Milton Friedman on Social Security and Pension Systems

„The only reason there is a crisis about Social Security in the US and pensions in Europe and Japan is that you cannot maintain a "Ponzi" scheme indefinitely. We have collected from today's young to pay today's old and counted on tomorrow's young to keep doing so. That was a fine scheme as long as the number of young people was rising faster than old people. When that ratio comes to an end, such a system also has to end.“

Milton FriedmanMilton Friedman on social security, pension systems, and the effects of demographic change on pay-as-you-go models.
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Milton Friedman was an American economist and a leading figure in the field of monetarism.

Milton Friedman comments here on the relationship between demographic change and pay-as-you-go social security and pension systems.


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Milton Friedman quote about Social Security and pension systems

Milton Friedman (1912–2006) was an American economist and Nobel laureate, renowned for his contributions to microeconomics, monetarism, and his advocacy of free-market policies. He influenced economic policy in the US and worldwide.

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