The concept of social security challenges the idea that everyone should be an expert investor by providing a safety net for individuals who may not have the knowledge, resources, or ability to invest effectively for their retirement. It acknowledges that not everyone can be an expert investor and that the economy should work for people, not the other way around. Social security, with its low operating costs and minimal bureaucracy, is a practical solution that works for the majority of people, ensuring they have some level of financial security in their retirement.
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“Zombie ideas” simply refuse to die despite mountains of evidence to disprove them. How do you fight them? Paul Krugman, Nobel Prize winner in Economi...
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In an ideal world, young workers make a realistic projection of their life expectancy and invest in the right market instruments after understanding the tradeoffs. However, in the real world, many Americans save much less than required for retirement and invest poorly. It is unfair to expect everyone to be expert investors. The economy is supposed to work for people. Social security is an excellent example of what works with low operating costs and minimal bureaucracy.
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