This is an article which should be read by anyone who understands the mission of Against Crony Capitalism.
What is a society to do as the population keeps getting older, when the economically “productive” people number fewer than the people who are retiring? This is the great question which is confronting this country and Europe right now. How can the 20th Century welfare state survive in the face of such an important demographic shift?
The answer is that it cannot. We will go through hell coming to this understanding however.
(From Real Clear Markets)
Most Americans seem indifferent as to how they get ahead, whether by wealth creation or redistribution. The choice seems abstract. Fair enough. But for the country, the choice matters enormously. The appeal of the affluent society was that one group’s gains didn’t have to come at the expense of others’. The promise of economic growth was oversold, but it had the healthy effect of encouraging an expansive and inclusive vision of America.
What’s emerging today is more self-interested and self-destructive. The dilemma of a rich society is that its prospects can be undermined by its very abundance. Countries preoccupied with distributional wars are distracted from production.