Americans, as well as citizens of many other advanced nations, now spend about twice as many years in retirement as they did a generation or two ago. During that time, they expect the government to provide them with income support and healthcare. Is it any wonder that we face serious fiscal problems?First and foremost, participation in the social security system is not voluntary, it is forced. That's theft. No one would put money into a system where the payment goal post keeps changing. Second, to keep the masses quiet, Social Security is sold as a retirement program when it is a Ponzi scheme that can't possibly payoff what it promises.
I hope the president's fiscal commission makes raising the age of eligibility for these programs one of its main recommendations.
Mankiw has to know this. But instead of calling for an end to the system, and calling out the scammers, he slides right in with them. Disgusting.
Mnakiw has to know all this
Mankiw probably knows SS is a ponzi scheme but future potential paychecks compell him to fall in line with the government goons.
ReplyDeleteFinancial incentives matter...