Thomas Friedman Gets Entitlements Wrong
Sorry Kids, Thomas Friedman Is Not Very Good at Economics
Many young people may have been mislead by Thomas Friedman’s column, titled “Sorry Kids: We Ate It All,” which implied that our children might somehow suffer because we are paying so much to seniors for Social Security and Medicare. The reality of course is that if our children and grandchildren do not enjoy much higher standards of living than do current workers and retirees then it will be because the rich have rigged the deck so that they can accrue most of the gains from economic growth.
I heartily agree with Dean Baker of the Center for Economic and Policy Research. The generational theft storyline has been running around for a while and it is both wrong and unconvincing. Let’s take me for instance, I have my form in the mail from the Social Security Administration telling me what to expect. If I wait all the way until I’m 70, I will receive, $1,440 a month. I’m a little curious? When did that become a princely sum? Is this the kind of money that will enable me to go the sand and surf of Hawaii or does it more look like I’m going to have trouble paying for a place to live and basic groceries. I’m leaning toward the latter conclusion. Even in Arkansas, 1,440 dollars a month is not going to pay for a mansion. I might add that I have been paying in on that all of my working life, so it’s not free as far as I am concerned.
Well, what about Medicare? Well, it’s obvious to me although not to Friedman, that medical patents are being abused, that not allowing prescription drugs to either be bargained for by the federal government or purchased overseas is creating dramatically high medical costs and there are a bundles of other good choices we have to reduce out medical costs instead of telling seniors, “It’s just too bad, you got old while Thomas Friedman was considered an expert.”
Where do these people get the gall to tell the great middle class to go without pensions and health care when they have expressed no willingness to fix the nation’s problems? Why do we have a system where capital gains is taxed at less than wages? Why do we have no financial transaction tax to discourage the speculation which has wrought havoc all over this nation and the world?
From around the web.
From the web site, Okieprogressive.
Social Security and Medicare are programs that are needed relevant and necessary!
- The Government is Open: Now Fight for a Just Economy (talkingunion.wordpress.com)