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Comments on the August 5, 2021 Coffee Hour

We invite you to post any comments you may have regarding the Coffee Hour below. Thanks.

4 comments to Comments on the August 5, 2021 Coffee Hour

  • Thanks for posting the discussion, which I truly enjoyed.

    I had to miss last week’s coffee hour for my second cataract surgery—another wonder of modern medicine—for which I paid $150/eye as my co-pay on a $0-premium Medicare Advantage plan! Everyone in the country should share such fortune.

  • Bill Weber

    I enjoyed the full presentation and see as a fundamental question of inequality is the subject of wealth creation as a means to afford much of what was discussed.
    Coming out of WWII this country was deeply in debt and paid it back thru real wealth creation via manufacturing, mining and agriculture. Over the years we have lost sight of real wealth creation and, thus, tinker with means to make up for real money.
    I wanted to tell Earl Staelin that North Dakota’s example is created in large part by their success in gas and oil mining rather than banking services.
    And NYS is a perfect example of the effects of the lack of wealth creation by outlawing high volume hydrofracking of gas reserves and making farming very difficult. The wealth of the City does not seem to find its way where I live and tourism is not the magic bullet it is claimed to be.
    If you think of cradle to grave countries such as the Scandavians, particularly Norway, it is because of their tremendous wealth creation from oil and gas mining as well as a social spirit for the use of the created wealth. The Gov’ts understanding of the importance of investing the money in the right places has caused Norway to have the largest social security reserve in the world and is run very simply on two floors of a single bldg in Oslo.
    Certainly a topic worthy of further discussion.

  • Larry Price

    There was some discussion and question about the relevant contributions of the various tax flows. The updated figures for FY 2021 (i.e. the year ending 9/30/21) contained in the OMB submisssion for the FY 2022 Budget were:

    Receipts: $3.580 trillion

    Income tax 1.704 trillion(47.6% of total receipts)

    Social security .944 trillion(26.4% of total receipts)

  • Steve Howard

    Larry, Thanks so much for providing us with this Important data.