Social Security and Real Production
By Arnold Kling
Don Lloyd decries the accounting approach to Social Security.
The common flaw in all of the proposed remedies above is that they focus on dollars and money. This is too narrow and ignores the fact that the primary end goal of an economy is the actual consumption of goods and services. Production would be pointless unless the goods produced are expected to be consumed.
I expressed the same sentiments in Farmers and Parasites.
For Discussion. Is there any chance that raising the retirement age in exchange for lower Social Security taxes would fly as a policy for young workers?