Bryan Caplan on Hayek, Richter, and Socialism
EconTalk
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Social Security and the Time Bomb Approach
Ed Fannie established Social Security in 1938. Seven years later, it blows up and costs the American people 300 plus billion on its way to the number we're not quite sure of. So that is when we look at it as a time bomb approach. Outside the United States, I agree with him outside the U.S. The world looked at what it was like in East Germany compared to West Germany. They had a remarkable social experiment there. And the evidence was overwhelming. You couldn't slip into the right-hand side of the equation and come to the conclusion that socialism was a great system.
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