This is what's REALLY going on with Social Security, and why you shouldn't be as worried as some headlines suggest, says M_C_Klein
People who do not work live at the expense of those who consume less than they produce. Workers put up with this because they expect, eventually, to join their elders in leisure and because they want insurance against the risk of becoming disabled.
The stability of the arrangement depends on the value of worker output growing in line with the value of what retirees consume. Anything else implies changes in the relative living standards of workers and retirees. This is the perspective from which one should read the latest... Subscribe or Sign In to continue reading.
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