Capitalist vs Socialist: Debt (Rough Draft)
by Jacob Spinney on November 10, 2010 · View Comments
Capitalist vs Socialist: Debt
cap: Hello, I’m a Capitalist.
soc: And I’m a Socialist.
cap: So Soc, the current unfunded liabilities that the US government owes is around 100 trillion dollars. And that is only covering Social Security and Medicare. How do you propose it pays for this?
soc: That’s easy. We just need to tax the rich more.
cap: Well unfortunately, I don’t think it’s that simple. If you combine all the wealth of every American, you only come up to around 50 trillion dollars. In other words, if the government taxed us all at 100% and took all of our property and auctioned it off to foreigners, it would STILL not have enough money to fund its future obligations for Social Security and Medicare. How could the government possibly pay for this without reducing its obligations?
soc: . . .
cap: There’s no rush. Take all the time you need . . .
soc: I know! We just need to have more children! As long as our population keeps growing, we’ll be able to accommodate the ever increasing retired demographic!
cap: Yeah, that plan worked out great for Bernie Madoff.
soc: EXACTLY! . . . Wait . . . Who’s Bernie Madoff?