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March 22, 2005


For another view of Mr. Schiller's view, Donald Luskin has some comments here:


I think Shillers analysis is flawed. He compares an idea SS system with a real investment. Since SS relies on taxes and the tax base has a 1-to-1 connection to the economy, where does the SS tax come from that is different than a broad investment in that same economy?

He implies that the SS tax revenue will grow as needed but implies that the economy (or investment in the economy) won't.

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