Wednesday, November 28, 2012

James K. Galbraith — Actually, The Retirement Age Is Too High

The most dangerous conventional wisdom in the world today is the idea that with an older population, people must work longer and retire with less.
This idea is being used to rationalize cuts in old-age benefits in numerous advanced countries -- most recently in France, and soon in the United States. The cuts are disguised as increases in the minimum retirement age or as increases in the age at which full pensions will be paid.
Such cuts have a perversely powerful logic: "We" are living longer. There are fewer workers to support each elderly person. Therefore "we" should work longer.
Foreign Policy | Special Report on Unconventional Wisdom
Actually, The Retirement Age Is Too High
James K. Galbraith | Lloyd M. Bentsen, Jr. Chair in Government/ Business Relations, Lyndon B. Johnson School of Public Affairs, and Professor, Department of Government, The University of Texas at Austin
(h/t Joe Weisenthal via Twitter)


Dan Lynch said...

Galbraith is speaking my language.

Malmo's Ghost said...

Ditto, Dan.