Economics for Everyone — Peter Coy’s Terrific Substack
Peter Coy is a veteran economics and business journalist. He’s written for the Associated Press, BusinessWeek, Bloomberg Businessweek, and the Opinion section of The New York Times. He’s now freelancing and writing books.
Peter and I have been discussing economics for ever. He’s interviewed me about a range of topics, from retirement planning, making carbon taxation a win-win, optimal Roth Conversions, even running for President. And I’ve interviewed Peter. Here’s my recent interview with Peter covering his career and the economy.
And here’s Peter’s just-released podcast with me — Social Security’s Deficit Is Just a Start — that discusses the really bad news about Social Security’s finances. Social Security’s financial condition is in 2.3 times worse shape than you’ll learn in their just released Trustees Report unless you check out table VI.FI hidden deep in Appendix F. Why is it hidden and ignored in the “Trustees’” overview? To ensure you won’t see it. But the able says everything you need to know about Social Security’s long-term finances. It shows that without alternative policies, all Social Security benefits need to be cut by 31 percent, starting immediately and permanently! This is far worse than the 22 percent benefit cut the Trustees say we need starting, not immediately, but in six years.
Do subscribe below to Peter’s Substack. Peter is one of our nation’s truly premier economics journalists.
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If Peter Coy interviewed you about retirement planning, he doesn’t seem to have picked up (or if he did, didn’t agree with) one of your key messages. Here he is telling retirees to spend based on their life expectancy, which they can look up on the Social Security site and then tweak a bit, as opposed to your recommendation to base spending on the longest you might possibly live. https://www.wsj.com/personal-finance/retirement/retirement-planning-4-percent-rule-d5ba3a0b?st=7CMw98&reflink=article_copyURL_share
A far better solution can be found in the outstanding, new book by Ray Madoff.
THE SECOND ESTATE: How The Tax Code Made an American Aristocracy.
I would be very interested hearing in Larry’s thoughts about it.
Cheryl