Editor's picks from around the Web: 7/22-7/26
By Paul Wilson
This week's collection features op-eds on the morality of income inequality, the GOP vs. Obamacare and the current state of the medical device industry, as well as pieces on high-yield annuities, raising financially responsible children, and more.
Is income inequality 'morally wrong'?
"So is extreme inequality amoral? To think this through, I called up four smart people -- Nigel Warburton, a freelance philosopher and writer, and host of the (wonderful) Philosophy Bites podcast; Arthur Brooks, president of the American Enterprise Institute and author of "Wealth and Justice"; Thomas Pogge, director of the Global Justice Program at Yale; and Kentaro Toyama, researcher at the University of California at Berkeley."
On financially responsible children
"I’ve found that one of the best things that we can do to help our clients have peace of mind is to help their children become financially responsible and independent. And if their kids can take care of themselves, our clients won’t have to dig into their retirement savings to help them out."
Beware of high yielding annuities
"The other day I heard a radio commercial from a company called Professional Life and Casualty. They claim to offer at least a 2.5 percent fixed interest rate on tax-deferred annuities including investments for your traditional and Roth IRA accounts. In this environment that’s a great rate on a fixed investment. Or is it?"
Obama goes big
"...up to now, the president has been foiled or distracted whenever he has tried to focus the public conversation on reversing rising inequality and restoring social mobility. So why should his latest effort be any different? Here are three reasons."
Costs of long-term care rise while payment options narrow
"It is a cruel paradox: As the cost of long-term care rises and the number of people needing it grows, traditional options for paying for these supports and services are narrowing."
Killing the medical device industry
"Yesterday the president proclaimed, “The countries that are passive in the face of a global economy, those countries will lose the competition for good jobs. They will lose the competition for high living standards. That’s why America has to make the investments necessary to promote long-term growth and shared prosperity — rebuilding our manufacturing base, educating our workforce, upgrading our transportation systems, upgrading our information networks.” Swell, so why is he promoting legislation that undermines all that?"
Does part-time job growth signify a weak economy?
"Just when you thought that the United States’ labor market was improving, with employment gains averaging about 200,000 a month, along comes Mort Zuckerman, real estate magnate and chairman of U.S. News & World Report, throwing cold water on any optimism."
Retirement planning doesn't require a windfall
"It doesn't matter how much you make or whether or not you receive a windfall. What matters is how much you keep."
GOP's hurts itself on Obamacare
"...if House Republicans keep pushing too hard against the Affordable Care Act, they could easily open up more internal fissures, creating a party that is even more fraught with tensions as the presidential election of 2016 comes closer."
How retirement planning is like evolution
"In evolution, species demonstrate the ability to survive by adapting to their conditions. Anyone trying to save for retirement today would do well to adopt the same type of pragmatic flexibility."