I’m afraid that I’m away again for a few days – away from reasonable internet, specifically. So I have a few scheduled posts coming up of video infographics that I’ve found especially awesome.
I’m starting with this magnificent video clip on welfare and entitlement. Just magnificent*.
*my email subscribers probably won’t be able to watch this in their mailbox – I’ve linked to it above, or you can watch it directly on the RollingAlpha website.
The basic idea is that the New Deal from the Great Depression era intended two types of fiscal stimulation:
- Welfare – being direct fiscal spend on the poor; and
- Entitlements – being special tax deductions (like those on mortgage interest repayments)
Because welfare spending is a clear number on a fiscal budget, people have something that they can clearly rail against.
Entitlements, on the other hand, are abstract: they represent government revenue that will not be collected – and because you don’t record what you don’t receive, it’s invisible.
And if that doesn’t interest you, then the amazing artwork should.