The so-called 'retirement age' is nominally thought to be 65 years old, but to get your full Social Security benefits the age is inching up each couple of months to 67, for those born in 1960 or later. And who knows where it will go from there? Or what will become of it.
Today with all the advancement on each of these fronts, average longevity is in the 80s and headed to the 90s. The largest growing demographic are the centurions and over -- for all the reasons that you readers know. So... what to do to rationalize the Social Security Retirement System?
Why has economic growth been so slow since the Great Recession? This is the question haunting many economists these days. Second quarter 2015 real GDP growth (after inflation) was just 2.3 percent six years after its end. This is better growth than any other developed economy, but still much too low for a sustainable recovery.
For more than two decades there have been well-funded efforts to try to scare the public into supporting cuts in Social Security and/or privatizing the program. The basic story was that demographics would make Social Security unaffordable.
Puerto Rico is on its way to one of the largest debt defaults in history, right up there with Greece and Argentina. Economic stagnation, or contraction, is not merely a result of an economic cycle but of major long term problems that make the island uncompetitive. But is there a way out?
It should not have come as a surprise that the majority of Greek voters opted not to accept more externally-imposed austerity, by voting "no" in Sunda...
To view ourselves in the context of our background, history and the present, is an essential aspect of self-acceptance.
The Greek referendum is actually a vote against monopoly capitalism that now pervades the globe and has impoverished the poor and the middle class for decades, while enriching the rich beyond imagination.
Trade deals are one subject (one of the very few left) which do not break down on party line. Both the Republicans and the Democrats are split over the issue, so it's not a repeat of the usual partisan battle lines. But it is a clear defeat for Obama, who lobbied hard to very little effect.
Perhaps one thing that people of all political stripes can agree on is the importance of health. When disease strikes us or our loved ones, our whole world changes.
If the Fed raises rates prematurely, it will be preventing most workers from sharing in the gains of economic growth. Instead of real wage gains, workers are likely to see their wages continue to stagnate, as they have done since the 2001 recession.
A FTT is a great way to raise large amounts of money to meet important public needs. It will come almost entirely at the expense of the financial industry and should strengthen the economy. We now have one presidential candidate who is prepared to support a strong FTT. Are there others?
Since I agree with the vast majority of what Bernstein has to say, let me pick on three areas where I have some disagreement. The first is the discussion of the initial financial crisis that Bernstein stepped into at the start of 2009 as one of Obama's advisers.
Balancing the budget through reduced spending and increased revenues, ending the vast expansion of the Federal Reserve's balance sheet and normalizing interest rates, are all necessary actions in the effort to right the economy in the face of the Great Recession.
Daniel DiSalvo's new book paints a dark conspiracy where public sector unions push for ever higher pay and benefits, work rules that allow for endless loafing on the job, and disciplinary policies that prevent even the most incompetent from being fired. It's a moving story -- the data just don't quite fit the picture.
I heard a news report on the radio about a new MIT study that finds that the U.S. government is not spending enough on research and development and that this is putting us at a competitive disadvantage.