Thursday, July 28, 2011

Quote of the day - From Business Week: "Why the debt crisis is even worse than you think". Michael Boskin: "The word 'unsustainable' doesn't convey the problem enough, in my opinion." That is: entitlement spending.


Anonymous said...

Does it matter anymore?

The whole debate is about when (not if) our government spending reaches the point it collapses the economy.

Anonymous said...

We can help close the gap by seizing one-fourth of everyone's 401(k) savings... you know, as long as we're blithely planning to cut municipal pensions and Social Security.

Anonymous said...

I'll help by shooting any theif who touches my money - then we won't have to pay their pensions.

Anonymous said...

The ruling class trembles at your cybercourage.

Cold, dead hands... activate!

Eric said...

Well that's interesting, Anon #2: the government should seize 401k assets because it's broke. But it should also pay lifetime entitlement benefits which are funded by only a small percentage of personal taxes.

In other words, private assets are fungible, but public ones are untouchable.

Anonymous said...

No, no, no, we must be scrupulously fair. All I'm talking about is seizing the employer matching contributions to date, which certainly shouldn't count as property. Maybe raising the age at which one can withdraw funds to 62½ years old. And of course, the interest needn't be acknowledged or paid.

You know, reform.

Contractual promises were good in their day, but we simply can't afford them anymore.