A former economics columnist for The New York Times, and current Editor of Challenge Magazine, Jeff Madrick is a regular contributor to The New York Review of Books. The author of several award-winning books, Madrick recently authored, Age of Greed: The Triumph of Finance and the Decline of America, 1970 Present, a Publishers Weekly Top Ten pick for spring 2011 and Washington Posts Political Best Seller. Age of Greed outlines a vivid history of how greed bred Americas economic ills and the men most responsible for it. Madrick has also served as a policy consultant and speech writer for Senator Edward M. Kennedy and other U.S. legislators.
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Why Jeff Madrick will argue against the proposition "Grandma's benefits imperil Junior's future" at the Oct. 4 Slate/Intelligence Squared U.S. debate.
In the next three decades, Social Security as a percent of GDP will rise from 5 to 6 percent and stay at that level for decades after that. Despite that modest increase, deficits hawks continue to attack the program and retirees will pay the price.
What is rarely recognized is that even if the US can emerge from a weak economy within a few years, the economic foundation that existed before the cataclysm of 2007 and 2008 may not be adequate to restore the widely shared prosperity the US needs.
Jeff Madrick September 25, 2008
Jeff Madrick December 30, 2008