The old Blue Social model, based on Progressive philosophy that Government is best suited to take care of people (as opposed to family, neighbors, and friends), was built on two assumptions:
- Population growth would always continue (e.g., big families so as to tax Generation B for the benefits to be given to Generation A)
- The economy would always be growing at 3% plus rates
We’re toddling along at a barely replacement level for the first and a 1.3% growth rate for the second; my back-of-the-envelope simple analysis tracks the chart.
(H/T: Heritage Foundation)
