4 ms·

The majority of federal government spending is a wealth transfer to old and poor people: https://fiscaldata.treasury.gov/americas-finance-guide/federal-spendin

The majority of federal government spending is a wealth transfer to old and poor people: https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/ https://fiscaldata.treasury.gov/americas-finance-guide/feder... That’s also an easy sign of socialism. Just not all of society benefits. Not to mention the state and local level stuff via Medicaid and property tax subsidies for old people, too. And then there’s the implicit monetary policy of putting asset owners ahead of income earners by debasing the currency.

myrmidon 2mo ago
> The majority of federal government spending is a wealth transfer to old and poor people Sorry, but that's a ridiculous take. Thats just like saying that public schools are a wealth transfer from the working class to students, or that health insurance is a wealth transfer to old and sick people. It's neither useful nor precise. Things are never an actual "wealth transfer" when both sides consider it worthwhile-- that's just an ordinary trade.
- lotsofpulp 2mo ago
  >Thats just like saying that public schools are a wealth transfer from the working class to students >or that health insurance is a wealth transfer to old and sick people Both of these are also true statements. >Things are never an actual "wealth transfer" when both sides consider it worthwhile-- that's just an ordinary trade. It's not an ordinary trade, it's a forced payment via the government's monopoly on violence, which is why it falls into a wealth transfer. I would consider it (mostly) worthwhile when it's students because they turn into future workers. However, I would prefer to opt out of social security and old age healthcare tax (Medicare) because I will be getting less into the system than I pay into the system. That is an inevitable future due to demographics. Note that I am not saying wealth transfers are categorically bad, just wanted to point out the hilarity of a country that can spend $1T+ per year on wealth transfers and still be afraid of "socialism". And it's far more than $1T, because the health insurance mandate to not price health insurance based on health risks is another massive wealth transfer probably worth at least another trillion.
soco 2mo ago
Funny how subsidies to megacorps and tax exemptions are never "wealth transfer" just daily business.
- lotsofpulp 2mo ago
  Those are also wealth transfers. I don't have that statistic to easily pull up, but the federal government has a nice website to easily show an example, one that happens to dwarf all the others in dollar amount.

myrmidon 2mo ago

> The majority of federal government spending is a wealth transfer to old and poor people Sorry, but that's a ridiculous take. Thats just like saying that public schools are a wealth transfer from the working class to students, or that health insurance is a wealth transfer to old and sick people. It's neither useful nor precise. Things are never an actual "wealth transfer" when both sides consider it worthwhile-- that's just an ordinary trade.

lotsofpulp 2mo ago
>Thats just like saying that public schools are a wealth transfer from the working class to students >or that health insurance is a wealth transfer to old and sick people Both of these are also true statements. >Things are never an actual "wealth transfer" when both sides consider it worthwhile-- that's just an ordinary trade. It's not an ordinary trade, it's a forced payment via the government's monopoly on violence, which is why it falls into a wealth transfer. I would consider it (mostly) worthwhile when it's students because they turn into future workers. However, I would prefer to opt out of social security and old age healthcare tax (Medicare) because I will be getting less into the system than I pay into the system. That is an inevitable future due to demographics. Note that I am not saying wealth transfers are categorically bad, just wanted to point out the hilarity of a country that can spend $1T+ per year on wealth transfers and still be afraid of "socialism". And it's far more than $1T, because the health insurance mandate to not price health insurance based on health risks is another massive wealth transfer probably worth at least another trillion.

soco 2mo ago

Funny how subsidies to megacorps and tax exemptions are never "wealth transfer" just daily business.

lotsofpulp 2mo ago
Those are also wealth transfers. I don't have that statistic to easily pull up, but the federal government has a nice website to easily show an example, one that happens to dwarf all the others in dollar amount.