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than 40 years ago.
We all have much cooler stuff
than 40 years ago.
You have no idea how bad life
sucked 40 years ago.
We have way better stuff.
We have that stuff, because
women are working and making
the income to buy it, which
means people have to make it
which makes jobs.
So, in fact, the existing
evidence is labor supply
shocks do not cause unemployment
increases.
This is something I've
worked a lot on.
What you see, a very interesting
case is in Europe.
In the US and all over the
world, we have assistance of
what we call Social Security,
a term you've
all heard, I'm sure.
The Social Security program is
a program which provides
income when you're retired.
So it provides income when
you're retired to help you
deal with the fact that you
don't have a source of labor
income anymore.
And that's a program that
virtually every country, and
all developed countries
have a very generous
social security program.
But they're different in the
US than in other countries.
In the US, the way the social
security program works is when
you hit 62, you get a choice.
You can stop working and get
your benefits from Social
Security, and then you get them
every year until you die.
Or you can keep working, delay
getting your benefits, but
they'll increase what you
get to offset the delay.
So, in other words, if I retire
at 63 rather than 62,
given that I'm going to die at
the same date, I'm going to
get one fewer year of
benefits in my life.
But they raise them by 6.7%
to compensate for that.
So I get one fewer year of
benefits, but every year it's
6.7% higher.
And it turns out, given life
expectancy, that works out to
be a roughly fair deal.