The first step to fixing a problem is identifying the problem. You've identified that social security is a problem because the population lives longer now than it has in the past and there are less people contributing because of lower birth rates. While that sounds like a massive issue, the reality to me is you see the problem so therefore you know that you cannot rely on social security. What that really means is you have to plan your own retirement and not plan on using or being dependent on social security. Basically set up yourself with a retirement fund. I was born in 1964 and by 1988 I was making real money, not minimum wage, realized that social security was a no win game for me, so I set up my own retirement account. What I'm telling you is you're way ahead of the game by understanding the problem, now you just need to discipline yourself to not be a victim of the problem. The light went off in my head when Alan Greenspan gave a speech to US congress that social security could guarantee the payments of social security forever, what they couldn't guarantee was the value of those payments. What that means is $1500 per month doesn't mean anything when rice is $1000/kg.
People should retire later, from most jobs. Social security was never intended for the longevity that many humans experience now. People work for 30 years and get retirement pensions for 40 years in some cases. That makes no sense and is unsustainable.
I disagree young people starting off tax free will overspend based on the pay being tax free and will not be able to adjust with inflationary costs at the end of the 5 years. They basically become dependent on the excess. As far as elderly persons go, many of the people I know that are over 65 are struggling to make it from week to week. The costs of living in the USA has gone up so high in the past 3.5 years it's not sustainable. That is my number 1 reason for voting Trump 2024
If it isn't done though, young men will fail to build any capital and since a man's earning ability and potential are relevant to a woman's interest in them, they will delay looking for marriage (assuming they will at all) and possibly end up deciding against a family as men's interest in doing so diminishes as they get older. In addition, men without families work fewer hours and do not work as hard, so diminishing returns occurs by taxing. It also discourages work too as people eventually give up hope if they get stuck on a treadmill but never actually get anywhere. It's the women typically that overspend so I'd argue the women should be the ones taxed and young men not taxed. Though I can imagine that lead balloon going well as a suggestion.
@loganblackwood2922 does society teach responsibility or is it inherent? I was actually a young person long ago and money was never my main focus. We worked but didn't make enough to pay all the bills, so we partied and made babies and said screw the bills. Somehow after totally messing everything up for my 1st 20 years of adulthood, I managed to "Right " the ship and pull ahead. Only to have a USA administration totally screwed it up so now I'm struggling like 1985. Global Tyranny is crushing mankind...
In South America and Latin America, birth rates are now falling below replacement. Most of those nations have poor economic conditions and higher inflation but are not seeing assistance like Africa sees. The Mid-East is kind of on its own shunned by most of the world via sanctions, and those regions' birth rates are below that of Africa. So...
Fascinating. It's true. I have been reflecting on the idea shared by Rory Sutherland who suggests that tax breaks and support should go to 20 and 30 year olds, not the elderly. ruclips.net/user/shortsutiW1mQyC8c Definitely something to think about if, for example, the original system was created to support elderly, but they don't actually need support.
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The first step to fixing a problem is identifying the problem. You've identified that social security is a problem because the population lives longer now than it has in the past and there are less people contributing because of lower birth rates. While that sounds like a massive issue, the reality to me is you see the problem so therefore you know that you cannot rely on social security. What that really means is you have to plan your own retirement and not plan on using or being dependent on social security. Basically set up yourself with a retirement fund. I was born in 1964 and by 1988 I was making real money, not minimum wage, realized that social security was a no win game for me, so I set up my own retirement account. What I'm telling you is you're way ahead of the game by understanding the problem, now you just need to discipline yourself to not be a victim of the problem.
The light went off in my head when Alan Greenspan gave a speech to US congress that social security could guarantee the payments of social security forever, what they couldn't guarantee was the value of those payments. What that means is $1500 per month doesn't mean anything when rice is $1000/kg.
People should retire later, from most jobs. Social security was never intended for the longevity that many humans experience now. People work for 30 years and get retirement pensions for 40 years in some cases. That makes no sense and is unsustainable.
Similar scheme in Finland as well, but here politicians try to defer the collapse by pushing retirement age further. 😐
agreed, it's mostly because of affordability imo and that's by design.
I disagree young people starting off tax free will overspend based on the pay being tax free and will not be able to adjust with inflationary costs at the end of the 5 years. They basically become dependent on the excess.
As far as elderly persons go, many of the people I know that are over 65 are struggling to make it from week to week. The costs of living in the USA has gone up so high in the past 3.5 years it's not sustainable.
That is my number 1 reason for voting Trump 2024
If it isn't done though, young men will fail to build any capital and since a man's earning ability and potential are relevant to a woman's interest in them, they will delay looking for marriage (assuming they will at all) and possibly end up deciding against a family as men's interest in doing so diminishes as they get older. In addition, men without families work fewer hours and do not work as hard, so diminishing returns occurs by taxing. It also discourages work too as people eventually give up hope if they get stuck on a treadmill but never actually get anywhere. It's the women typically that overspend so I'd argue the women should be the ones taxed and young men not taxed. Though I can imagine that lead balloon going well as a suggestion.
@loganblackwood2922 does society teach responsibility or is it inherent?
I was actually a young person long ago and money was never my main focus. We worked but didn't make enough to pay all the bills, so we partied and made babies and said screw the bills.
Somehow after totally messing everything up for my 1st 20 years of adulthood, I managed to "Right " the ship and pull ahead. Only to have a USA administration totally screwed it up so now I'm struggling like 1985.
Global Tyranny is crushing mankind...
Interesting that Elon Musk speaks of this very thing. Dont let the hater comments discourage you. Keep up the good work and keep your mind open. ✌️
What’s the birth rate in the Hispanic and Arabic communities?
In South America and Latin America, birth rates are now falling below replacement.
Most of those nations have poor economic conditions and higher inflation but are not seeing assistance like Africa sees. The Mid-East is kind of on its own shunned by most of the world via sanctions, and those regions' birth rates are below that of Africa.
So...
Tax the rich. Billionaires are a policy failure.
If you tax the rich too much they'll just move to somewhere that has less taxes
Fascinating. It's true.
I have been reflecting on the idea shared by Rory Sutherland who suggests that tax breaks and support should go to 20 and 30 year olds, not the elderly.
ruclips.net/user/shortsutiW1mQyC8c
Definitely something to think about if, for example, the original system was created to support elderly, but they don't actually need support.