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View Diary: Krugman says "The Geezers Are All Right" (45 comments)

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  •  Think about it more (0+ / 0-)

    You have thought of one reason why the projections may be overstating the problem (people work longer than we currently assume). Can you think of any reasons at all why the projections may be understating the problem? There are many, including people don't work as long as we expect. What if people live longer than we expect? Or have fewer kids. Intellectual honesty demands we consider both possibilities and then try to think hard about what the range of possibilities are.

    What are the implications of uncertainty for policy making? we could impose cuts that turn out not to be needed. We could collect revenue we don't need. Or we could fail to make adjustments and  then force later generations to bear all the costs of our misjudgments. One complexity is that when is comes to retirement, people need to make decisions today based on what they think will happen in 20 or 30 years.

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