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> How can retirement funds survive people working for thirty years and collecting benefits for forty? One part of the answer is productivity. (https://data.oec
by kartan 8y ago
> How can retirement funds survive people working for thirty years and collecting benefits for forty?
One part of the answer is productivity. (https://data.oecd.org/lprdty/gdp-per-hour-worked.htm https://data.oecd.org/lprdty/gdp-per-hour-worked.htm)
You need more production to fulfil the needs of the non-working elders. You can achieve that by increasing the number of workers (producers), or by increasing the amount produced by unit (productivity). But then the problem is how to distribute the result.
This was Stephen Hawkins position when he stated that we should be more frightened of capitalism than robots. https://www.cnet.com/news/stephen-hawking-says-we-should-be-more-frightened-of-capitalism-than-robots/ https://www.cnet.com/news/stephen-hawking-says-we-should-be-...
In a very efficient and automated world distributing wealth is a bigger problem than creating it.
- claydavisss 8y agoThe fact that most pension funds are projected to be insolvent and have been in need of constant replenishment, it should be clear that money is being pulled out much faster than it is being put in. That doesn't mean productivity isn't working...it just means the unions negotiate faster and better than the gains can be delivered.