Paul Krugman stated that the institutions built by the New Deal remain the bedrock of the United States economic stability. Against the background of the 2007–2012 global financial crisis he explained that the financial crises would have been much worse if the New Deals Federal Deposit Insurance Corporation had not insured most bank deposits and older Americans would have felt much more insecure without Social Security.[158] Libertarian economist Milton Friedman after 1960 attacked Social Security from a free market view stating that it had created welfare dependency.[183]