Throughout the past decade, those seeking the presidency have focused their rhetoric more on what they wouldn’t do to repair Social Security’s finances than on what they would. Congress isn’t doing much better. Instead of charting a realistic path forward, every congressional Social Security proposal introduced this year would do one of two things: add a new parental leave benefit, or significantly increase projected costs through a general benefit increase.
As Deirdre McCloskey and many others point out, human beings have created labor-saving tools since the invention of the spear, bucket, and wheel without causing massive unemployment. Robert Samuelson shares a new report reaching the same conclusion regarding more recently invented labor-saving tools .
Econ 101 is correct about minimum wages . (HT Ike Pigott)