There’s one economist who’s been beating the drum for an economic fix that is the opposite of what many are suggesting.
James K. Galbraith, the Lloyd M. Bentsen Jr. Chair in Government/Business Relations and professor of government at the University of Texas at Austin, wants tp kick older employees out of the workforce, not at 65, but more like 58 or 59.
“We should move as many older workers as we can out of the labor force,” he maintained, and allow them to collect Social Security early. With more Baby Boomers out of the way, he added, there will be more jobs for younger workers.
This, he told me after Obama’s jobs plan was announced, would help the economy and lower the unemployment rate.
He admitted his idea goes against conventional wisdom right now. But he doesn’t care. (more…)