Government is very good at crowding out private sector activities. When government borrows, it can cause interest rates to rise and crowd out more productive private sector borrowing. When government expands welfare programs to help the hungry and homeless, the effect is the crowding out of individual giving to more efficient private-sector programs. And decades [...]
As I skimmed through a copy of the president’s 2014 budget, which by the way, is chock full of fluffy spending at the expense of the taxpayer, I caught site of an interesting proposal regarding retirement accounts. Let me back up a bit and rephrase myself — I caught sight of a “hair-brained scheme” that [...]
In light of all of the worrying about sequestration, entitlement reform – of course – goes undiscussed. While trimming around the edges of discretionary spending has sent people into a panic, the $100 billion in cuts are a drop in the bucket compared to the growing expenditures of the mandatory spending programs Social Security and Medicare. [...]
Social Security and Medicare are grand Ponzi schemes that make Bernie Madoff’s operations look like petty theft. They discriminate against black males especially because they pay into the system on every job they have, but many die of health problems and violence long before they collect a dime in benefits. Middle and higher income Americans
Special blog post by Lewis Warne, an NCPA research associate. More than half a century ago, the elderly were more likely to live in poverty than any other age group. Thankfully, that has changed, and the poverty rate for people aged 65 and over was less than 10 percent in 2010. Sadly, however, more elderly [...]
Special blog post by Lewis Warne, an NCPA research associate. Social Security Disability enrollment for workers, excluding disabled children and disabled widow(er)s, is growing much faster than the working age population. Since 1991, workers on disability increased almost 170 percent, from 3,194,938 to 8,575,544 In the same period, the writing my essay population between 18-64 [...]
In an August blog post, I referenced a New York Times Economix blog article highlighting the falling median income among 55 to 64 year olds during the past three years. One of my blog readers asked me about consumer spending for this age group. Has it fallen along with income? Alas, my new NCPA study [...]
Baby boomers just can’t get a break. Catherine Rampell of the New York Times’ Economix blog reports that since mid-2009, the median household income across the working age population has fallen, with the worst decline (10 percent) seen among 55 to 64 year olds. Rampell notes that re-employment opportunities for this age group are slimmer [...]
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The population is growing, yet the work force is shrinking. In 2000, the civilian labor force participation rate (LFPR) peaked at more than 67 percent. In May of this year, it stands at 63.8 percent. What gives? The recession plays a role, as many chronically unemployed people have given up searching for a job and [...]