John C. Goodman Professions : EconomistBorn : 1946 Browse All Authors Top 4 quotes by John C. Goodman For Social Security to be financially sound, the federal government should have $100 trillion - a sum of money six-and-a-half times the size of our entire economy - in the bank and earning interest right now. But it doesn't. And while many believe that Social Security represents our greatest entitlement problem, Medicare is six times larger in terms of unfunded obligations. John C. Goodman governmentshould-havebelieve Either the Baby Boomers are not going to have the retirement life that they expect or taxpayers are going to be hit with a tremendously huge bill. Or both. John C. Goodman billsretirementbaby We're looking at a huge gap between what an entire generation thinks is going to happen during its retirement years and the funds that are there - or, more accurately, are not there - to make good on all those promises. John C. Goodman retirementyearsthinking The federal government has made explicit and implicit promises to millions of people, but has put no money aside in order to keep those promises. Some of you may wonder where Bernie Madoff got the idea for his Ponzi scheme. Clearly he was studying federal entitlement policy. John C. Goodman governmentorderideas Similar Authors Bryan Caplan economist Burton Malkiel economist Bruno Frey economist Brian Wesbury economist Branko Milanovic economist Andrew Samwick economistAll Authors
