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Friedman Thinks About Medicare Cuts
Thomas Friedman joined the ranks of the Peter Peterson deficit hawks and criticized President Obama for not wanting to beat up the elderly. Specifically, he is upset that President Obama did not propose cuts to Social Security and Medicare.
Apparently Friedman is not aware of the upward redistribution of income over the last three decades. Nor does he seem to understand that the government just needs to spend money to create jobs now.
The current crisis is the result of the collapse of a housing bubble that he and his deficit hawk friends allowed to grow unchecked. The constructon and consumption demand created by the bubble was driving the economy. Now that the bubble has collapsed there is nothing to replace this demand.
In the short-term this demand can only come from the government. In the longer term it will have to come from a smaller trade deficit as domestic production replaces foreign production. This will only come about from a lower-valued dollar.
The long-term deficit is driven entirely by the broken health care system in the United States. If the United States paid the same amount per person for care as people in any other wealthy country we would be looking at large budget surpluses, not deficits.
Social Security is already largely in balance. According to the Congressional Budget Office it can pay all scheduled benefits until the year 2038 with no changes at all. After that date it can pay more than 80 percent of scheduled benefits indefinitely. A tax increase equal to 5 percent of the wage growth projected over the next three decades would be sufficient to allow it to make all scheduled benefits indefinitely.
21 Comments
If it’s working, don’t fix it!
Newpaper editorials across the nation are constantly wringing their hands about the problems of Social Security. We are being subjected to a propaganda campaign very similar to the run-up to the invasion of Iraq.
Friedman is partially responsible for the fix we find ourselves in. He was a cheerleader for the Iraq War, which cost us $3 trillion–and counting.
TF married a BILLIONAIRE…lives in a palace…if she kicks him out,he will be in the same boat as all of us…FU…TF
and your vomitational screeds…drop dead!
Apparently Friedman is not aware of the upward redistribution of income over the last three decades. Nor does he seem to understand that the government just needs to spend money to create jobs now.
I think he is aware I saw him on Lawrence O’Donnell First he has gained weight. Second he talks fast in little bursts he seemed desperate for Lawrence to agree with him. This was not the the same Friedman who said on Charlie Rose ” Suck It”.
Given that outsourcing and globalization has not created any jobs one must wonder if his book sales are all bulk purchases and the volume of his hate mail.
How sad a billionaire must settle for not only a moron but a moron who keeps publicly embarrassing the family by writing about stuff like how globalization will create jobs, or just another 6 months and THEN we will know for sure if we have won in Iraq.
Friedman writes about stuff everyone knows is a lie months and years after everyone already knows its a lie.
It must be hard to walk down the street with him and be proud when people laugh and ask why are we still at war in Iraq because the Friedman unit never comes its suppose to come in 6 months but despite Tom asking everyone to “suck it ” nobody will and thats why the war never ends.
TFs Palace
http://wonkette.com/413811/this-is-literally-thomas-friedmans-house
I have never understood the love that some people have for friedman. he seems to get everything wrong in his analyses and predictions. Maybe if we give him about six months we will see his brilliance.
freakin country is nutz…period
http://www.reuters.com/article/2011/09/21/us-justice-muffins-idUSTRE78K3OW20110921
guns or catfood (butter)
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385×618157
Why the hell should he care what happens to the elderly or the poor? He’s married to a billionare.
Thomas “Suck on this” Friedman is one of the worst pundits out there, and has been for some time. His cheerleading for the Iraq war (we need to bomb the crap out of Iraq so we can show them how to be civilised like us), and his worship of globalisation (he once said that the answer to the Israel/Palenstine issue was the “golden arches”, meaning globalisation and building McD’s in the West Bank, I kid you not) have enhanced his real status as a joke.
“We are being subjected to a propaganda campaign very similar to the run-up to the invasion of Iraq.”
And the budget issues are complete misdirection. This battle is not over what SS, Medicare and Medicaid cost; it is over the foundational principles that underlie the existence of these programs in the first place.
If we allow the government to “promote the general welfare” beyond the protection of private property, private property itself may be in jeopardy and lord only knows what incursions on private property may be taken in the name of the public good.
How could you write such a clear and rational post and get it by the FDL political correctness board? I mean there’s no Obama bashing whatsoever! Geeze!
You own less private property that you believe you do.
Because of “Property Taxes” the land you believe you own is just rented from the Government.
If we really want change in the US abolishing property taxes should be an integral part, and replaced with a local income tax.
And we need to call “Investment Income” (portfolio or passive income) “Unearned Income” as do the socialists in the UK.
Once it “Unearned” than one asks the next question, if it’s “unearned income” why is it taxed differently than “earned income” (wages).
Friedman always writes as if he is a motivational speaker at a party in orbit around a distant planet, entertaining the guests nibbling at their canapes with vague “big picture” talk.
Because much of the economic thinking at FDL is not Obama bashing, it precise, thoughtful and addresses the issues at hand.
Please name one occasion on FDL (post link) when bashing Obama was not a reaction to one of Obama’s actions or inaction, unlike the R’s who bash Obama for any reason, ration, irrational and patently false (eg: The Birthers).
If you don’t like what we do, leave. I suggest you read Red State – no Obama bashing there, whatsoever.
Wait BearCountry you know people who like Friedman? I have never found any Conservatives who cite Tom in their arguments nor Rush, Glen etc’s books if its not on tv or Radio they don’t seem to read.
I have always wondered how Tom Rush etc get on the NYT best seller list when nobody reads their stuff Borders is closing and I find a ton of Righty books still waiting to be sold at bargain prices.
Well, I believe that you can infer that some people love his work because he still has his post at the nyt and his books get printed. I don’t know anyone personally that quotes him. He does get a lot of electrons here at FDL.
Exactly what I;m talking about “LIBERAL” excuse me, you can resume playing with yourselves.
Friedman is an asshole, why do we give him any credence in here?
Here’s a reality show idea for Tom. Let Tom spend a year living on the median Social Security check. It would be fun to watch.
Dean,
I caught you the other morning on CSpan. Great job!
On the Friedman, I’ll feel for him in a Friedman minute. That would be sometime in the next 6 to 9 months depending on this situation on the ground. (grins)