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In my opinion, the much bigger issue is the burden of public debt (and Social Security/Medicare liabilities) being saddled onto future generations. Currently i
by pdq 7y ago
In my opinion, the much bigger issue is the burden of public debt (and Social Security/Medicare liabilities) being saddled onto future generations. Currently it's $181k per taxpayer, excluding Social Security/Medicare. [1]
We've kicked the can down the road for decades, and one day those debts will come due. Whichever generation inherits it, will pay a huge price, whether that is massive monetary inflation, or default on the debts.
[1] https://usdebtclock.org/ https://usdebtclock.org/
- ThrustVectoring 7y agoSociety always supports retirees through the efforts of current workers. If you want to eat forty years from now when you're no longer working, your choices are either to start stocking up on canned food now, or subsist on a portion of what workers make forty years hence. The physical storage plan is obviously impractical when you think about it in full, especially for services like health care. The Social Security / Medicare point is basically just saying that our future society will not be wealthy enough to take care of retirees and other non-working members of society in the number and standard we're currently projecting. There's no victims of under-saving because it's basically impossible to save. If our current benefit levels are "too high" right now, the people victimized are today's workers having too high of taxes, too much debt to repay, or too high of asset prices to pay.