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Wednesday, January 11, 2023

Basic Economics for Billionaires

 

Some of you billionaires and assorted hangers-on now are pushing your agents in Congress to 'defund' Social Security.

 

You may have one or both of two rationalizations for your idea:

 

First, it's a lot of money and you just want to take it away from old and sick people.

 

I'll call that Greed, plain and simple.

 

Or...

 

Second, you don't give a flying f--k about the money - you just want to hurt other people.

 

I'll call that Hatred.

 

Know this: If you are partly or wholly in the second group, KARMA WILL come for you. It is only a matter of time.

 

May God have mercy on your soul.

 

BUT, if you're in the greedy first Group and you just want all the money, perhaps you think you can get it by reducing payments to old and sick people. But, that’s wrong, plain and simple.

 

[BTW, I am staggered by your ignorance.]

 

Here’s how it really works:

 

Most of the money circulating in our economy goes directly to businesses.

 

As billionaires, you already own most businesses. Therefore, you already receive the money people spend.

 

Reducing Social Security will reduce the total amount of money all people receive.

 

Thus, reducing Social Security will reduce the amount of money you receive.

 

I repeat: IF you reduce Social Security payments, that reduction WILL reduce YOUR INCOME.

 

Here’s some Economics to sort it out:

 

Economists measure economic activity by counting ALL the payments that people and/or households spend. That’s called the Gross Domestic Product or GDP for short; the money value of the goods and services produced in a country in a year.

 

Look at the Circular Chart below.


GDP is the spending side or top of the circle, or Consumption/Purchases, Savings/Investment and Taxes/Government Purchases.

 

When businesses receive revenues from Consumers, expanding businesses’ investments and Government purchases, the businesses then hand it back to households in the forms of wages, rents, interests and profits.

 

Literally, what goes around, comes around.

 

What happens to you if you reduce Social Security by $ 1.0 Trillion?

 

Here are some numbers: a One Trillion Dollar cut in Social Security payments will reduce consumption spending and GDP by about $2 T in the first year and a total of $5T at the end of five years.

 

I repeat: Reducing SS payments by $1.0 T reduces YOUR INCOME BY $2.0 T in the first year.

 

That’s a bad deal for you and for the rest of us.

 

We are in this together, like it or not…………….

 

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