In an editorial in the NYT asking what's missing from the bailout package, Galbraith writes:
– Increase Social Security benefits, say by 30 percent, and a lower the eligibility age of Medicare to (say) 55 years of age. This would offset the deep drop in equity wealth of the elderly population, while favoring the poor. Expanding Medicare eligibility would permit more workers to retire, freeing firms from carrying health care costs for older workers.Social Security and especially Medicare are under deep water and will require cutting benefits or substantially raising taxes (probably both) in the next decade. Galbriath's solutions is... to make the problem drastically worse!
Who gave this guy a microphone and how do we take it back?