Quinn’s latest rant has serious consequences
My favorite, beautiful word is “consequences,” and how it seems to be ignored.
We tend to forget that no matter what we do, there will be a result, a reaction. There will be consequences, some intended, others not. We tend to address one problem but fail to think through possible consequences.
The best examples are at the national level. Apply a surcharge such as IRMAA and people will attempt to keep income lower.
Roth accounts were intended to increase retirement savings, but mostly help the income levels that need it the least. Only about 11% of taxpayers have a Roth IRA and those folks anticipate being in higher tax brackets in the future.
When tariff news points them higher, the market declines and vice-versa. Somebody is anticipating consequences.
Tax-free income such as from Social Security will have adverse consequences for the SS and Medicare trust funds, but seniors like the idea and don't think about the consequences.
I fear for my children and grandchildren as they will be dealing with the massive federal debt and deficits we seem not to worry about.
No property taxes for those of us over 65 means higher taxes for younger people or reduced services and funding of schools or both. But the mistaken attitude seems to be seniors already paid their share.
States like NJ seek more tax income from high earners and then have to react when those citizens leave the state.
On the personal level, making minimum payments on a credit card has dire consequences. Taking those two year olds to DisneyWorld may make you feel good - the kids won’t remember, but paying off that experience may last longer than the lines you endured.
Should a health insurance deductible apply to use of an emergency room? They are applied because the ER is frequently used in appropriately. The goal is to discourage that use, but the consequence may be a financial hardship for appropriate use.
I read people complaining that their health insurance denied a valid claim, but it turns about the claim was applied to their deductible so no claim was denied. Lower deductibles lead to higher premiums. More use of insurance means higher premiums, but few people make that connection. Frequently you can tie those consequences to lifestyle, but do so at your own risk. Many people are sure health insurance is a scam and premiums are driven by profits and CEO pay. Not true.
When policymakers seek to save money on Medicare by cutting physician and other payments and limiting drug prices, shouldn’t we consider the impact? Squeeze a balloon and it expands in a different place. Do we expect lower payments simply to be absorbed with no consequence on the under age 65 population? Not likely.
My father was a chronic smoker. Several packs a day. Heart disease and emphysema to the extent he couldn’t walk across a room were his consequences. So far I have managed to escape effects from years of second hand smoke growing up, but I grew up with asthma.
Living above ones means may feel good in the near term, but the longer term consequences not so much.
On the other hand, a bit of frugality during working years may lead to a more enjoyable retirement.
I maintain that virtually everything is connected in some way, our society, our world for that matter. I think as a society and individuals we need to think things through, be more aware, more attuned to possible consequences before we act - or not.
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