Laguna Beach, CA
I'd like to thank everyone for coming out last Saturday. Here is some more information related to our discussion. There were 5 items.
1) I attributed a quote on "Ditch Digging" as originating from Marx but I could not verify that. If it is, it is likely in Capital, Volume 1. The issue was Marx's point on Piece Work.
Wikipedia on Piece Work: http://en.wikipedia.o...
2) We also talked about why we allow Hedge Fund managers to only pay 15% in income tax. This is the way partners are commonly compensated.
Wikipedia on Carried Interest: http://en.wikipedia.o...
3) Here is Who Owns the U.S. debt (Sept. 2010)
Domestic Individuals & Institutions - 42.2%, Social Security Trust Fund - 17.9%, All Other Foreign Nations - 11.6%, China - 7.5%, Japan - 6.4%, U.S. Civil Service Retirement Fund - 6.0%, United Kingdom - 3.4%, U.S. Military Retirement Fund - 2.1%, "Oil Exporters" - 1.6%, Brazil - 1.3%
Reference - http://www.treasurydi...
4) Federal government provides services through its Programs. Catalog of Federal Domestic Service currently contains 2,183 Programs.
Department of Health and Human Services - 429, Department of the Interior - 249, Department of Agriculture - 239, Department of Education - 172, Department of Justice - 125
Reference - https://www.cfda.gov...
5) EU members structure their retirement systems through mostly the Three Pillars, but the 4th was added for longer lives.
Wikipedia on Four Pillars for Savings: http://en.wikipedia.o...