Because its benefit formula replaces a greater fraction of the lifetime earnings of lower earners than of higher earnings, Social Security is generally thought to be progressive, providing a “better deal” to low earners in a cohort than to high earners. However, much of the intra-cohort...

The level of the dollar is part of a complex general equilibrium system. Nevertheless, it is helpful to recognize that the high level of the dollar is necessary to generate the current account deficit equal to the difference between national saving and investment. Understanding the high level of...