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Why do American politicians allow their people to be conned into thinking that there will be some "automatic" growth somewhere in their state/country that will
by NTDF9 8y ago
Why do American politicians allow their people to be conned into thinking that there will be some "automatic" growth somewhere in their state/country that will automatically yield benefits in their pensions?
That lie, that something in the US will ALWAYS lead to gdp growth is the root of all yield chasing fiascos of American pension underfunding. There is no way that gdp will increase without a rise in working age population (especially with no immigrants) or a dramatic increase in automation which can be taxed.
FYI for any youngsters who don't realize what a con job this is: The recent tax cuts have created massive deficits which will collapse debt availability and thus economic growth and thus tax revenues and thus social security payments when you get unemployed (or old).