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George Acs

 
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  • Why Raising The Retirement Age Is A Bad Idea [View article]
    You do raise a good point about how Congress further finds a way to avoid substantive assessment of programs and policies.

    While I would be opposed to mandating a retirement age, there is certainly a case to be made in certain industries or professions where the ability to propel the profession forward may be impacted by advancing age.

    Certainly in a nation where the population growth exceeds jib creation there needs to be a the removal of barriers that discourage retirement. On the other hand, if jobs are going unfilled, a mechanism to encourage people to delay retirement would be helpful.

    Ultimately, the greater the number of new workers entering the workforce the greater is the inflow of new funds into the trust that are less likely to be needed for benefits in the short term. Of course, that's also without regard to the trickle down benefits of greater discretionary spending by younger workers and greater circulation of earnings back into the economy.
    Jun 28 01:46 PM | Likes Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    That was a typo on my part. Should have been 1884, in New Zealand or Australia, I believe.
    Jun 28 01:36 PM | 1 Like Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    Thank you.

    As with any large program there are unintended scenarios that don't follow the "spirit" of the mission.

    The point about millions becoming billions on the expenditure side is one that I also made earlier in one of the comments. It is precisely the reason that all inefficient or wasteful expenditures have to be eliminated, regardless of how small they may be.
    Jun 28 08:49 AM | 1 Like Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    Unfunded "mandates" do not drive budget deficits. Expenditures in excess of revenues create deficits. That might include social programs as well as defense programs.

    If it was so crystal clear as you suggest, that every tax increase expands the budget deficit, there would be no need for discussion. You don't have to look back very far in history to see a prime example of deficits being cut during a period of relatively high marginal tax rates.

    The revenues for our budget include bonds, treasuries, tax revenues and to a lesser extent fees, royalties, leases and regulatory. The less that is comprised of debt obligations the less upward pressure on interest rates.

    Since the early 1990's the belief that unemployment increases as a result of increased minimum wage has been abandoned following studies done in adjoining communities over state lines.

    Your comment that minimum wage jobs are meant for starting level workers is no longer an accurate portrayal. The proportion of minimum wage employees has grown considerably more than demographic shifts, indicating that people have transitioned into minimum wage jobs and have stayed there.
    Jun 28 08:44 AM | 1 Like Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    No, not at all. You fail at basic logic. Cause and effect has to have a preponderance or probability of an outcome that can be tied to a cause.

    The preponderant outcome is not performing an illegal act. Therefore, there is no valid cause and effect relationship. The commission of an illegal act is an aberration.
    Jun 27 11:00 PM | Likes Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    The fact that there are people willing to commit illegal acts is insufficient to refute the value of a policy that they seek to exploit.

    By your reasoning the very act of being alive is what is at the root cause of murder.

    Every illegal act is an attempt to exploit something. To suggest that the illegal act would never have occurred were it not for the existence of something positive is the ultimate in abdicating responsibility
    Jun 27 10:43 PM | Likes Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    I used to feel the same way about making anything resembling a disparaging comment about Apple, much less an article or two.

    No matter what, you just can't win.

    But now even that's changed. Who knows, the old taboos about sex, politics, religion and money may fall next. In fact, I think there's already a web site called Seeking Sex . com
    Jun 27 05:35 PM | 1 Like Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    I guess I should have mentioned that period of time when Sugar Momma wasn't getting paid for staying at home, too.

    I think, however, she's happier than ever with the kids out of the house and on their own and with me agreeing to make dinner 2 or three times a week in return for her wearing the pants.
    Jun 27 05:32 PM | 1 Like Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    You are right that of the 3 the SOcial Security Trust Fund is in reasonably good shape.

    I think that most people paying into the system would woinder why payments are capped and they may also not bristle at the idea of an increase in the rate of withholding.

    Those are just two very quick and relatively painless fixes. Certainly the withholding on amounts in excess of the current threshhold can be tiered.

    Of course those kinds of fixes focus only on the actuarial requirements of solvency. They don't consider the costs of administration, operational inefficiencies, fraud etc..where there may be potential savings that are also like an annuity if effected, going forward.
    Jun 27 05:29 PM | Likes Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    You simply repeat the superficial argument that has been used since the very idea of a minimum wage was first introduced in 1984.

    Since the 1990s the most common criticisms, including that it would lead to increased unemployment, have all been debunked.

    In fact, as long as you mention the "long run," it is precisely in the long run that the greatest positive impact of increased minimum wages have been demonstrated.

    Your "obvious" answer to the retirement issue is equally superficial and assumes that only actuarial causes are responsible for a diminishing trust fund. People living longer is just one part of the equation, but you are right that political resolve is necessary and unlikely.
    Jun 27 02:06 PM | 2 Likes Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    Very well summed up.

    As individuals and as a society we do have some obligations, but as you say, for most people, these are not in any way handouts or entitlements. They have paid into a system and are now being offered something less than the product they had been expecting.

    And yes, it is amazing and the ultimate in duplicity when on the one hand we can embrace true handouts to corporations, expect nothing in return, yet disparage those that very often through no fault of their own are in need of a helping hand.
    Jun 27 01:58 PM | 2 Likes Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    It's amazing how tolerant you become of lots of things when you have a Sugar Momma.

    I never set out to find one, in fact, it took about 30 years for it to work out that way, but if I was serching for one right now I would probably start in a nursing home.
    Jun 27 01:53 PM | Likes Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    The government is not really "helping." by paying you retirement benefits.

    Your benefits are derived from inputs from you and your employer.

    The administration of the program is both an enormous cost burden and lacking in wide accolade. The shift in retirement age was simply blamed on increased life expectancy without regard to any other factors.

    Doing so was a politically expedient approach to a very complex issue and absolved administration and politicians from responsibility and the need to make difficult decisions.
    Jun 27 11:33 AM | 2 Likes Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    Aren't Sugar Mommas great?

    My belief has been that increasing the age is simply a coward's way out of making some difficult and more deeply reasoned decisions.

    Any future stresses that the social security fund may be subject to would be as result of many factors, life expectancy being just one.

    What's called for is making difficult decisions including re-evaluating the cost of funding the program. Additionally, there should be a means of adjusting the retirement age to be consistent with projections for population growth (and age distribution) so that employment opportunities are related to variances in worker attrition and economic growth.
    Jun 27 11:26 AM | 1 Like Like |Link to Comment
  • Why Raising The Retirement Age Is A Bad Idea [View article]
    You know, it's like they say. If you can't figure out who it is, then it must be you.

    In this case that saying may not be true, because it's clear that if you can't see the wisdom in the comments, it's certainly not because their coming from you.

    And thanks, I'm fully familiar with the history of the social security act. It is not entirely life expectancy that is creating a strain on the fund. Raising the retirement age for full benefits was the easiest of decisions as compared to other potential solutions that would have had greater political backlash.

    But that's just the way it always seems to be.
    Jun 27 11:20 AM | 5 Likes Like |Link to Comment
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