{"id":7678,"date":"2013-05-04T15:05:17","date_gmt":"2013-05-04T19:05:17","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=7678"},"modified":"2013-05-04T15:05:17","modified_gmt":"2013-05-04T19:05:17","slug":"how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/04\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\/","title":{"rendered":"How Bureaucrats and Politicians Conspire to Rip Off Taxpayers | International Liberty"},"content":{"rendered":"<p>Dan Mitchell discusses a new National Bureau of Economic Research working paper entitled \u201cShrouded Costs of Government: The Political Economy of State and Local Public Pensions.\u201d<\/p>\n<blockquote>\n<p>&#8230;.The politicians give the bureaucrats excessive compensation. But they make it difficult for taxpayers to figure out how they\u2019re getting robbed by concentrating a big share of the excess in harder-to-measure fringe benefits.<\/p>\n<p>Another advantage of that approach, by the way, is that the bill for all the retiree benefits doesn\u2019t come due until some point in the future, by which time the politicians who put taxpayers on the hook often have retired or moved on to some other position.<\/p>\n<\/blockquote>\n<p>Generous benefits for government employees are a neat way for politicians to avoid accountability. They do not appear in the budget and are a hidden liability of the government. For a start we need to prevent politicians from creating unfunded future liabilities not just for government employee benefits, but for Social Security, Medicare and Medicaid funding. At present these are a hidden iceberg as they do not appear on the government balance sheet. It is too easy for politicians to kick the can down the road, failing to address any future funding shortfall. These unfunded future liabilities should be reflected on the balance sheet in order to improve accountability. If the actual liability is uncertain, then actuarial estimates can be used &#8212; in much the same way as used by insurance companies.<\/p>\n<p>Read more at <a href='http:\/\/danieljmitchell.wordpress.com\/2013\/05\/04\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers\/?utm_source=twitterfeed&#038;utm_medium=twitter'>How Bureaucrats and Politicians Conspire to Rip Off Taxpayers | International Liberty<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dan Mitchell discusses a new National Bureau of Economic Research working paper entitled \u201cShrouded Costs of Government: The Political Economy of State and Local Public Pensions.\u201d &#8230;.The politicians give the bureaucrats excessive compensation. But they make it difficult for taxpayers to figure out how they\u2019re getting robbed by concentrating a big share of the excess &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/04\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;How Bureaucrats and Politicians Conspire to Rip Off Taxpayers | International Liberty&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,5,34],"tags":[529,1477,1599,1604,1682,2707],"class_list":["post-7678","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-economy","category-us-canada-countries-regions","tag-bureaucrats","tag-fringe-benefits","tag-government-employees","tag-government-spending","tag-hidden-liabilities","tag-politicians"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Bureaucrats and Politicians Conspire to Rip Off Taxpayers | International Liberty - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Bureaucrats and Politicians Conspire to Rip Off Taxpayers | International Liberty - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Dan Mitchell discusses a new National Bureau of Economic Research working paper entitled \u201cShrouded Costs of Government: The Political Economy of State and Local Public Pensions.\u201d &#8230;.The politicians give the bureaucrats excessive compensation. But they make it difficult for taxpayers to figure out how they\u2019re getting robbed by concentrating a big share of the excess &hellip; Continue reading &quot;How Bureaucrats and Politicians Conspire to Rip Off Taxpayers | International Liberty&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/04\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-04T19:05:17+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/05\\\/04\\\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/05\\\/04\\\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"How Bureaucrats and Politicians Conspire to Rip Off Taxpayers | International Liberty\",\"datePublished\":\"2013-05-04T19:05:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/05\\\/04\\\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\\\/\"},\"wordCount\":265,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"bureaucrats\",\"fringe benefits\",\"government employees\",\"government spending\",\"hidden liabilities\",\"politicians\"],\"articleSection\":[\"Australia &amp; NZ\",\"Economy\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/05\\\/04\\\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/05\\\/04\\\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/05\\\/04\\\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\\\/\",\"name\":\"How Bureaucrats and Politicians Conspire to Rip Off Taxpayers | International Liberty - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2013-05-04T19:05:17+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/05\\\/04\\\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/05\\\/04\\\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/05\\\/04\\\/how-bureaucrats-and-politicians-conspire-to-rip-off-taxpayers-international-liberty\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How Bureaucrats and Politicians Conspire to Rip Off Taxpayers | International Liberty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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That left me with the lasting impression that income taxes are inefficient \u2014 both in terms of equity and collection \u2014 and should be levied at low flat rates if they cannot be\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13220,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/28\/carl-icahn-warns-wall-street-of-day-of-reckoning\/","url_meta":{"origin":7678,"position":1},"title":"Carl Icahn warns of &#8216;day of reckoning&#8217;","author":"ColinTwiggs","date":"April 28, 2016","format":false,"excerpt":"Reuters: Billionaire activist investor Carl Icahn ..... said he was \"still very cautious\" on the US stock market and there would be a \"day of reckoning\" unless there was some sort of fiscal stimulus. .....Icahn, who owned 45.8 million Apple shares at the end of last year, said China's economic\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13948,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/08\/12\/lies-politicians-tell-us-hoover-institution\/","url_meta":{"origin":7678,"position":2},"title":"Lies Politicians Tell Us | Hoover Institution","author":"ColinTwiggs","date":"August 12, 2016","format":false,"excerpt":"Great insights from Allan H. Meltzer at the Hoover Institution: Most of us learn at some point that politicians tell lies. We expect them to stop once they hold office or to face the consequences. In the past, politicians that violated the public trust resigned, most notably President Richard Nixon.\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8328,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/08\/26\/high-speed-gravy-trains\/","url_meta":{"origin":7678,"position":3},"title":"High-speed gravy trains","author":"ColinTwiggs","date":"August 26, 2013","format":false,"excerpt":"Infrastructure spending is fraught with pitfalls. One of the most dangerous is lobbying by special interest groups who stand to profit from the project. Dr Richard Wellings from the Institute of Economic Affairs recently completed a report on the UK's \u00a343 billion High Speed 2 rail project -- close to\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7100,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/20\/unintended-consequences-rewarding-failure\/","url_meta":{"origin":7678,"position":4},"title":"Unintended consequences: Rewarding failure","author":"ColinTwiggs","date":"March 20, 2013","format":false,"excerpt":"Robert Shiller summarizes the arguments for raising taxes and increasing government spending at Project Syndicate: ......while that [austerity] approach to debt works well for a single household in trouble, it does not work well for an entire economy, for the spending cuts only worsen the problem. This is the paradox\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5877,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/29\/the-keynesian-path-to-fiscal-irresponsibility-dwight-r-lee\/","url_meta":{"origin":7678,"position":5},"title":"The Keynesian Path to Fiscal Irresponsibility &#124; Dwight R. Lee","author":"Colin Twiggs","date":"October 29, 2012","format":false,"excerpt":"With the ideological shift, supported by the intellectual acceptance of Keynes\u2019s General Theory, politicians found themselves with an excuse to do what most had always wanted to do -- take more money from the general public and transfer it to favored groups (or voting blocs). The benefits are invariably less\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=7678"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7678\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=7678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=7678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=7678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}