Fairytale Capitalism
Social Security: Immigrants Needed for Future Benefit Payments
Immigrants have provided growing support for Social Security. They become part of the workforce that pays OASDI payroll taxes if they work in “covered” employment. It may be a very complex, heated, and even divisive issue. But let me make a very strong point that is obvious from the Trustees’ program data. Immigrants in the…
Read MoreSocial Security: “Raided?” Not Really. Technically “Reallocated.” The Bigger Picture…
You may have read articles that claim that Congress had “raided” the Social Security Trust Fund. “Raid” is an emotional word that may have been intended as rage bait — to make the reader think Congress had taken Social Security resources for non-OASDI uses. Congress did take action that affected Social Security twice. Congress reallocated…
Read MorePersonalizing the U.S. Debt: What’s Your Share, Youngster?
The U.S. Debt Per Person — Man, Woman, and Child How does a voter get his or her mind around our national debt? Did its size truly register when it was $20 trillion during the 2016 election or $27 trillion during the 2020 election? Or nearly $35 trillion now? It’s in trillions. That term seems…
Read MoreBREAK ‘EM UP: Ten Reasons to Isolate Taxpayers from TBTF Systemic Banks
Commercial banking and investment banking are fundamentally different businesses. Each may stand between those who have money to spare and those who need to borrow it, but their risks, time horizons, and compensation practices differ widely. As Glass-Steagall barriers between the two were dissolved beginning in 1987, the largest banks took higher risks, backed by…
Read MoreBREAK ‘EM UP!: Money in Politics Challenges the Real Solution to Systemic Risk
Getting Congress to force separation once again between commercial and investment banking may be politically challenging, even in an era of supposedly courting the middle class. But it is the only way to substantially minimize the need for future taxpayer bailouts of large banks. Employees and PACs of the largest banking, hedge fund, and private…
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