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Soak the Rich, But How?
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  • John
    Voted No

    The rich should probably pay proportionally more than the poor. But they already do. A huge proportion of the nation’s tax revenue already comes from the rich. Even then, it wouldn’t be so bad to increase that proportion IF the government didn’t waste so much of it! Social security carries an enormous opportunity cost to the finances of all Americans. The money that the federal government takes for it, at best, just sits there providing no utility, accruing essentially zero interest. At worst, it gets spent out the door and the next generation is stuck paying for my retirement no matter how well I save for it. Medicare and Medicaid, as predicted at the time of their legislation, have so distorted the market incentives in healthcare that the increased cost of treatment will totally dissipate whatever benefit the country might gain in retirement. It’s inconceivable how such an inefficient system could have persisted so long. And now we face the option Hayek predicted, of going either to a fully planned, socialized healthcare system that also will inevitably be horribly inefficient, or undertaking the painful process of restoring market incentives to healthcare and getting government out of it wherever possible. Of course, we are now stuck with the bill for these expensive economic experiments, both literally and figuratively. We can’t just take any of these benefits away overnight. So this is what I propose: if you Ted Deutsch, Marco Rubio, or Rick Scott, want any future support, you can have it once Social Security, Medicare, and Medicaid are all replaced with a system that preserves market incentives. Let me accrue interest on ALL of my retirement savings. Let individuals decide for themselves how to allocate the money for their healthcare instead of making government vastly overpay and then sending Americans an invoice. I suggest we start with the basic income guarantee and adjust it to fit our values, whatever they may be.

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