Oh this one is fun... and pretty odd. There is an obvious fix for the parasites using Social Security
I don't understand why there's "repair" on anyone's mind. Just abolish it. Tomorrow, preferably, to maximally rug the spammers boomers.
The risk?
tens of millions of Americans in the 2050s and beyond will enter later life with little, if any, financial security.
Well,
- tens of millions of Americans are entering working life with "little, if any, financial security" — in no small part due to efforts (=siphoning) and incompetence by boomers.
- who cares about social security payouts in 2050... Everyone will just have bitcoin (well, let's be honest: gold. Schiffy is winning).
While many Americans today are entering later life in good financial shape, the prospects for large numbers of younger workers are more dire. A survey last fall by the Pew Research Center found that almost half (45%) of Americans under age 65 aren’t confident they’ll have sufficient assets to get through retirement—or say they won’t be able to retire at all.
Exactly. Fuck. The. Boomers.
"Among workers within 10 years of turning 65, the median retirement savings is just $30,000.""Among workers within 10 years of turning 65, the median retirement savings is just $30,000."
If getting more Americans enrolled in savings plans is the biggest challenge on the retirement front, fixing Social Security runs a close second. At the moment, unless Congress acts, the program’s trust fund will be depleted in late 2032, at which point beneficiaries will see their monthly checks reduced about 22%. Without reserves from the trust fund, Social Security relies solely on payroll taxes to pay beneficiaries; those taxes aren’t sufficient to pay 100% of benefits
Oh the woes of us little ones:
And Generation X and millennials, in particular, she notes, might have more advantages than they realize when it comes to living a long and healthy retirement.
“They’ve had different struggles than older generations—more with mental health and stress,” she says. “On the other hand, there’s much more awareness about nutrition and exercise. And that’s a big plus.”
Fuck. The. Boomers.
Archive:
Nice virtue signal, but entirely useless as a prescription... not going to happen.
#1479698
Current admin gets this, or at least pays lip service to getting it anyway. Who's poor, retiring poor, or not, all comes back to equity stake in the means of production rather than fiat fun coupons.
Take the social security fund, quit holding it in a doom loop of a currency that debases itself to pay itself, put it in equity. Current equity holders get market rate, people forced to make SS contributions quit getting their money inflated away, and the lower inflation required going forward as a result flattens the curve a bit between equity owners and wagies.
They’ve floated ideas like that before. Is there more political appetite for it now?
I think its more than a forcing function rather than appetite.
Even if it was popular before when it didn't happen, that doesn't mean the population for it had any power. It may be shocking, but this isn't a democracy.
The patronage class has a lot to lose in such a move. The current system is free leverage for them, private upside socialized downside, and they will lose some of that. That's the oligarchy effect, they have the resources to defend themselves, but now the cost of defending themselves is higher than making the concession.
What's different now is they have tougher choices, the base of both parties is now populist. This is where culture war comes from, to distract from economic issues. Keep the fight left to right instead of top to bottom:
This is the pitchforks and guillotines outside the castle walls moment, not because people suddenly woke up, but because the system is teetering on collapse and they are forced to. It's gone so far that it has harmed national security, which also brings factions of the state itself into the fight.
Not a peasant uprising against the king, but nobles who defend the king turning on him to save the kingdom itself.
It seems like the easy solution for them is to just restrict the set of equities that back the new system to their own companies.
That's already the case to a large degree, the system has been designed to keep companies private at the most lucrative stages and only make them "public" when they need to add leverage for the next thing.
The tippy top doesn't sell equity into public markets, but public markets let them borrow more depreciating fiat to buy more equity. Poors, via retirement accounts, buy that debt and get a fraction of the upside... if any, after inflation.
Saylor seems to get this in the Bitcoin context, let the poors buy the debt, keep the equity (coin).
Yes, I know. That's why it's so nice to say it
Do you think they considered the most obvious option- don't.
No, that stuff never occurs to central-planning politicians, always with a saviour complex
@denlillaapan receives welfare payments from the Iceland government.
His economic 'analysis' lacks credibility.
The west has lost the trade war and is losing its desperate attempt at sustaining the petrodollar hegemony via war.
Chinas state capitalism has won the trade war and now dominates global trade in commodities and manufactured goods.
Its not the Boomers so much as the imbecilic neoliberal-Libertarian US exceptionalist financialised everything nonsense that asserts that markets rule and government is a burden.
@denlillaapan and other GenX-millenial losers might enjoy the movie Skyking...I know I did.
Wake up!
Join a union and start fighting back against the corporate elite parasites that own your government.
Excuse me, the US is fighting the war. Europe is dying and losing. Don't give them credit.
You act like capitalism is an establishment opinion. We've been getting shot at, ridiculed, sued, and censored constantly since FDR. This is the first time we've ever had serious influence in government, and we're going to use to it to declare total war on communism worldwide because your system is not worth living under and this is our only shot at bringing it down.
You're just mad because you wanted peaceful unification instead of WW3. We're not making peace with communists. They're unconstitutional.