statistical fallacy of ageing population

[Max Sawicky]

> . . .
> What all this means for Social Security is a different story, of course.
> Summers and his coauthors conclude, through arguments I sort-of follow--a
> smaller workforce requires a smaller capital stock; other industrial
> countries are aging even faster, and therefore will be investing in the
> US; slower population growth is associated with faster productivity
> growth--that demographic shifts indicate a lower, not higher savings rate,
> and in particular that "population aging does not constitute a strong
> argument for accumulating a large social security trust fund."

Could you provide a cite for this paper?
I'd like to put up a billboard across
from the White House emblazoned with
the last sentence you quote.

MBS