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To: Jibacoa who wrote (9012)	6/12/2001 8:19:32 PM
From: LemonHead	Respond to of 13094

Bernard, as a Lurker I have to agree, "Don't worry be Happy!" Keith

To: Jibacoa who wrote (9012)	6/13/2001 10:14:35 AM
From: Bucky Katt	Respond to of 13094

This story about the NY FED head wanting to exempt poor workers from paying social security tax (FICA) will rock your boat> N.Y. Fed chief blasts tax cut's effect on poor Americans By Bill Barnhart Tribune Financial Columnist June 12, 2001 The $1.35 billion tax cut just signed by President Bush neglects poor Americans, who often face the highest tax burdens, Federal Reserve Bank of New York President William McDonough warned Tuesday. In a wide-ranging speech to the Mid-America Committee in Chicago, McDonough said the tax cut probably will have the desired effect as an economic stimulus by adding 0.4 percent to growth this year and 0.7 percent next year, as many Americans enjoy rebates and reduced tax withholding. But asked to comment further on the tax cut, McDonough said the new law leaves a "lingering challenge to the American people which absolutely must be fixed." "Let's look at marginal tax rates," the rate paid on the last dollar of income, he said. "The highest marginal tax rate that you can find anywhere is (on) the person who just went from welfare to work, because the huge marginal tax rate is the (Social Security) payroll tax." "It doesn't make any difference that they don't pay income tax," McDonough said. "What we should do as a society is fix the marginal tax rate for them." Waiving the payroll tax would deplete the Social Security system, which already faces a cash crisis in 2016, as more Baby Boomers retire, he said. "We could solve the problem by, in effect, giving them transfers from general funds to make them whole for the payroll taxes they pay," he said. ((my note, that is robbing Peter to pay Paul)) McDonough, a former Chicago banker who has been intimately involved in several global financial crises in recent years, said the issue is not academic. "This is, do you want to keep a country in which the people at the bottom are as capable of rising to the top as most of the people here?" he told the audience of business executives lunching in the Chicago Club. "I think the answer to that is clearly yes, and if you think it's yes, you have to do something about it." A newly emerging problem, he added, is the troubling dropout rate among Mexican-Americans. High school dropout rates among female Mexican-Americans are three times the rate of African-Americans, he said. "We cannot possibly have the largest-growing faction of American society with that kind of experience in school," he said. Problems such as tax inequities and ineffective education for poor Americans mean that the wealthy face increasing risks of a permanent, "restive and dangerous" underclass, the banker said. chicagotribune.com

To: Jibacoa who wrote (9012)	6/13/2001 12:06:00 PM
From: James Strauss	Read Replies (5) \| Respond to of 13094

Good analysis Bernard... I think I'll also focus on the meteorite that's coming in 50,000 years... : > As for missile defense, one would think that we now have the super computing power to hit a missile with a missile... Or at least get a missile with hundreds of tiny missiles close enough to knock out an incoming Care Package... The old "Hitting a Bullet with a Bullet" should be doable today... As for illegal immigrants, if the truth be known, the numbers are staggering... Yet, that sign that greeted the immigrants coming into Ellis Island, "Give me your poor, your hungry, etc" was what this country was all about, and made us so great... The question is, are there limits to one's ideals when realism clashes with idealism... ? Jim