We have a terrible failure of demand — and Carly Fiorina thinks the key problem is excessive taxes on corporations (our effective rate is actually fairly low). Hey, if only we had low rates like Ireland, we could have 14.7 percent unemployment … oh well, never mind.
Meanwhile, Eric Schmidt thinks the problem is a shortage of workers in some high-skill fields. As Dean Baker points out, businesses were saying the same thing in 1935; so were the era’s Very Serious People.
Everything makes David Walker think of the need for entitlement reform. Everything makes George Will think of Ronald Reagan.
Sigh.
I particularly love that they keep featuring Pete Peterson's ventriloquist dummy as a Very Serious Person.
WILL: -- is simple. I mean the average length of retirement in the 20th century expanded from two years to 20 years. The system was never designed for this. If we had indexed the retirement age to life expectancy in 1935, the retirement age today would be 74 and we'd have no problem.
When George Will has to work his extra years as a short order cook and his wife is a full-time waitress, maybe we can talk.
I'm with Atrios: why in God's name do "liberals" think they'll ever be able to take Social Security off the table. It will be off the table when the retirement age is 113 and there are only two people collecting.
