Taxes

By Krishna Guha

Quick comeback to Nick: in the US the fiscal costs of population ageing can’t be solved by working longer because the main cost is Medicare/Medicaid not retirement benefits. Major reform that reduces future spending on these programmes – while hopefully improving efficiency a lot as well so the net reduction in benefit is not is large as the reduction in outlays – is unavoidable.

Arena

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Is there room for morals in finance?

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