reply on: Are Bank Failures a Sign of More Trouble Ahead?

0 sats \ 9 replies \ @alevu 23 Mar \ parent \ on: Are Bank Failures a Sign of More Trouble Ahead? | Ron Paul bitcoin

I don't think that "master with words" apply to someone describing the US as a welfare state

10 sats \ 8 replies \ @Undisciplined OP 23 Mar

Why? The US has between 60 and 200 trillion dollars in unfunded entitlement liabilities. Sounds like a "welfare state".

Let's just say that most of the world would disagree with the American definition of a what is a welfare state. Funding private sector with public debt is not my definition of a welfare state

0 sats \ 6 replies \ @Undisciplined OP 23 Mar

That's not what happens. The bulk of Federal spending is direct transfer payments to individuals.

0 sats \ 5 replies \ @alevu 23 Mar

The bulk of social expenditure for the US is "old age" and "health". 2 area with very low social net if you're poor. Not what I call a welfare state

10 sats \ 1 reply \ @sb 23 Mar

Let's face it. The welfare state in the US is privileged boomers having their retirements and health problems paid for by young hard working people who have been born at the wrong end of the debt cycle. What a joke.

0 sats \ 0 replies \ @Undisciplined OP 23 Mar

I have no objection to this characterization.

Boomers won't be satisfied until they've consumed all of the resources from their own generation, their parents generation, and their children's generation.

Hopefully, they'll be out of the picture before they get to plunder their grandchildren as well.

10 sats \ 2 replies \ @Undisciplined OP 23 Mar

Fine. Call it whatever you want, but the US spends more on direct government transfers than most "welfare states", so it's not an unreasonable label.

0 sats \ 1 reply \ @alevu 23 Mar

Not proportional to GDP, but in absolute number, possibly.

1 sat \ 0 replies \ @Undisciplined OP 23 Mar

I was thinking per capita, where the US is 10th, but it's 16th as % of GDP.