James Galbraith’s Radical Plan to Create Jobs: Lower the Retirement Age

I like this theory!  Thanks to my friend Kirk for making me aware of this..

“We have a large cohort of people who have been displaced by a major economic crisis,” he says. “It’s utterly ridiculous to make them subsist on unemployment insurance, when in fact, there aren’t going to be jobs.  This is not a temporary condition for a great many people.”

Galbraith claims lowering the retirement age would solve that problem. It’s a win-win, he says, allowing those nearing retirement age to gain Social Security benefits to help pay the bills; and more importantly, it opens up the labor market to younger workers currently crowded out by the large number of 50 and 60 year old workers vying for the same jobs.

More:   james galbraith’s radical plan to create jobs lower the retirement age: Tech Ticker, Yahoo! Finance.