Saturday, October 15, 2011
Nice population pyramid charts to remind us of the ticking fiscal timebomb awaiting the next generation. THIS is what the OWC's SHOULD be protesting...Go South protesters-- towards Capitol Hill...
Click on the video below to see the age-demographic change occurring in the US. This is ground zero for a potential busted national budget in the coming decades. Notice the shape of the pyramid in 1981, specifically the proportion of young working age adults to the retired population (65 and older). It is a distinct triangle with a wide base and narrow top. There are far more younger workers paying social security taxes and medicare taxes relative to the recipients, 65 and older. This is ok---this entitlement program is solvent.
As the decades pass, notice how the pyramid shape becomes more like a pear. This is not so good. The proportion of workers to retirees becomes more equal. However, what does not become more equal is the tax revenue-to-tax expenditure ratio--expenditures will drastically increase relative to the tax revenues (at current payroll tax rates). Retirees are living longer, there are more of them and their health care needs (read that "costs") will only increase. This is not ok---this will make these two retiree entitlement programs INSOLVENT, unless serious reform takes place--now. Well, now is almost too late. Should have been done 15-20 years ago.
Each of the graphs are below as well (Source for the Graphs HERE)
As the decades pass, notice how the pyramid shape becomes more like a pear. This is not so good. The proportion of workers to retirees becomes more equal. However, what does not become more equal is the tax revenue-to-tax expenditure ratio--expenditures will drastically increase relative to the tax revenues (at current payroll tax rates). Retirees are living longer, there are more of them and their health care needs (read that "costs") will only increase. This is not ok---this will make these two retiree entitlement programs INSOLVENT, unless serious reform takes place--now. Well, now is almost too late. Should have been done 15-20 years ago.
Each of the graphs are below as well (Source for the Graphs HERE)
Tuesday, October 11, 2011
Nice article on "Rent-Seeking"---"The Rest of the Story" behind why Banks are now charging YOU fees for using your Debit Card...
I linked the article/opinion piece below in my previous post with the Venn diagram showing the over-arching common bond that the TEA party and the Wall Street protest movement have in common. I am linking it again because it reveals "the rest of the story" behind the recent imposition of bank fees on debit card use. I was not aware of this backstory, but probably should have known there was more to it.
It illustrates the relationship between corporations and the interest groups they fund to get politicians to enact legislation favorable to them. It also highlights the dirty business of former aides to longtime politicians who quit and become highly paid lobbyists. This gives them an inside track to influence their former bosses in Congress/The Senate.
Read it and I am guessing your reaction will be something to the effect: "Oh, C'mon! That is just NOT right!!"...
Thank Wal-Mart for your new bank card fee
When Bank of America announced last week that it would charge $5 a month to customers who make purchases with their debit card, customers railed against the bank.
Many conservatives and libertarians said the anger should be aimed at Congress and the Obama administration, which, through last year's Dodd-Frank financial regulation bill, effectively outlawed the old debit card business model, spurring Bank of America to make this change.
But the real culprit is Walmart and the retail lobby, which used government to squeeze banks and fatten their own bottom line. Walmart won, banks lost, and now customers are stuck with a new monthly fee.
It illustrates the relationship between corporations and the interest groups they fund to get politicians to enact legislation favorable to them. It also highlights the dirty business of former aides to longtime politicians who quit and become highly paid lobbyists. This gives them an inside track to influence their former bosses in Congress/The Senate.
Read it and I am guessing your reaction will be something to the effect: "Oh, C'mon! That is just NOT right!!"...
Thank Wal-Mart for your new bank card fee
When Bank of America announced last week that it would charge $5 a month to customers who make purchases with their debit card, customers railed against the bank.
Many conservatives and libertarians said the anger should be aimed at Congress and the Obama administration, which, through last year's Dodd-Frank financial regulation bill, effectively outlawed the old debit card business model, spurring Bank of America to make this change.
But the real culprit is Walmart and the retail lobby, which used government to squeeze banks and fatten their own bottom line. Walmart won, banks lost, and now customers are stuck with a new monthly fee.
Venn diagram showing what Wall Street Protesters and TEA Party Protesters have in common...
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| Source:KPC Below is an opinion piece that captures the fears of both sides of the political spectrum---Corporate influence on politics and the politicians (and their former aides) who use their position/power to cater to those corporate interests. Read it and see how the system REALLY works... When Bank of America announced last week that it would charge $5 a month to customers who make purchases with their debit card, customers railed against the bank. Many conservatives and libertarians said the anger should be aimed at Congress and the Obama administration, which, through last year's Dodd-Frank financial regulation bill, effectively outlawed the old debit card business model, spurring Bank of America to make this change. But the real culprit is Walmart and the retail lobby, which used government to squeeze banks and fatten their own bottom line. Walmart won, banks lost, and now customers are stuck with a new monthly fee. |
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