Earlier quoted context omitted.
Like half of our budget goes to welfare (Social Security, Medicare, Medicaid, Income Security, etc). https://www.usaspending.gov/explorer/budget_function
What annoys me the most about this is I'm like 80% sure none of those programs will exist by the time I retire.
America vs. Singapore: You can't save your way out of economic shocks
251–260 of 488 posts
Re: America vs. Singapore: You can't save your way out of economic shocks
#252Earlier quoted context omitted.
Yes let’s have “5 Year Plans” with centralized control instead of the free market, what could possibly go wrong? If only we had a large country that tried that and failed miserably to see what could go wrong.
We don't have the free market. We've never had the free market. Every economy has always been under some degree of regulation and centralized control simply by virtue of existing within the context of a society and government that enforces laws and levies taxes.
The government has never controlled the means of production for the most part except for “natural monopolies” like utilities, cable etc where everyone should be served and it doesn’t make sense to try to have two companies building out infrastructure
Re: America vs. Singapore: You can't save your way out of economic shocks
#253Earlier quoted context omitted.
People didn’t abandoned the US before the ACA was the law in 2011-2012. And if there were an influx of US citizens to foreign countries, I can guarantee you other countries wouldn’t be as welcoming. There are plenty of conditions where the difference between life and death is being able to get health care
Some did. The US expat community has been quite large for decades. Most people didn’t do FIRE style early retirement while dealing with pre existing medical conditions. There however was plenty of expats pre ACA who very much left the country for early retirement. US healthcare is ruinously expensive but on average it’s not particularly good if you’re in the income bracket where 1/4 million over a few years is a seri…
There is absolutely no significant number of Americans who left without ties to other countries. I find it rich that Americans who leave the US call themselves “ex-pats” instead of “immigrants”
Re: America vs. Singapore: You can't save your way out of economic shocks
#254Earlier quoted context omitted.
Obviously said by someone who is young and never had or knew anyone that had an expensive medical procedure like a friend who is 45 who I have known since 2003 and is a cancer survivor and now has to have open heart surgery
I don't believe your friend is most people. I have quite a few who haven't been to a doctor in decades.
But do you want to take the chance that you will never have major medical expenses between the time you retire early and you are 65 and eligible for Medicare? How many of your friends are over 50?
Re: America vs. Singapore: You can't save your way out of economic shocks
#255Earlier quoted context omitted.
What annoys me the most about this is I'm like 80% sure none of those programs will exist by the time I retire.
https://www.whitecoatinvestor.com/social-security-is-not-goi...
This article basically says “yeah social security is not solvent and we probably won’t have a solution any time soon, and if we do have a solution it will be bad, but just don’t worry about it bro.”
Re: America vs. Singapore: You can't save your way out of economic shocks
#256Earlier quoted context omitted.
Like half of our budget goes to welfare (Social Security, Medicare, Medicaid, Income Security, etc). https://www.usaspending.gov/explorer/budget_function
Yes, the US spends by far the most on healthcare per capita, and still gets the worst outcomes. It's not about throwing money at problems. You have to actually solve them (and want to solve them).
Instead of fixing the leaks in the plumbing we're just increasing flow rate at the top of the system. Right now the medical-industrial complex is a business that happens to provide medical services as a byproduct.
Fee for service encourages more medical intervention. It makes break-fix work more profitable than trying to address root causes. Each layer and sub-sector is for-profit. The supply of physicians is capped. Vertical integration can reduce the double margin problem. Specialists are paid more than general practitioners. Surgeries make more money than non-surgical treatment.
People expect someone else (their employer, the government, the rich) to eat the cost of healthcare. Third party payment makes patients price-insensitive. People unironically expect a cure for death. Drugs and medical devices are expected to be perfectly safe. Americans lead unhealthy lifestyles. Soda is the default drink in cafeterias and at parties. Car culture and car only infrastructure promotes physical inactivity. Kids are not allowed to roam. When there was a push to promote healthier school meals there was immense pushback.
Re: America vs. Singapore: You can't save your way out of economic shocks
#257Earlier quoted context omitted.
Does that answer the question about what happens when the ACA is gutted and you can’t get insurance at any price with a pre-existing condition? That happened to me right before the ACA went into affect. I was engaged to my now wife and we moved our marriage up early so I could get on her insurance.
https://mrmoneymustache.com/2020/11/09/direct-primary-care/ https://mrmoneymustache.com/2017/11/05/when-your-shitty-heal... Regarding ACA >My family’s monthly health insurance premium, which had already more than doubled in the last few years to $674 per month, was going up a further 44% for the coming year. For no good reason, other than perhaps the the current government’s attempts to kill off the Affordable Care A…
And again, you’re assuming that insurance companies won’t just flee the exchange when it’s not profitable because only sick people sign up because of prices. It’s called the “death spiral”. Originally that was suppose to be prevented by subsidies that Republicans killed.
Re: America vs. Singapore: You can't save your way out of economic shocks
#258Earlier quoted context omitted.
https://www.whitecoatinvestor.com/social-security-is-not-goi...
This article basically says “yeah social security is not solvent and we probably won’t have a solution any time soon, and if we do have a solution it will be bad, but just don’t worry about it bro.”
I came to a different conclusion. That you should expect a 25% haircut through a combination of benefit cuts, tax increases, and not keeping up with inflation. That's bad, but Social Security is not going to entirely implode.
Re: America vs. Singapore: You can't save your way out of economic shocks
#259Earlier quoted context omitted.
Your reality sounds suspiciously similar to the lies told on the media platforms owned by the shiny billionaires.
Haha and yours sounds like the lies spread by communists/unions/etc attempting to wrest power from anyone who has it now. Your view leaves a lot of gaps. My view is easily verifiable by almost anyone working (barely) and getting paid by taxes. Or second and third parties getting that sweet, easy gov $$. It's also inclusive of your billionaires- many get money from the gov or gov policies too. Your media platforms may…
Funny that you think billionaires follow laws.
Re: America vs. Singapore: You can't save your way out of economic shocks
#260Earlier quoted context omitted.
The FIRE community and my own personal situation prove you very, very wrong. It's absolutely possible for a upper middle class family to retire in their 50s, even in their 40s, if they live frugally.
"Live frugally" , "FIRE" , "work in tech" All incompatible with 99% of the upper class, neither do they want to eat ramen to retire early. You're also one medical disaster away from being "very very wrong"
you don't need to eat ramen. there are many cost effective options out there: oatmeal, beans, rice, you could grow your own fruits and vegetables, etc.
and as for the medical disaster: heart attack and stroke are actually preventable with a plant based diet (keep your LDL under 80 and you'll vastly decrease your chance of a heart attack). i know a lot of people will hate on that, but those are the facts and any evidence based nutritionist can tell you this.