Paul Samuelson on Social Security

Samuelson

Google via MarRev

Comments

  1. Wow…

  2. So how will the German's and Japanese manage?

  3. Is there, or should there be, an optimal global economic optimal life span for humans?

  4. The "Real Deal" book focuses on the notion of SS as a Ponzi scheme and seems to miss what Samuelson said: the whole idea of a growing nation is a Ponzi scheme.

  5. Thanks for digging it out this fantastic quote! Economists say and assume dumb things all the time, but one of the dumbest and most common is the assumption of growing population. When given the chance, I make a point of asking these simpletons how much advance reservation time they think their grandchildren should endure to see the Grand Canyon or Yellowstone.

    • Being economists, they would of course respond by saying that campsites at national parks should be auctioned off instead of reserved.

  6. Of course, an alternative to reliance on ever-growing population would be to invest the trust fund, as is done for example in Canada, rather than lend it to the government for a negligible return.