We have just posted a new piece on the Coalition web site:
Uncommon Sense 21: Social Security Is Not in "Crisis", by
Richard Du Boff
Du Boff includes discussion of the aging population and
comparisons of projected dependency ratios with those during
the youth of baby boomers, Truste
June Zaccone wrote:
What is especially surprising about Nadler's current
position is that he was very early in adopting the view of
no Social Security crisis. And supported it by citing
Henwood's work.
Fascinating. Tell us more.
--
Michael Perelman
Economics Department
California State
What is especially surprising about Nadler's current
position is that he was very early in adopting the view of
no Social Security crisis. And supported it by citing
Henwood's work. June
June Zaccone, National Jobs for All Coalition
[EMAIL PROTECTED]
Tom Lehman wrote:
Dear June,
I too
Tom Lehman wrote:
I too was surprised to read Nadler's comments. I had been led to
believe that he was going to oppose privatization---matter of fact the
Cleveland ADA had invited him to Cleveland for that reason or so I was
told. Now from what I understand he wants to invest 30% of the social
:
We have just posted a new piece on the Coalition web site:
Uncommon Sense 21: Social Security Is Not in "Crisis", by
Richard Du Boff
Du Boff includes discussion of the aging population and
comparisons of projected dependency ratios with those during
the youth of baby boomers, Truste
here's the kind of hand-out I think up for my intro-econ class:
Econ. 120/Dr. J. Devine/Spring 1999
The Future of Social Security
The Social Security system is not paid for by people paying taxes now to
accumulate assets that people in the future spend when they get SS
benefits. It's a &quo
William S. Lear wrote:
I thought Doug Henwood said
that Chile's system was gobbling up much higher percentages (30%?).
I got that from:
Diamond, Peter (1993). "Privatization of Social Security: Lessons From
Chile," paper presented at the 12th Latin American meeting of the
Econometr
William S. Lear wrote:
I can't really evaluate this --- what do you think? Which figure do
you think sounds more reasonable? And, are the two figures measuring
(just about) exactly the same thing?
Dunno. Dean Baker used to quote the 30% figure too, and he also used the
10-12% number for the
On Wed, January 27, 1999 at 11:25:15 (-0500) Doug Henwood writes:
William S. Lear wrote:
I thought Doug Henwood said
that Chile's system was gobbling up much higher percentages (30%?).
I got that from:
Diamond, Peter (1993). "Privatization of Social Security: Lessons From
Chile,&q
There is what looks to be a good article on Social Security in the
latest *Nation* magazine (February 8, 1999), "The Real Threat to
Social Security" by Robert Dreyfuss. I haven't read but a few quick
sentences, but here's a blip: "the financial services industry ---
not o
I hate to interrupt these fascinating disquisitions on
post-structural subjectivities and what not, but I am REALLY CONFUSED and
hope someone out there (you listenin', Max?) can help.
Clinton's budget projects a $4.4t surplus over the next 15
years (yeah,
right!). Clinton
I hate to interrupt these fascinating disquisitions on post-structural
subjectivities and what not, but I am REALLY CONFUSED and hope someone out
there (you listenin', Max?) can help.
Clinton's budget projects a $4.4t surplus over the next 15 years (yeah,
right!). Clinton proposes
At 11:00 AM 1/12/99 -0800, you wrote:
While you are at it, any rebutal to Milton Friedman's Social Security
Chimeras on the WSJ op-ed page (11/11/99)?
Henry C.K. Liu
Friedman's editorial (in yesterday's NYT, by the way), points out,
correctly, that the SS trust funds and projected shortfalls
her things, in the annual report of
the Social Security trustees, at ftp://ftp.ssa.gov/pub/oact/tr98.pdf.
LBO #87, now in the mail, has an article on Social Security and a companion
piece on just how well real people do in the stock market.
Doug
While you are at it, any rebutal to Milton Friedman's Social Security
Chimeras on the WSJ op-ed page (11/11/99)?
Henry C.K. Liu
"William S. Lear" wrote:
I have appreciated greatly the contributions of several on this list
(Gerald Friedman, Frank Durgin, Jim Devine, Max Sawicky, E
Ellen Frank:
Excellent rebuttal.
Much of economics theory on the right assumes an anti social programs ideology
as economic truth and then constructs mechanical rationale to dismantle social
programs in the name of efficiency.
In 1935, Congress passed the Social Security Act as part of the New
The Social Security program, by its very name, is not an investment program.
Rates of return in a market economy are a direct reflection of the level of
risk. The entire purpose of SS is to eliminate risk for those citizens least
able to afford to take risk relating to their well-being
. . .
Today's Washington Post has an article satatng that the clinton
administration has drawn up five Social Security reform plans all of which
call for some
form of sotck market investment. The man who led the Repubican charge to
abolish welfare is now leadiing their charge
Max Sawicky wrote,
If Clinton was so vital to the Republican
cause, they wouldn't be about to impeach him.
I thought they wanted to "put that behind them" as quickly as possible.
Tom Walker
http://www.vcn.bc.ca/timework/
If Clinton was so vital to the Republican
cause, they wouldn't be about to impeach him.
I thought they wanted to "put that behind them" as quickly as possible.
That was last week.
mbs
Max writes:
If Clinton was so vital to the Republican
cause, they wouldn't be about to impeach him.
I wouldn't say that Bill "little head" Clinton is vital to the GOPsters.
But he does help their program (though not necessarily their individual
careers) a lot, by taking over their initiatives
At 08:09 AM 12/8/98 -0800, you wrote:
With Ellen Frank's permission all Pen-l'ers should
copy her short explanation and distribute it through every imaginable means.
Permission Granted -- Ellen Frank
What I would be on the look out for in initiatives to "preserve" and
"affirm" the program would be calls -- in the name of "fairness" and "true
insurance principles" -- for more closely tying benefit entitlements to
lifetime contributions. What this means in practice is a ratcheting up of
by this statement. Right now, the budget surplus that
Congress wants to spend on tax cuts is, in fact the social security
surplus, is it not? And isn't the $1.5b projected ten-year surplus also
the SS surplus? What bothers me is that this money, which is collected
through a regressive tax
Max Sawicky wrote,
Changes in distributive effect are independent of
the program's operating surplus/deficit.
Yes, if you're only looking at the program and not considering the use of
the revenues to finance general govt. operations.
fund bonds are redeemed with general revenue, there
is no
Max Sawicky wrote,
So the "charge," such as it is, remains quite
cautious. That's why the GOP is whining that
Clinton has to go first with a plan.
One of the five plans is the Ball plan, which is
limited to the trust fund owning some stock and
otherwise preserves the system. I am not
suggestion, for starters: with Ellen Frank's permission all Pen-l'ers should
copy her short explanation and distribute it through every imaginable means.
Ellen Frank
Each year, American workers pay more into the Social Security (SS) system
than retirees take out. The diffe
This week's People's Weekly World has an article by Greg Godwin titled
"Every retiree a millionaire?"
In the article he states "...that in 1993 over 38% of Social Security
beneficiaries were not retired workers. ...Of the 42 million social
Security beneficiaries that year, near
Ellen Frank wrote,
But there is no pile
of money, there never was and there never will be.
That illusory "pile of money" is the papier-mâché rock upon which all
right-wing economic wisdom is founded. If capital played by such a farcical
pile-of-money rule, we'd all still be scraping the
Max writes: The earmarking gives rise to the Trust Fund balance,
including its dates of cash deficits, overall deficit, and exhaustion of
the fund balance, all of which are key to the current debate. As I said,
accounting may be dull, but it is political. It is the Right which is
demeaning
At 09:11 AM 12/7/98 -0500, you wrote:
Max writes: The earmarking gives rise to the Trust Fund balance, including
its dates of cash deficits, overall deficit, and exhaustion of the fund
balance, all of which are key to the current debate. As I said, accounting
may be dull, but it is political.
Quoth Ellen Frank, in part:
Each year, American workers pay more into the Social Security (SS) system
than retirees take out. The difference, now about $90b per year, is
"saved" in the Social Security Trust Fund. Today the trust fund has around
$800b. By 2021, it will have n
In response to Bill Lear's question, I've attached a short piece I wrote on
SS for a local union publication.
Ellen Frank
Each year, American workers pay more into the Social Security (SS) system
than retirees take out. The difference, now about $90b per year
Max replied:
Unlike welfare, and like insurance, beneficiaries make
earmarked payments into the program. ...
since funds are shifted about between various government budgets, the
"earmarked" part is pretty unimportant. . . .
The earmarking gives rise to the Trust Fund balance,
including
The SS Budget was merged into the overall Fedeal Budget during the Johnson
Administration.
Reason: SS Budget was always in surplus but the Fed Budget, becasue of
Viet Nam War, was running a big deficit.
By merging them Johnsoon and Humphry were able to have their "happy little
war" a budget
My brother tells me that under the Reagan administration the
accounting of Social Security was changed. He says that they used to
be separate budgets, but now they are combined accounts. He also says
that the government has borrowed money from the Social Security
accounts and not paid
d
future generations, the rate of return will be lower
than previous, with some possibility of a negative
ROR for some in the future. But part of the debate
is precisely whether comparing rates of return in
the program to either past rates or private savings
is a valid exercise.
3
... 3) I'm not quite sure why social security is not "insurance". How
does "insurance" differ from "government redistribution" in the case
of SS?
I would say that SS _is_ a form of insurance. Insurance companies
redistribute money from those whose houses
I wrote:
I would say that SS _is_ a form of insurance. Insurance companies
redistribute money from those whose houses don't burn down to those whose
houses do burn down (to use the example of fire insurance), sharing the
risk. SS redistributes from those who are suffering from retirement,
In a message dated 12/6/1998 9:48:40 AM Pacific Standard Time,
[EMAIL PROTECTED] writes:
the government has borrowed money from the Social Security
accounts and not paid it back.
Max (anyone), is this accurate? Of what importance is this, if so?
--- as a biker, i'm aware
ity of the economy, BTW, since the vast majority of stocks purchased
are not new issues financing capital investment.
... 3) I'm not quite sure why social security is not "insurance". How
does "insurance" differ from "government redistribution" in the case
of SS?
I wou
.. . . FDR supported the separation of social security form
the rest of the budget to preserve the illusion that social security
(OASI, now OASDHI) was a form of insurance. In fact, it is a government
redistribution program largely indistinguishable from welfare. . . .
This implies either
On Sun, December 6, 1998 at 06:58:00 (-0500) Gerald C Friedman writes:
FDR supported the separation of social security from
the rest of the budget to preserve the illusion that social security
(OASI, now OASDHI) was a form of insurance. In fact, it is a government
With the discussion of social security, I thought people might be
interested in this section of a campaign proposal I prepared informally for
some immigrant rights friends:
IMMIGRATION WILL SAVE SOCIAL SECURITY . . .
A basic dilemma in this debate is the choice
between offering fixes
Hi all,
With the discussion of social security, I thought people might be
interested in this section of a campaign proposal I prepared informally
for some immigrant rights friends:
IMMIGRATION WILL SAVE SOCIAL SECURITY
Conservative political forces have been generating a drumbeat of criticism
This is a multi-part message in MIME format.
--A845DEB1CF8DACBA2F81AB42
WALL STREET JOURNAL August 10, 1998
Britain's Social Security Debacle May Send Warning Signals to U.S.
By STEVE STECKLOW and SARA CALIAN
Staff Reporters
Forwarded message:
Delivered-To: [EMAIL PROTECTED]
Delivered-To: [EMAIL PROTECTED]
Date: Thu, 03 Sep 1998 18:22:55 -0700
To: [EMAIL PROTECTED]
From: Sid Shniad [EMAIL PROTECTED]
Subject: Britain's Social Security Debacle May Send Warning Signals to
U.S.
X-UID: 763
WALL STREET JOURNAL
.
And if the Social Security System is allowed to benefit from gigantic gains
in the stock market, more of the elderly will be able to choose gourmet.
Gene Coyle
from today's L.A TIMES:
"Investing Social Security money in the stock market could be the best
thing to happen to the elderly
from today's L.A TIMES:
"Investing Social Security money in the stock market could be the best
thing to happen to the elderly since
gourmet cat food." (Daily Scoop)
there's no copyright information. "Daily Scoop" is some sort of joke news
service.
in pen-l solidarity
___
THE PROGRESSIVE POPULIST:
A MONTHLY JOURNAL OF THE HEARTLAND
May 1998 -- Volume 4, Number 5
___
EDITORIAL
Stop Social Security Lies
Mark Twain said "A lie can travel hal
Return-Path: [EMAIL PROTECTED]
Date: Sat, 25 Apr 1998 13:45:55 -0500
Reply-To: [EMAIL PROTECTED]
Originator: [EMAIL PROTECTED]
Sender: [EMAIL PROTECTED]
From: "Michael H. Belzer" [EMAIL PROTECTED]
Subject: Brookings Briefing on Social Security
X-Listprocessor-Version: 6.0b -- Lis
FYI, the right-wing case for an "Australian solution"
to Social Security is contained in Backgrounder # 1149
on the Heritage Foundation web site (www.heritage.org)
in their archives. It's a PDF file.
MBS
Max B. Sawicky 202-775-8
Doug,
Stocks return a third from dividends? Many new companies don't
even pay dividends, are you sure about that figure?
peace
J Cullen wrote:
. . . My question: If Social Security were privatized
and everybody bought mutual funds, and the economy still grew at the anemic
rate of 1.5 percent that the system's trustees assumed in order to
manufacture the crisis, would the stock market grow enough to finance
J Cullen wrote:
I know Doug Henwood reported in 1995 that the Social Security "collapse"
was based on low-balled projections of economic growth during the next 75
years -- an analysis that is still overlooked in nearly all reports on the
Social Security "crisis". My question
I know Doug Henwood reported in 1995 that the Social Security "collapse"
was based on low-balled projections of economic growth during the next 75
years -- an analysis that is still overlooked in nearly all reports on the
Social Security "crisis". My question: If Social Secu
Doug, perhaps you can explain to me Greenspan's thought
process. If Social Security is privatized in the way he
was talking about this means a great deal of more money
flowing in to the stock market and, I believe he suggests,
an increase in the rate of saving. But if, as you argue,
the stock
[EMAIL PROTECTED] wrote:
Doug, perhaps you can explain to me Greenspan's thought
process. If Social Security is privatized in the way he
was talking about this means a great deal of more money
flowing in to the stock market and, I believe he suggests,
an increase in the rate of saving
Paul Phillips wrote,
Doug, perhaps you can explain to me Greenspan's thought
process.
My entry in the explain-Greenspan's-thought-process sweepstakes: Ponzi on
steroids.
Regards,
Tom Walker
^^^
knoW Ware Communications
Vancouver,
Folks,
The former chief actuay of our Social Security Administration, Robert Myers
points out in the latest issue of "Contingencies" (an actuarial trade
publication) that Chile's SS system is in deep actuarial do-do:
Their vaunted "Personal Savings Account System" suppos
William S. Lear wrote:
At the end of last month, Paul Phillips asked about reasons to oppose
privatizing social security. Today on CSPAN I saw something I hadn't
seen before. A very trim, well-dressed and articulate gentleman, who
repeatedly stressed to the audience that he was "a
William S. Lear wrote:
At the end of last month, Paul Phillips asked about reasons to oppose
privatizing social security. Today on CSPAN I saw something I hadn't
seen before. A very trim, well-dressed and articulate gentleman, who
repeatedly stressed to the audience that he was "a
At the end of last month, Paul Phillips asked about reasons to oppose
privatizing social security. Today on CSPAN I saw something I hadn't
seen before. A very trim, well-dressed and articulate gentleman, who
repeatedly stressed to the audience that he was "a good conservative
Repub
On Wed, July 23, 1997 at 13:07:52 (-0700) Doug Henwood writes:
A Cato Institute press release. Note the authors' employer - State Street
Advisors, a large portfolio manager.
So, who is going to write a point-by-point rebuttal to this, aside
from Doug, who has a pretty good start of one in _Wall
A Cato Institute press release. Note the authors' employer - State Street
Advisors, a large portfolio manager.
Doug
July 22, 1997
Objections to Social Security privatization don't withstand scrutiny
"The most common criticisms of a market-based retirement system are
unfounded,&
At 5:49 PM 1/13/97, Michael Perelman wrote:
Would moving social security funds to the stock market raise the cost of
government borrowing or would current equity holders just shift some of
their funds back to the bond market?
What government borrowing? Clinton and Congress have both pledged
Would moving social security funds to the stock market raise the cost of
government borrowing or would current equity holders just shift some of
their funds back to the bond market?
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail
At 5:49 PM 1/13/97, Michael Perelman wrote:
Would moving social security funds to the stock market raise the cost of
government borrowing or would current equity holders just shift some of
their funds back to the bond market?
What government borrowing? Clinton and Congress have both pledged
Would moving social security funds to the stock market raise the cost of
government borrowing or would current equity holders just shift some of
their funds back to the bond market?
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail
-- Forwarded message --
Date: Mon, 6 Jan 1997 12:53:38 -0800 (PST)
From: Michael Eisenscher [EMAIL PROTECTED]
To: [EMAIL PROTECTED], [EMAIL PROTECTED], [EMAIL PROTECTED],
[EMAIL PROTECTED], [EMAIL PROTECTED],
[EMAIL PROTECTED]
Subject: AFL-CIO the Fate of Social Security
[EMAIL PROTECTED] wrote:
1. I think, on balance, a publically funded trust would be better than
private ones, but there are problems with any funded program. I certainly
. . .
Me too. I've always wanted the government to own the capital stock.
But I think the distinction between advance
IL PROTECTED]
Reply-To: [EMAIL PROTECTED]
Originator: [EMAIL PROTECTED]
Sender: [EMAIL PROTECTED]
Precedence: bulk
From: "Max B. Sawicky" [EMAIL PROTECTED]
To: Multiple recipients of list [EMAIL PROTECTED]
Subject: [PEN-L:7766] Re: Fwd: Re: Social Security
X-Listprocessor-Version: 6.0c -
ng workers) applies just as much to
private pension plans as to Social Security. If the privateers
succeed in looting SS by turning it into a welfare program for
the stock market, they'll discover that the same demographic
problem applies to private support of the old (one's parents
living at
In a message dated 96-12-04 16:01:33 EST, [EMAIL PROTECTED] (Doug Henwood)
writes:
Since the U.S. has one of the mildest aging problems of the OECD countries,
where will the outside money come from? Malaysia maybe?
Please to explain, I don't get it, do you mean that the U.S. is aging less
Date: Wed, 4 Dec 1996 15:13:05 -0800 (PST)
Reply-to: [EMAIL PROTECTED]
From: [EMAIL PROTECTED]
Subject: [PEN-L:7732] yet more Social Security
Shouldn't it be _Father_ Devine? (For what it's worth, Father
Divine was the black sheep of our family. Look him up
Rev. Devine wrote:
BTW, such confusions ("overreactions") can be avoided by reading
someone's e-message all the way through before (over)reacting to
it paragraph by paragraph.
I tried that once, but my lips got numb.
Regards,
Tom Walker
Max S. suggests "more sex with immigrants" as one way to solve
the US Social Security system's demographic problem. This seems a
good idea (as is sex in general), but it's got to be without the
use of birth control.
Getting beyond such frivolity, the point which I should have mad
Date: Wed, 4 Dec 1996 10:56:34 -0800 (PST)
Reply-to: [EMAIL PROTECTED]
From: [EMAIL PROTECTED]
Subject: [PEN-L:7723] Re: Social Security
One thing has to be emphasized again and again in the discussion
of (US) Social Security's threatened bankruptcy 25 years
Why worry? As Dean Baker pointed out in Challenge, now that the CPI
revision is rolling we'll all be fabulously rich in 30 years, and should
have no trouble caring for the boomers.
Eban
On Wed, 4 Dec 1996, Doug Henwood wrote:
At 12:01 PM 12/4/96, Max B. Sawicky wrote:
yes and no. The
Date: Wed, 4 Dec 1996 13:19:27 -0800 (PST)
Reply-to: [EMAIL PROTECTED]
From: [EMAIL PROTECTED]
Subject: [PEN-L:7728] Social Security and Sex
Max S. suggests "more sex with immigrants" as one way to solve
the US Social Security system's demograph
te pension plans as to Social Security. If the privateers
succeed in looting SS by turning it into a welfare program for
the stock market, they'll discover that the same demographic
problem applies to private support of the old (one's parents
living at home, etc., supported by you).
the demograph
Yesterday's (Dec. 3, 1996) Wall Street Journal had a long article
on the efforts of Wall Street firms to promote privatization of Social
Security.
There are two points here: First, the assault on Social Security
goes on.
Second, the article reports on the money being
At 12:01 PM 12/4/96, Max B. Sawicky wrote:
yes and no. The change in the ratio of workers to retirees only
matters in a pay-as-you-go framework. If current workers somehow
saved enough in private plans it wouldn't matter how many younger
workers there were. One consideration would be the
Brother Sawicky writes that: I meant that a privatization
scheme which successfully increases savings could raise economic
growth (level, not rate), granting lots of additional assumptions
or qualifications. In such an admittedly fictitious context,
the worker-retiree ratio isn't at issue. A
Date: Wed, 4 Dec 1996 12:58:10 -0800 (PST)
Reply-to: [EMAIL PROTECTED]
From: [EMAIL PROTECTED] (Doug Henwood)
Subject: [PEN-L:7726] Re: Social Security
Saved? As Keynes said, we cannot as a community make financial provision
for the future. What would
Fellow Golden Agers:
A young, rising liberal luminary of the profession, Alan
Krueger, has a column in the Washington Post this past Monday
proposing to index Social Security benefits to wages.
His justifications include: doing a true cost-of-living
index is too difficult; indexing benefits
On Tue, 19 Nov 1996, Max B. Sawicky wrote:
Fellow Golden Agers:
A young, rising liberal luminary of the profession, Alan
Krueger, has a column in the Washington Post this past Monday
proposing to index Social Security benefits to wages.
His justifications include: doing a true cost
Random comments on Alan Krueger's proposal to index Social
Security benefits to wages.
Will the index be based on total compensation (wages + nonwage
benefits) or just wages? If, as mainstream argues, wages and benefits
are very close substitutes then it seems that the index should properly
Linking social security to wages would have the beneficial effect of
making the interests of workers and the elderly similar. Imagine the ARRP
pressuring congress to help unions organize the make social security
payments increase.
--
Michael Perelman
Economics Department
California State
A debate between myself and the economist for the Concord Coalition was just
published on means testing Social Security. The Concord Coalition is for it
because they want to turn Social Security into welfare. The reference is
Contoversial Issues in Aging, edited by Kaye and Scharlach, Allyn
Teresa, when you wrote the following I think you were agreeing with me and
DISAGREEing with Bill Moore.
Gene Coyle
A debate between myself and the economist for the Concord Coalition was just
published on means testing Social Security. The Concord Coalition is for it
because
cribe" message to [EMAIL PROTECTED]
DON=D5T DEPORT THE SOLUTION TO SOCIAL SECURITY
-- by Nathan Newman, [EMAIL PROTECTED]
You are moving to Florida. We all are, slowly.
Or so we are told by the policymakers loudly=20
proclaiming the =D2crisis=D3 in Social Security. Th
for the solution to the much-heralded crisis
of the social security system in the U.S., which is perceived to
be arising due to demographic changes implying a rise in the
number of old people to be supported by the young tax-payers.
However, with the HMO-ization of health care, fewer old people
John Shoven wrote some time ago that the cessation of smoking could break
social security.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail [EMAIL PROTECTED]
Summarizing what sounds like a worthwhile article by Richard
duBoff, Mike M. writes that That is the social compact
entailed in the social security act.
I think that's the way social security would be in an ideal
world, but that's not the way it is. I would say instead that the
social
somehow the following didn't show up in the pen-l archive at
csf.colorado.edu; I apologize if it represents duplication.
Summarizing what sounds like a worthwhile article by Richard
duBoff, Mike M. writes that That is the social compact
entailed in the social security act.
I think that may
I disagree with Bill Mitchell's statment that environmental
considerations mean the abolition of poverty is impossible.
The physical resources of the Earth may be finite but technological
development is not. New technologies being developed will allow
for more efficient use of resources,
of federal spending
rose from 11% of federal spending in 1983 to 14% in 1989 but
actually has fallen to 12.2% in 1993. As a % of GDP interest
payments went from 2.7% to 3.1% in the same period -- and have been
falling since 1991.
These number look nice, but they ignore the issue of Social Security
Nathan argued:
[deletions]
Wages for younger folks have dropped like a stone, job security has
disappeared, etc. Maybe things would have been worse without the 80s
deficits, but it's quite obvious that more Keynesian deficits would not
have solved the economic problems we face.
Which means
At 12:48 PM 6/9/95, Nathan Newman wrote:
Wages for younger folks have dropped like a stone, job security has
disappeared, etc. Maybe things would have been worse without the 80s
deficits, but it's quite obvious that more Keynesian deficits would not
have solved the economic problems we face.
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