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People who can retire are wealthy. They have a claim on [10, 20, 30] years of an income stream in the future. This can either be a claim on future tax revenues
by barry-cotter 5y ago
People who can retire are wealthy. They have a claim on [10, 20, 30] years of an income stream in the future. This can either be a claim on future tax revenues (public pensions) or on return to capital previously invested (private pensions). Most people have always worked til they died and it seems unlikely that the system where people work for 30-40 years and then get 30-40 years of pension will last.
- jjoonathan 5y ago95% of people used to work in agriculture, now 5% do. This scarcity is our own creation.
- LoveMortuus 5y agoI don't think it's scarcity, I think it's just reallocation of workforce, due to technological advancements. Those 5% can now produce equivalent or more to what the 95% used to produce. And because of that, people are able to focus on other work.