Ten Second News

Stimulus first, austerity later

Via Alex Tabarrok, a recent study by Richard Evans, Laurence Kotiloff, and Kerk Philips at VoxEU examines the effects of long-term large-scale redistribution of young Americans’ savings to the elderly: [T]he young, because they have longer remaining lifespans than the old, have much lower propensities to consume out of their remaining lifetime resources. This prediction…