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| Type | Conference or Workshop Paper |
| Scope | Discipline-based scholarship |
| Published in Proceedings | Yes |
| Title | Leveraging Posterity's Prosperity? |
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| Presentation Type | paper |
| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
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| ISSN | 2574-0768 |
| Page Range | 152 - 156 |
| Event Title | ASSA Annual Meeting |
| Event Type | other |
| Event Location | San Diego, CA |
| Event Start Date | January 3 - 2020 |
| Event End Date | January 5 - 2020 |
| Series Name | AEA Papers and Proceedings |
| Number | 110 |
| Place of Publication | Pittsburgh, PA |
| Publisher | American Economic Association |
| Abstract Text | We critically review studies by Blanchard (B) and Rachel and Summers (RS). By the standard fiscal-gap measure, the US government is in dire fiscal shape thanks to constantly enlarging its postwar, take-as-you-go Ponzi scheme. Yet B and RS seemingly rationalize its expansion. Their arguments rest on the safe rate being very low. But almost all households face high safe rates—the rates available from pre-paying their loans. We also question modeling assumptions that help drive key B and RS results and reference recent simulation studies, which reach strongly opposite conclusions to B's. |
| Related URLs | |
| Digital Object Identifier | 10.1257/pandp.20201104 |
| Other Identification Number | merlin-id:19923 |
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