Insight from Karl Smith

That is higher wages will make kids work more, not less. Modeled Behavior

He is discussing a post regarding social security. The issue is how should payment ratios be distributed.

We eliminate some possibilities, like having your workers pay less and increase the payment as they get older. That doesn't work because older workers eventually retire and take money out. So to eliminate a second pole in the system, our best choice is workers start paying high and pay less as time goes on.