Yes, if you strictly view it from a short time horizon. If you think of it as an individual's risk over their whole lifetime, then it looks a lot better. A youn

Yes, if you strictly view it from a short time horizon. If you think of it as an individual's risk over their whole lifetime, then it looks a lot better. A young person is "paying it forward" now, in exchange for having their own expensive treatments covered once they are old. This is the bargain that any social security or old-age pension system strikes. The trouble is, as social cohesion breaks down, and demographic cliffs approach, people lose faith that long-term programs will still be there for them as they age. Perceptual time horizons shrink, and the arguments that you have made begin to resonate. I don't have a good answer for either of those problems. Immigration solves the demographic cliff, but appears to threaten social cohesion. We can get into tedious and repetitious arguments about why that is, but let's please not?