Sunday , September 22 2019
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Some Links

Summary:
My intrepid Mercatus Center colleague Veronique de Rugy tells the harsh truth about Social Security. A slice: It looks even worse in the long run. The Social Security Board of Trustees reports that over the next 75 years, the program will be underfunded by .9 trillion. To make Social Security solvent over this period would require an immediate and permanent payroll tax increase (today) of 2.78 percent of overall wages — which raises the average Social Security payroll tax bite by 25 percent. Alternatively, Congress could cut benefits by 17 percent. A mix of both tax increases and benefit cuts is obviously an option. No meaningful reform will be painless, and waiting only makes fixing the problem harder. Inspired by Hayek, my GMU Econ colleague Pete Boettke calls on (true) liberals

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My intrepid Mercatus Center colleague Veronique de Rugy tells the harsh truth about Social Security. A slice:

It looks even worse in the long run. The Social Security Board of Trustees reports that over the next 75 years, the program will be underfunded by $13.9 trillion. To make Social Security solvent over this period would require an immediate and permanent payroll tax increase (today) of 2.78 percent of overall wages — which raises the average Social Security payroll tax bite by 25 percent. Alternatively, Congress could cut benefits by 17 percent. A mix of both tax increases and benefit cuts is obviously an option. No meaningful reform will be painless, and waiting only makes fixing the problem harder.

Inspired by Hayek, my GMU Econ colleague Pete Boettke calls on (true) liberals to have the courage to be bold.

George Will praises Colson Whitehead’s new novel, The Nickel Boys.

Peter Earle documents yet another casualty of Trump’s trade war war on trade.

Mark Perry reveals yet another of Trump’s countless inconsistencies.

Arnold Kling finds in J.D. Vance evidence for the truth behind George Will’s lament that so many conservative intellectuals have become mindless apologists for Trumpian conservatism.

Pierre Lemieux points out what should be, but often isn’t, obvious: self-interest and capitalism are not synonymous with each other.

Kevin Williamson wisely endorses Michael Tanner’s call for a policy of unilateral free trade. Here’s Williamson:

We can have trade that is run by the actual buyers and sellers of goods and services. Or we can have trade that is run by politicians.

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Don Boudreaux
He is a professor of economics at George Mason University in Fairfax, Virginia. Previously, he was president of the Foundation for Economic Education.

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