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Your whole comment shows the goal is to maintain the socioeconomic order of those with assets (regardless of how they were obtained) maintaining greater purchas

Your whole comment shows the goal is to maintain the socioeconomic order of those with assets (regardless of how they were obtained) maintaining greater purchasing power over those with fewer assets, even though simply hoarding assets provides zero utility to society, whereas having fewer assets but actually working provides utility to society. A simple power law land value tax would limit the dragon from hoarding gold and incentivize working rather than hoarding. Instead, we have the exact opposite. We tax working via earned income taxes, and have lower capital gains tax rates. And we bail out asset owners time and time again, but when wages don’t keep up, it’s crickets. In a way, it is also a way for old people to maintain their power, after their physical power declines. Things are hunky dory as long as economic growth is achieved, but if population dynamics are changing, then we’re in for some drama. The battle lines are not just rich v poor, but old v young, especially in democracies. See the most recent proposal to court votes by removing income tax from social security income.

Balgair 2y ago
Yeah, I entirely agree that it's a system set up for the benefit of the rich. Historically speaking, that's pretty much all we have ever had. I do want to echo the difference though. In the 'old system' of hoarding dragons, the money was useless. In this 'new' inflation system, the money is being sent out into the economy to invest in things. See the ZIRP of the 2010s. The money is working, not the dragons, but at least that is something. As for the elderly, the maximum outflows of social security in the US will be in ~2030. So expect a lot of chatter leading up to that year and then for it to die down (literally).
- lotsofpulp 2y ago
  >As for the elderly, the maximum outflows of social security in the US will be in ~2030. So expect a lot of chatter leading up to that year and then for it to die down (literally). The ratio of inflow to outflow is important, not the outflow. Also, Medicare/Medicaid get lumped in with Social Security for the purposes of discussion wealth transfer from workers to non workers, and I don’t see the ratio of inflow to outflow increasing anytime soon.

Balgair 2y ago

Yeah, I entirely agree that it's a system set up for the benefit of the rich. Historically speaking, that's pretty much all we have ever had. I do want to echo the difference though. In the 'old system' of hoarding dragons, the money was useless. In this 'new' inflation system, the money is being sent out into the economy to invest in things. See the ZIRP of the 2010s. The money is working, not the dragons, but at least that is something. As for the elderly, the maximum outflows of social security in the US will be in ~2030. So expect a lot of chatter leading up to that year and then for it to die down (literally).

lotsofpulp 2y ago
>As for the elderly, the maximum outflows of social security in the US will be in ~2030. So expect a lot of chatter leading up to that year and then for it to die down (literally). The ratio of inflow to outflow is important, not the outflow. Also, Medicare/Medicaid get lumped in with Social Security for the purposes of discussion wealth transfer from workers to non workers, and I don’t see the ratio of inflow to outflow increasing anytime soon.