Over at EconLog, Bryan Caplan looks back at a 1972 debate between Milton Friedman, the Nobel-prize winning economist, and Wilbur Cohen, a former secretary of Health, Education and Welfare and a prominent figure during Social Security’s early years.
One of the questions they looked at was how Social Security should be framed: is it a welfare program for poor or an earned benefit for everyone? Should benefits be based on need, such that means-testing for high-income retirees makes sense?
Many of the arguments will be familiar to today’s readers, but Friedman and Cohen state them very well. Worth checking out.