Social Security Ad Nauseum
By Arnold Kling
I have an essay that looks at recent writing by Brad DeLong and Paul Krugman.
To economists, raising the retirement age is the obvious fix for a system that otherwise faces an ever-declining ratio of workers to retirees. Unfortunately, it appears to have never stood a chance politically. For that reason, DeLong proposes creating an independent board, modeled on the Federal Reserve, to focus on keeping Social Security in balance.
If you just cannot get enough analysis of Social Security, Andrew Samwick has a pointer to an email list discussion among economists.
One issue that I am just starting to think about is life expectancy, which is discussed in another Samwick post.
For Discussion. Today’s life expectancy calculations pretty much assume that a good proxy for your death rate 10 years from now is the death rate last year of people 10 years older than you. What alternative approaches are there?