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by jeffbax 2702 days ago
Public sector pensions are bankrupting states around the country and widely mismanaged. Not to mention extremely politicized and an easy way to get votes by over-promising and kicking the burden to the future.

For all the faults of 401ks and such, they aren't destabilizing state budgets around the country, and the market is in fact relatively stable if you keep it simple. They also aren't dependent on your company remaining solvent for the rest of time.

We can also relatively stabilize Social Security if we want to, but nobody is willing to make the hard choices to do so: http://conversableeconomist.blogspot.com/2019/01/a-plan-to-f...

Until then, we'll suffer the consequences of turning anti-immigrant, years of property value getting held hostage by the few, and politicians who are fiscally irredeemable at this point (another bomb that will drop on our heads eventually)
1 comments
toomuchtodo 2702 days ago
I fully support high marginal tax rates on high earners (70% @ >$5 million/year in income) to help stabilize social security as well as contribute to the general fund. It’s also not a hard choice to make.

I never understand why “tax the ultra wealthy” is always deemed a hard choice, or thought of as untenable. Could they leave the country? Sure! That’s what the exit tax is for upon renouncing US citizenship.

I am not advocating for squeezing the rich to death like a python, but argue that the pendulum has swung to far towards “let them eat avacodo toast and watch Netflix”. The pendulum must swing back a bit.

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ardy42 2702 days ago
> I never understand why “tax the ultra wealthy” is always deemed a hard choice, or thought of as untenable.

I think part of the reason is some of those "ultra wealthy" have spent some of their wealth promoting ideas and policies that are favorable to them, though think tanks, etc. I suppose it's kinda like taking out an insurance policy.

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dragonwriter 2701 days ago
> I never understand why “tax the ultra wealthy” is always deemed a hard choice, or thought of as untenable.

Because the ultra wealthy have disproportionate control of the mechanisms of communication and propaganda and don't want to be taxed.

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