Posted on 08/04/2010 1:20:58 PM PDT by Slyscribe
Economist James Galbraith has proposed the mother of all Social Security notches.
To deal with the extremely serious problem of long-term joblessness, which threatens to exact a toll on the nation’s economy for years to come, Galbraith says we should dramatically increase Social Security benefits, rather than having a serious discussion about long-term budget fixes.
He advocates lowering Social Security’s official retirement age (also known as the full-benefit age) from 66 to 62 for three years to encourage older workers to retire and make way
(Excerpt) Read more at blogs.investors.com ...
Economic warfare meets espionage.
That’s a very potent enemy agent right there.
They took out $96 a month as soon as I turned 65. Remember they talked about that.
$91,000!? That would get me through 10 months. Guess I’d almost have to hope that’s all I had left.
Heh, you wouldn’t get $91K all at once...if you managed to live until 83, you’d total $91K more than you’d get now if you took SS at 62 - the benefit enhancement is only about $4,300 per year. Instead of getting almost $13K per year, you’d get $17K per year. $17K won’t get you much further than $13K...maybe another 2 weeks at best.
That’s a cumulative figure from 62 to life expectancy of 83. Its spread out.
So, if peying some people NOT to work makes us wealthier, why don't we pay EVERYONE not to work? We'll ALL be rich!!!!!
DOH!!! Paying!
In a free market, workers are only retained where they produce more value, than it costs to retain them. Clearly, in a free market, there would be no gains arising from displacing productive workers from the workforce. In fact, the economy would clearly lose.
Where the market isn't free; it's possible (likely) that workers are retained long after they produce more than they cost. Regulations, which prevent workers from being let go, directly result in unproductive workers being retained (almost by definition). Government workers are also exempt from the normal rules of the free market in labour.
The answer, is to make the labour market more free. Adding yet another layer of regulation to the market, is no solution.
$91,000
Algore lunch and sex money.
Spread out? It’s 6 months of my current gross.
Why would I be interested in ditching full time
employment to “retire early” for 6 months pay
spread over 20 years. Insane. Has this nut case
been picked up by the nice folks in clean white
coats yet? There’s a rubber room and a bottle
of Thorazine to help him adjust.
Economic warfare is right.
Replace older workers with younger ones....RIGHT....
When a company has an opening they are not going to hire anyone - the new hires are entirely too expensive. Plus, as you posted, the loss of unrecorded knowledge would be massive. i saw it in the munitions production area when I was involved in a buy after three years of no continuing purchases.
The problem with “experts” is they are expert only with word processing - spell check, etc. They have little if any experience in actually producing something. That is the real reason why every piece of bad news for the last two plus years has come as a “surprise”.
Experts with a whole lot of degrees behind their name aren’t worth as much as one dirty production worker. If you need that explained you need a real education.
“$91,000!? That would get me through 10 months. Guess I’d almost have to hope that’s all I had left.”
Three years for me.
10 months? YIKES, hate to have your bills!
“Spread out? It’s 6 months of my current gross.
“
Then this does not apply to you.
this is if you were a wal-mart employee, working for the health insurance at age 62.
Encourage older workers with skills and work ethic to retire to make way for ? ? ?
Mr. Nutcakes has clearly not hired very many people.
My dad served 26 1/2 years in the Navy, much of it as a Commander and XO on 3 ships and a naval station. He had no problem crediting the "chiefs" with "running the Navy". Those were the guys with the "hands on" experience.
I've also worked in the real world of doing research and development of the specialized systems that folks use in the field. My colleagues have PhD in physics, math, chemistry and electrical engineering. The work done in those spaces is a world apart from the dirty production worker. There are damn few people breathing that can do what they do. The scary part is that we don't seem to be training enough new, young researchers that are bright enough to be mentored to carry on the work.
“YIKES, hate to have your bills”!
...I’ve got a 16 and 13 year old.
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