Fiscal Crisis and Beyond
My "Let the People Prosper" Interview with Vance Ginn
Here’s a fun new interview with Vance Ginn for his “Let People Prosper” podcast. And here’s what Vance has to say about our talk.
Enjoy!
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How hard is it to make you interviews into mp3 files. I walk a couple of hours a day listening to economics and liberty propaganda. I can't sit here staring at a screen for 42 minutes.
1) Poor people do support the welfare state more than the middle class.
People who receive government expenditures (teachers, etc) are to the left of those that don't controlling for other factors.
The old famously are sensitive to any cuts in Medicare/SS. Even when they vote GOP they make it clear they will punish them if they actually did something about those programs, which is why nothing gets done.
So I don't think "people don't vote in their rational self interest" is quite true. I'd say it's an important factor amongst many.
Does anyone think that say 90% of black people vote Democrat because they think doing so is best for society? It's pretty clear they view it as good for black people.
2) Since the thing that is actually going to bankrupt entitlements is Medical care, fiddling with the CPI measurement isn't going to change that. Medicine has risen faster than CPI for a long time. Efforts to backdoor cut the growth rate, say by chaining the CMS trend rate on Medicare Advantage, are attacked the same as any other proposed cut in benefits.
3) The proper response to the fact that entitlements are going to blow everything up is accept it. Funnel as many resources you can towards ends you believe will benefit the future while you can (say, child tax credits) so that they are available when the reset happens.