 30 years ago. According to an analysis by The New York Times, the combination of all income taxes, sales taxes and property taxes took a smaller share of their income than it took from households with the same inflation-adjusted income in 1980.<br /><br /><a href="http://www.nytimes.com/2012/11/30/us/most-americans-face-lower-tax-burden-than-in-the-80s.html" rel="nofollow">Tax Burden for Most Americans Is Lower Than in the 1980s</a><br /><br /><a href="http://www.nytimes.com/interactive/2012/11/30/us/tax-burden.html?ref=us&_r=0" rel="nofollow">How the Tax Burden Has Changed</a>Anonymoushttps://www.blogger.com/profile/09905073449150541750noreply@blogger.com