Nov 222010
Mark Thoma on Social Security:
Without the institution of Social Security, households would have acquired more real assets. They would have had both more means and more incentive to do so. Those who did not have the means or did not respond to the incentive would be dependent on the charitable inclinations of the rest in order to be comfortable in their old age.
This simple reality is often overlooked in the emotional discussions regarding social security and other so-called welfare state programs.
