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11/28/2016

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Charles N. Steele

Good points. Go farther. I suggest...

5. Raise Social Security retirement age (slowly, to give people time to adapt).

6. Make Social Security means tested (should low income young people be taxed to pay SS benefits to wealthy retirees?)

7. Make tips tax exempt.

8. Give young people the opportunity to opt out of SS with tax free retirement accounts.

9. Make new startup businesses tax exempt for some period. This would boost hiring enormously, plus entrepreneurially minded young people would be able to get productive projects going.

10. End Obamacare and its penalties on young people. The whole scheme depended on forcing healthy young people to enroll and subsidize less healthy older folks. Young people didn't enroll, so Obamacare is collapsing financially, while young people face fines and exploding insurance costs.

Charles N. Steele

Regarding your point 4, yes, poor people are largely excluded from the financial sector by law, and left to rely on payday loan outfits, pawn shops, and loan sharks. Wal-mart, the major provider of cheap goods to the poor (hence much hated by the left) attempted to start offering financial services to customers -- loans, savings accounts, etc. -- following Wal-mart's usual business model of making things as cheap as possible for customers. The federal government, Democrats in Congress leading the way, blocked this. They crowed about how they beat the evil capitalist monster Wal-mart, and were only too happy to leave the poor paying interest rates of up to 780% APR.

Rich person's leftism wins again!

John Pepple

Thanks for all the suggestions! If, as some are saying, a booming economy is a thing of the past, then the only way to help the poor will be by cutting their costs. Trying to help them by raising the minimum wage won't work since it will either force businesses into bankruptcy or else entail that other workers will be unemployed.

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