Tuesday, December 07, 2004

Social Security: Justoneminute and commentators debunking Paul Krugman's curious article on how Social Security is not in crisis. Paul Krugman 2004: For Social Security is a government program that works, a demonstration that a modest amount of taxing and spending can make people's lives better and more secure. And that's why the right wants to destroy it. Paul Krugman 1997: "Social Security is structured from the point of view of the recipients as if it were an ordinary retirement plan: what you get out depends on what you put in. So it does not look like a redistributionist scheme. In practice it has turned out to be strongly redistributionist, but only because of its Ponzi game aspect, in which each generation takes more out than it put in. Well, the Ponzi game will soon be over, thanks to changing demographics, so that the typical recipient henceforth will get only about as much as he or she put in (and today's young may well get less than they put in). "

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1 Comments:

Blogger Trader Hank said...

What, politics deciding what is said over our Countries interest? You mean the NY times would do this? I am shocked.....not!
Nice look back.

12/08/2004 12:32:00 AM  

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