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This is summed up nicely. To add, simply take a look at the % of USA federal spending that goes to Medicare and Social Security, which are benefits for the ove
by jmoak3 4y ago
This is summed up nicely.
To add, simply take a look at the % of USA federal spending that goes to Medicare and Social Security, which are benefits for the over 65 population. It's 1/3rd.
1/3rd of Americans are also over the age of 55, which will push that number higher.
We are consuming our young. As a 29 year old, unless technology advances radically and I have positions in the companies controlling it, I will not get what I put in.
There are many advanced economies in worse positions. France for example spends ~15% of it's total GDP on pensions alone.
We can all blame whatever severely rich people exist, however the death by a thousand cuts brought on by too few supporting too many is the root of the issue.
The worst part is, many of these supported elderly aren't even able to live decent lives.
- hedora 4y agoSocial Security isn’t federal spending. People pay into the trust fund, then withdraw when they retire. It is set up so that it cannot run a deficit. However, congress raided the social security fund, spent the money, and now they are deflecting blame away from themselves by claiming the system was insolvent by design.
- junofan 4y agoIt’s federal spending. The Social Security Administration’s website clarifies that misconception [1]. [1]: https://www.ssa.gov/budget/?tab=0 https://www.ssa.gov/budget/?tab=0