Comments on: Entitlement Madness, Part I http://www.john-goodman-blog.com/entitlement-madness-part-i/ Insights on Health Care Reform | NCPA Mon, 15 Mar 2010 02:22:17 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: John Goodman http://www.john-goodman-blog.com/entitlement-madness-part-i/comment-page-1/#comment-42378 John Goodman Tue, 05 May 2009 12:39:43 +0000 http://www.john-goodman-blog.com/?p=3225#comment-42378 There is a very intersting article in The New York Times this morning about the orignal Charles Ponzi. There is a very intersting article in The New York Times this morning about the orignal Charles Ponzi.

]]> By: Mark Kellen http://www.john-goodman-blog.com/entitlement-madness-part-i/comment-page-1/#comment-42376 Mark Kellen Mon, 04 May 2009 21:09:55 +0000 http://www.john-goodman-blog.com/?p=3225#comment-42376 As a physician, I take refuge in the fact that those of us with savings will be able to at least get elective health care outside the US. The majority of Americans have no idea the amount of rationing that is about to hit them. As a physician, I take refuge in the fact that those of us with savings will be able to at least get elective health care outside the US. The majority of Americans have no idea the amount of rationing that is about to hit them.

]]> By: William G. Shipman http://www.john-goodman-blog.com/entitlement-madness-part-i/comment-page-1/#comment-42372 William G. Shipman Mon, 04 May 2009 18:42:13 +0000 http://www.john-goodman-blog.com/?p=3225#comment-42372 John: Keep up the good work. John:

Keep up the good work.

]]> By: John Seater http://www.john-goodman-blog.com/entitlement-madness-part-i/comment-page-1/#comment-42371 John Seater Mon, 04 May 2009 18:11:20 +0000 http://www.john-goodman-blog.com/?p=3225#comment-42371 Ken, The Left is enamored with Ponzi schemes because the Left is the party of the short run. The Left *never* considers the long-run implications of their schemes, whether of the spending, tax, or regulatory variety. The essence of a Ponzi game is to focus on the short run and to pretend that the temporary good times can go on forever, as if the long run day of reckoning never will arrive. Unfortunately, the resource constraint guarantees that the day of reckoning most assuredly will arrive. Ken,

The Left is enamored with Ponzi schemes because the Left is the party of the short run. The Left *never* considers the long-run implications of their schemes, whether of the spending, tax, or regulatory variety. The essence of a Ponzi game is to focus on the short run and to pretend that the temporary good times can go on forever, as if the long run day of reckoning never will arrive. Unfortunately, the resource constraint guarantees that the day of reckoning most assuredly will arrive.

]]> By: Ken http://www.john-goodman-blog.com/entitlement-madness-part-i/comment-page-1/#comment-42369 Ken Mon, 04 May 2009 17:17:50 +0000 http://www.john-goodman-blog.com/?p=3225#comment-42369 Why are people on the left so enamored with Ponzi schemes. I have heard that quite a few liberal foundations lost huge sums of money with Bernie Madoff. Maybe there is poetic justice in that. Why are people on the left so enamored with Ponzi schemes. I have heard that quite a few liberal foundations lost huge sums of money with Bernie Madoff. Maybe there is poetic justice in that.

]]> By: Don Levit http://www.john-goodman-blog.com/entitlement-madness-part-i/comment-page-1/#comment-42367 Don Levit Mon, 04 May 2009 16:53:33 +0000 http://www.john-goodman-blog.com/?p=3225#comment-42367 John: Thanks for writing this interesting article. I found of particular interest the graph showing general revenue transfers to Social Security and Medicare, as a percent of income tax revenues. One would think that FICA taxes are not included in this graph, because 100% of FICA taxes pay Social Security and Medicare beneficiaries. This is not what actuall;y occurs, though. From my research, the FICA taxes go into the General Fund of the Treasury, the same fund in which the general revenue transfers are made. If Social Security and Medicare are 40% of the budget, wouldn't it be fair to say that only 40% of FICA taxes go to current beneficiaries? The other 60% go to other governmental expenses, such as defense, etc.? Thus, the transfers from the Treasury's General Fund, in reality, are a lot higher than this graph shows. What do you guys think? Don Levit John:
Thanks for writing this interesting article.
I found of particular interest the graph showing general revenue transfers to Social Security and Medicare, as a percent of income tax revenues.
One would think that FICA taxes are not included in this graph, because 100% of FICA taxes pay Social Security and Medicare beneficiaries.
This is not what actuall;y occurs, though.
From my research, the FICA taxes go into the General Fund of the Treasury, the same fund in which the general revenue transfers are made.
If Social Security and Medicare are 40% of the budget, wouldn’t it be fair to say that only 40% of FICA taxes go to current beneficiaries?
The other 60% go to other governmental expenses, such as defense, etc.?
Thus, the transfers from the Treasury’s General Fund, in reality, are a lot higher than this graph shows.
What do you guys think?
Don Levit

]]> By: joe S. http://www.john-goodman-blog.com/entitlement-madness-part-i/comment-page-1/#comment-42364 joe S. Mon, 04 May 2009 16:26:00 +0000 http://www.john-goodman-blog.com/?p=3225#comment-42364 The good news is that Obama says he wants to do something about this. The bad news is that the majority of the members of his party in Congress want to do nothing about it. The good news is that Obama says he wants to do something about this. The bad news is that the majority of the members of his party in Congress want to do nothing about it.

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