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Anthony Bourdain on not having debt

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Re: Anthony Bourdain on not having debt

#261
post #242
post #209

Earlier quoted context omitted.

every 60 minutes I work, ~30 minutes of that work product is appropriated by government How about every 60 minutes you work, 30 minutes of that is spent establishing the world around you? From the opportunities you had as a young person, and those of your children, to the safety and security of your adult life. Half of your product is yours to spend freely, the rest goes towards the idea that you don't even have to t…

"How about every 60 minutes you work, 30 minutes of that is spent establishing the world around you?" I am perfectly happy to look at it that way, and indeed I do . Please don't deploy the "I'm arguing with the anti-tax guy" toolkit here - I am not that guy. The problem I have, and that I think many people have, is that fraction: 30/60 = 1/2 = getting a bit silly. YMMV.

That's the American right propaganda sinking in. Times of higher tax burden have been economically more productive. It's already the government's money. Redistributive taxation is parsimonious use of funds.

Great chart in here about USA tax burden being below average: https://taxfoundation.org/comparison-tax-burden-labor-oecd-2...

Re: Anthony Bourdain on not having debt

#262
post #21

Earlier quoted context omitted.

Not sure if you're living in the US, but I do and I have the exact opposite viewpoint. The amount of waste, corruption and poor planning by the gov't makes me feel like I'm throwing money away. I'd rather give it a charity since then I'd know a majority of it had an impact. I think if the gov't was a bit more efficient and could be shown to be good stewards of money I'd probably hate paying taxes a lot less.

The road out front of your house costs $100,000 to build. You just using that, gets you back all the taxes you spend. Now multiple that by 10 million things, and you are still better off.

You do not use the road alone.

Re: Anthony Bourdain on not having debt

#263
post #194
post #17

> Nobody likes paying high taxes, but I don’t mind. How refreshing. I agree with him. Paying my taxes is a point of pride for me. It's a repayment for all those years I was poor and the government paid for me to live and go to school.

"Nobody likes paying high taxes, but I don’t mind." I think there's an important distinction to be made between two different sorts of "high taxes". One is a high absolute amount of taxes - you made millions of dollars in a year and therefore your absolute tax payment is relatively quite high. The other is a high percentage tax rate. I don't mind paying a high absolute rate of taxes - I think that is the scenario in…

I feel the same. I would have no problem with this rate, but I would like to see some things done better. How money is spent, how gov contracts are given out.

It feels like there is a huge amount of money lost on inefficient markets and efforts.

Re: Anthony Bourdain on not having debt

#264
post #209

Earlier quoted context omitted.

every 60 minutes I work, ~30 minutes of that work product is appropriated by government How about every 60 minutes you work, 30 minutes of that is spent establishing the world around you? From the opportunities you had as a young person, and those of your children, to the safety and security of your adult life. Half of your product is yours to spend freely, the rest goes towards the idea that you don't even have to t…

Except for here in the states 25% of the taxpayer money is going to military, intelligence and debt from past wars we know to have been bad ideas and knew all along were bad ideas. And let's just say another 25% is misspent. In a country this big and bloated, that's also likely a low ball figure. But overall, only 50% of taxpayer money is going to anything remotely properly executed and needed. That said, our public…

Don't forget all that debt service. That's literally redistributing tax dollars to people and organizations with wealth.

Paying high taxes makes more sense if debt service was rather trivial.

Re: Anthony Bourdain on not having debt

#265

Earlier quoted context omitted.

In the context of living a debt-free existence, I have to disagree. In the monetary policy environment we live in, having debt is the most sensible way to build wealth. Dollars are a terrible store of value. Dollars invested in a savings account are almost as bad. Securities, real estate, and inventory are much better. Dollars invested in education and advertising to multiply the value of securities, real estate and…

A lot of people get confused when talking about debt just because types of debt are different. Using debt to generate income = good. Using debt to buy stuff you can't afford = bad. The first pays itself back while the latter does not. When somebody like Dave Ramsey is talking about debt, he's talking about paying off credit card bills, car loans, student loans, mortgages - payments that you're making that leave you p…

The term I have heard for this is "productive debt" vs "unproductive debt".

Productive debt helps you make money. For someone starting out, that might be a modest car loan to get to work.

Unproductive debt just helps you consume. Once your car is past the basic point-A to point-B automobile, a loan to but it is unproductive debt.

Re: Anthony Bourdain on not having debt

#266

Earlier quoted context omitted.

People always say this, but nobody can ever point to a solid example. Do you have hard numbers that government social programs are less efficient than charity?

Ask yourself this: is the government efficient with its defense spending? If the answer is no, why would it be any different with its social programs?

Just because one branch/department is wasteful doesn't mean others are. Trim that military budget and you'll start seeing efficiencies simply because they don't have that extra trillion to spunk up the wall.

Re: Anthony Bourdain on not having debt

#267
post #262

Earlier quoted context omitted.

The road out front of your house costs $100,000 to build. You just using that, gets you back all the taxes you spend. Now multiple that by 10 million things, and you are still better off.

You do not use the road alone.

Which is why we all pay for it through taxes because it benefits everyone, even those who don't drive.

Re: Anthony Bourdain on not having debt

#268
post #127

Earlier quoted context omitted.

There's a lot of talk with respect to the US Democrat/Republican split on how Democrats are terrible at highlighting when government helps people (because it seems to cheapen the process or some silly issue.) http://democracyjournal.org/arguments/keep-it-simple-and-tak...

I saw an interesting comment recently, from a Republican who wished for Pelosi or some other important Democrat to just say thank you . Thank you for the money, thank you for working to help these people, fund these programs, keep everything running smoothly. It's an interesting thought. There are plenty of reasons it's not going to happen in a vacuum - if Pelosi did it tomorrow she'd be mauled by both parties. But a…

Growing up, I got free lunches in school, and in college I got the maximum Pell Grant every semester for four years straight.

I thank my lucky stars for those things and am very glad the government did it.

Of course, given the amount I pay in taxes, the government made an absolutely terrific investment. I have returned that value to it many, many times over.

All else being equal, of course I would prefer to pay lower taxes. That's what efficiency means, and the government is not very efficient.

But "Taxes are what we pay for a civilized society." (Oliver Wendell Holmes, Jr.), and I kinda like civilized society.

https://supreme.justia.com/cases/federal/us/275/87/case.html

Re: Anthony Bourdain on not having debt

#269
> Nobody likes paying high taxes, but I don’t mind.

It's actually amazing how little most Americans pay in taxes yet we complain. This year my effective tax rate was ~8%. Of course this is by using every legal tax shelter available.

Considering what I get from the Federal government here in the US, I think 8% is actually fair. If it spent more of my money doing thing like taking care of home and quit with the empire building I'd be happy to pay more.

Re: Anthony Bourdain on not having debt

#270
post #241

Earlier quoted context omitted.

You could say charities are better in the sense that: - You at least have more than one choice. If the charity you give to performs poorly by whatever metrics you value, you can give to another one next time. - It is voluntary. Nobody with guns will put you in a cage if you don't donate to a charity, as is the case if you don't pay your taxes.

> - You at least have more than one choice. If the charity you give to performs poorly by whatever metrics you value, you can give to another one next time. You can vote out your government. Charities seem more PR-focused, and the press seems less interested in holding them to account. I have a lot more faith in government to spend money effectively than I do in private charity.

> You can vote out your government.

It's exceedingly hard to end an entitlement even if it's clear it doesn't work.

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