If you work hard and/or take chances to profit from investment, you're entitled to have good wealth.
If you are lazy, collect entitlements, take drugs, and drop out from high school, you're entitled to be poor.
The rich and the poor have one vote each, and the politicians are buying votes so they will take care of the poor at first glance. However, the politicians have to satisfy first the special groups who pay their campaigns.
When the protesters are not against wars in Middle East, I conclude they bark at the wrong tree. It is the wars that drive us into recession. I feel sorry for the unemployed and in particular to the fallen heroes. However, I do not feel sorry for the prolonged welfare recipients.
You know who suffer most for the bankers' greed that caused this recession. The rich who own most of the bank stocks. Who is negligent? The government for not setting up/enforcing corrective regulations. Who are guilty? The bank management who tried to make money for the bank and their own bonuses. Also, the government and those of us who do not live within their means.
It seems it is representation without taxation. 45% of us do not pay any income tax. I'm not saying the poor should not have the right to vote, but the long-term welfare recipients should not have this right.
When you're born in the wealthy US, you're not entitled to be lazy and collect welfare for life and/or have a good job after college. If we cut down the entitlements of teenage mothers, I bet we'll not have the multi generations of teenage mothers and hence less single-parent families.
If we set up the entitlement system correctly so you do not lose your free health care when you work, I bet we will have more folks working in place of illegals.
The rich should pay their fair share. We do not want to drive them out to other countries with lower taxes. We encourage the rich to invest here by fair tax treatment (with less entitlements and ending the two idealistic wars). They are investors like we're. You do not want to kill the goose that lays the golden eggs.
I do not belong to any political party. I believe to help the poor by teaching them how to fish but not giving them fish everyday. The young kids fixing their bikes all day long should go to work, so are thousands of 'disabled' workers collecting disability social security!!!!
Our political system is leading to socialism and self destruction. Click here for details.
From the return of the stock market in last 3 years, you cannot get rich by investing. I still wonder why the rich increase their wealth that much in the same period. Did they trade with insider's info? If so, our enforcement is too ineffective. I just smell something is wrong with corruption.
On the second thought, globalization may have widened the wealth gap. Yesterday's jobs/services offered by lower society are being replaced by workers overseas.
Subscribe to:
Post Comments (Atom)
Generalization could be dangerous. When more believe on a certain idea like generous entitlements, it becomes generalization. The protesters' belief becomes generalization I bet.
ReplyDeleteThere are 3 classes in US: the richest 1%, the 45% paying no taxes and the 44% middle class. I belong to the 44% but I do not believe the government should be mainly financed by the richest 1% and we need to move the 45% to work and pay taxes as long as they're young and healthy.
In Mass., we need to make decisions whether to see a doctor for minor health problems as most expenses will not be covered. However, the 45% can go to the clinic as the expenses will be covered by the state welfare system.
Most of the protesters belong to the 45% class as they have plenty of time to protest. It is an educated guess and generalization too.
To answer Joe's comment coming next.
ReplyDeleteI wrote about the protest is due to most I read are too pro protesters. It should be as they're the potential customers buying their newspapers...
US has less problems than most others as the resources (natural and farm) are higher per capita. A rich country needs to tighten its belt. China should be ok too with the cash reserve. Taking a clue from recent history, HK stocks would nose dive and then recover fast. I did not act in 1987, not buying a ETF for HK is quite easy. The lazy folks and tax cheaters in EU should be punished otherwise they will continue their bad habits.
The major problem with US is seeking re-election, so most politicians will not look long-term. Accumulating our debts (so our grandchildren will pay for it) to pay for the excessive welfare... will be the norm. Ending the two idealistic wars should help the economy that can create jobs and cutting less welfare programs.
Brazil almost doubles the average income in China. Moving assembly factories to countries like Vietnam makes more sense.
Joe said:
ReplyDeleteWe can turn around, if we can have a strong government who know what to do. Our finance situation is not so bad. Asia, Europe real estate bubble is far worse than US. But our real estate cannot turn around. While Asia is not so bad.
I love to ask European locals about their own feelings. I visited 8 nations this trip. Anytime I got a chance I asked. In general, Europe is in much worse shape than US. In comparison, US is heaven. May be we should be happy. Western finance approach is similar. Using real estate and stock distribution to finance the future built up. Heavy tax to support military built up, education, health care, welfare etc.
Seldom I see any nation use tax to really create jobs. When there are not enough tax collection, the first thing to go is infrastructure and education. But those area should cut last. We cut teachers instead of administration.
Largely, we collect $2trn tax, spend $3trn. $1trn of them in military. We buy around $450bn oil. Our trade deficit is over $600bn year after year.
If we cut 75% of our military budget, we still double what China spend per year. May be we should do it. At least cut Iraqi war. Plus energy self sufficient. We should be able to save enough. But we rather cut education. Yes, our healthcare is expensive. Our welfare is expensive. But we are so rich, I am sure we can turn around if we continue to print money and spend them at the right place. If the world don't mind to take our dollar, why we need to worry it about ourselves. Let inflation taking care of it. As long as we can spend money to create job. We should be OK.
I don't think tax the rich can solve out problem. Rich can run away. Look at Europe, Many European have 50% tax, and talking about 21% sales tax. Low income people pay 50% of their salary toward rent payment. Low income people have nothing left to spend. HK people are lucky! 30% of HK people live in public housing, owned by HKG, with rent less than 10% of their income. Plus HKD$600 transportation subsidy, HK poor can live with HK$7,000 with more money to spend than European poor.
Our fundamentals are strong, we can create upscale industries. Hope we can have a strong government to manage our economy well. I am afraid that is the only thing we lack. And that is deadly!
My Taiwanese friends are jumping with joys talking about making iPad in Brazil. Brazil is not cheaper than China. It shows protectionism can help creating jobs. I don't mind if we do some ourselves. Hope we know how. But, why jumping with joy when Brazil is doing it! Oh! May be what they want to see is China get hurt. But how can a small move like that has anything to do with hurting China. Too AhQ I guess! Funny! That news is everywhere and everyone talk about it ......
If ipad made in US, may be there is something for us to 'jumping with joy' about.
Again! Our fundamentals are way too strong! We can turn around if we can have a strong government who know how to lead!
John said:
ReplyDeleteDay in day out, we have all been searching for the universally good rule that can apply to solve the problem of mankind. These problems are numerous and varied in nature. We are lazy. Instead of looking at these problems
individually and try to solve them with means that look like solutions, we tend to use a universal good rule, most of the time without referring to the rationale behind the establishment of this rule. We like generalisations and to apply them.
My thought is this. Anything, any principal, any generalisation exercised without due consideration to the rationale behind the establishment of them is likely bound to fail. This statement itself is a generalisation; so it should not be taken as a rule and as such i deliberately worded it to be "likely bound to".
What i am saying simply is that there is no good rule that can apply universally. In order to apply a good rule with effect, the rationale behind the establishment of it must be studied carefully for it to be applied effectively. The rule is the means. The means may be inaptly applied. If so, the result may not be good.
We however need generalisation in society. A society needs be governed. No governance is possible without generalisation. There simply isn't the time to consider for the best solution to every bit of decision. In governance of a society, we can only do the general good. We tolerate loop holes in the law for the same reason.
But when a generalisation becomes a problem, it should be revised. Your welfare policy, being a generalisation, was considered good; but it seems to have gone bad because of the meaning of 'entitlement'. Too many people are abusing this. Your voting policy is the same. Too many people are not serious enough in voting (or not voting).
Is your system so bad that it needs revision?
Is it still that 'it may not be good but it is the best we can get'?
It could be fast and inexpensive by dropping a A-bomb. But, it is inhuman and US is bullying others by the high tech. The wars are idealistic (i.e. my yardstick is good for my country, but not good for your country). If you ask any Iraqi now, most change of their minds of American help or invasion or intervention...
ReplyDeleteIf you asked any church members 10 years ago, they would tell you go to war. If it is about oil, shame on us. If it is about religion and Jews, shame on them. The protesters should demonstrate for their own benefits (the unemployed and the poor) to stop the wars. Vietnam War was stopped due to the cruelty of American soldiers (so called boys killers).
USSR had to dissolve due to the financial burden of the Afgan. War which was carried by US,
The silver lining is we'll not forget for the damage of the war for another 15-20 years. After that, a new generation will forget.
US has advantage with the high tech and fighters in desert. However, in urban war, they lose the advantage. US has violated a lot of principles in Art of War like sending soldiers far, far away.