Worms, Pond Scum and Economists

The effort to blame the awful plight of the young on Social Security and Medicare is picking up steam.

In the last week, there were several pieces inThe Washington Post and The New York Times that either implicitly or explicitly blamed older workers and retirees for the bad economic plight facing young people today. There is now a full-court press to cut Social Security and Medicare benefits, ostensibly out of a desire to help young workers today and in the future.

Just to be clear, there is no doubt that young workers face dismal economic prospects at the moment.

The unemployment rate for workers in their early 20s is over 13 percent, and even for workers in their late twenties, it is over 9 percent, almost 1.5 percentage points above the national average…

CONTINUE READING HERE!

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