Daron Acemoglu is one of the world’s top economists. In this August 2011 HBR blog post, he presents some good medium term ideas for helping the world economy to return to 3% growth . Recall “the law of 72”. With compound growth, per-capita income doubles in 18 years in an economy that grows by 4% per year. The same logic holds for weight gain so watch how much you eat today! If the RBC can figure out how to increase economic growth, then Seniors can continue to enjoy good retirement benefits and health care and public pensions will be funded and there will even be some $ for K-12 education and university nerds!
To quote Robert E. Lucas; ” But of the vast increase in the well-being of hundreds of millions of people that has occurred in the 200-year course of the industrial revolution to date, virtually none of it can be attributed to the direct redistribution of resources from rich to poor. The potential for improving the lives of poor people by finding different ways of distributing current production is nothing compared to the apparently limitless potential of increasing production.” see the last paragraph of this article.