How Europe is Stealing Young People's Future
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- Опубликовано: 9 июл 2024
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Into Europe: What is the best country for young people?
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00:00 Introduction
01:12 1-The Boomer Tax
04:12 Sponsored Segment
05:21 2- The Boomer Tax in the Future
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What is the difference between Private Transfers and Capital? Thank you.
Don't worry, when you're old Muhammad and Rashid will pay for your retirement
Nvm they're already on your taxes and state benefits :) but for sure they'll one day be making payments towards you kekekek
no such thing as an anglo saxon country.
klaus schwab
Netherlands is not a good place for young people. We might not have to pay a lot for the elderly BUT we have to pay 400k in euros FOR A NORMAL HOME. The new government is also focused on big farm companies, destroying ecosystems, lowering minimum income because uhhh why not? A 21% tax on books because the country needs to be even dumber I guess. Last thing the biggest party PVV is ruled by a person that makes all the rules and the party and is an open racist. Good country for young people's future...
Well at least the elderly made sure to allow lots and lots of housing to get built and didn't cynically block it so we'd have to desperately outbid each other and make them richer just to get a home!
Here, you dropped this: "/s"
@@Ikbeneengeit ah yes, for spite
Except the housing developments built by the pension funds are always ridiculously expensive to generate profits for the pensioners to the point where most people can't afford to live in them, neither for rent or buying outright. Thats the case in Denmark at least where I'm from. So they contribute to the housing crisis.
Ouch!
Oh wait, they did
I overheard boomers talking about going on their second cruise this year and then complain about the state pension being too low, I am becoming the joker
three cruises is the bare minimum!
In my country (Spain), the state pays half of the cost of a trip for retired people (imserso), even when they get their double pension on summer, some recive up to 3-4k.
That's way more than the average worker
@@Joan-kr1jo it's insane how they are treated, here in France 13% of GDP go to the state pension 30% of your salary is for them and they treat you like shit for it.
@@DokkariLed My friend grandparents could not take his kids for 2 weeks because they were "taking a break after their vacation in Spain"
@@benji37 don't blame old people tbh, no one says no to free money, blame democracy instead.
Old people are the biggest demographic, and democracy in the end is two wolves (gov and old people) asking a sheep (you in this case hehe) what's for dinner.
As a Spaniard living in the Netherlands, I have to say that the latter would be a really good place for young people if it wasn't for the EXTREME cost of housing that makes any of these pretty charts and statistics go out the window the moment you take a look at the prices and availability.
A country can't be good for young people if housing is unafordable.
Yeah, I was wondering when that would be brought up. It may seem to be cheaper in the Netherlands but there is no place for young Dutch people. All the cheap housing is already given away to migrants and the old people still live in their old houses.
The average housing price that was sold in june 2024 is 468000 euro. 2 years back it was 400.00. With a median income (36000 a 40000 a year)you can get a loan of 180.000 (based on a 40 hour workweek) if you have a partner with a similair income you scrape it to: 360000, now you both need to save up a couple of years and have a 7% cash straight up and you are good to go. Thats how dire the dutch market is. Currently people are over bidding on average of 30.000.
@Brambazai not migrants, but reserved for elderly too often. I'm like "Oh an appartment for only 700 euro a month?" and then the text says "only 55 or older".
And then they dare to complain young women don't have kids. My kids would be homeless.
I was just in Nordwijk, this morning, beautiful city at the coast, easy connections to Den Haag and Amsterdam, houses cost 170k - 400k€ mostly. That's super cheap and affordable. I am so tired of people claiming they have extreme prices. The last time we had 180k in Germany for a house, was 10 years ago. It is not extreme, especially not relative to the amount of money earned after taxes. The Dutch only earn very slightly less than the Germans, but have way lower housing prices.
@@LeegallyBliindLOLWhat are you talking about? Cheapest place in Noordwijk is starting 279k at the moment (46 m2), which is definitely going to be bought over asking. With that 46m2 you can't even raise a family and with current interest rates the mortgage would be somewhere between 1000-1300 a month, for what is basically 2 small rooms.
being young in Europe feels like being in an open air retirement home. Old people everywhere and you have to stay broke in order for the boomers to enjoy their pensions...
Especially the childless retirees should have saved more.
It's unfair to expect other peoples' children to support them.
@@spambot_gpt7 yep and then the childless ones complain why the retirement age rises.... smh
@@spambot_gpt7 it's also unfair than to have them pay for their children's education? being childless often is not a choice and people shouldn't be punished for it... in most European countries, people without children pay more taxes as well.
@@dv2483 , education is a net benefit on the population but a retiree is literally an economic dependent and the more they age, the less they generally contribute.
Not a fair comparison at all.
@@dv2483 BUT children cost A LOT more than you would ever save on taxes, assuming you are working a real job.
By raising children, you are doing a service to society. It's okay to honor that.
Society would be smart to support childcare & education because everyone benefits from a stronger economy later on.
By not having children, you are saving yourself a lot of time & money. That means you have more means to take care of yourself later on.
Why should you be entitled to other peoples' children?
It has been like this for basically all of human history.
This entitlement is a luxury.
Taxing the young is incredibly shortsighted as you basically stunt our growth and hence being less able to pay high taxes in the future when we are supposed to be well established. Young not forming families is a symptom of this not allowing the young to get access to what they need in order to progress healthy. The older generation should be allowed to work longer in order to pay for their pension and thereby lessen the burden for the young.
Young people should be the priority, always!
I don't know if there is a country that is not allowing to work longer. Retirement is a option. Plus I think people in France have more babies then in the Nordic countries so these things don't go together.
The problem is that if young ppl not paying, the gov will just borrow more debt. And in return, eventually, be paid by the same young ppl who refuse to pay the boomer tax. Hence, don't rely on China for your manufacture, because a deficit means willingly giving up your tax and your GDP to another country, and China could charge whatever it wants when you are no longer industrialized. Raising the tax on all Chinese goods by 50% to protect industrialized Europe seems reasonable.
When Politicians only look at the next election cycle, and companies look at the next quarterly earnings report, the future is completely disregarded in favor of short term gains/results
Old people can give more vote
I am indirectly taxed in the Netherlands through rent costs in the Netherlands that basically goes to boomers
That's what I was thinking. The purchasing power has to come from somewhere. If it isn't taxes, it's rents from ownership of property or businesses. You can't escape demographics..
Generation X owns the real-estate here. Young people can buy real estate as well, but it's going to be way more expensive while getting much less m2. The Netherlands had the individualization of society, but it's just waiting for forced collectivilization what the BBB wants or that the younger generations only get house ownership through inheritance.
Only problem: you have to learn the insane gibberish they call "Danish"
I like Danish I mean is not that horrible and also when I understand Danish I and understand too other 2 languages such as Swedish and Norwegian obviously not the same language but you can get the idea of being similar also, is close to Germany too.
Norwegian is less gibbereshy! Also you can get by pretty well with good english too
You dont as everyone speaks english.. hell spanish just became the third most spoken language in Copenhage.
Danish language is not difficult, but it surely is ugly af. Anyother germanic language is nicer. With the exception of Dutch perhaps. ^^
@@Alex-hj5el Dutch isn’t too hard
Well, in the Netherlands we only build big expensive houses for rich boomers. While young people have to pay insane amounts of money for a shitty appartment.
True, the low-cost converted office building im living in, which can house hundreds, is being demolished for luxury apartments...
Or insane amounts for just 1 room in a house you have to share with 8 others..
Thank the VVD, not the boomers....
@@spekenbonen72it's the boomers
@@spekenbonen72 boomers voted vvd
"Japan [...] comes out as the champion of pension moderation"
That's one way of saying the old die alone.
"alone" quite the opposite in most places of Japan, which is why they have such long lifespans. Japanese elderly in Okinawa are very sociable and will spend time together to offset their families' busy lives.
Once a portuguese journalist said that southern europe nations could evolve into gerontocracies, where the older generations outvote the younger resulting into increased taxation to preserve pensions and afford the increasing cost of healthcare, forcing young people to work more, resulting in lower fertility, perpetuating the cycle, with ever smaller younger generations.
It's already here. In Portugal the older population votes the socialist party because they increase the pensioners benefits always. Fuck the system.
That is already happening
Governments remedy that with mass immigration.
@@Guitar6ty Which tends to be blocked/voted against by the boomer generation, oh the irony
Too bad that if a conflict were to break out the old people are going to a be screwed.
Be young in the Netherlands??
The housing crisis here is incredibly bad. You need over double the modal income to afford the average house. None of my friends can find anything and our lives are stalling or falling apart because of it.
I'd be very interested how these numbers pan out if you include the wealth transfer through real estate. I bet the Netherlands would do a lot, lot worse.
I'm a teacher, my wife is a doctor and we were júst able to get a mortgage for our house. Renting is even more expensive.
Yeah i was so confused watching this video. Great to be young in NL? I was like how? Living in Poland now and I'm at least able to live normally vs what I get paid (relatively speaking comparing it vs living in NL before as Polish diaspora, just want to add that before I get attacked by other Poles)
In Portugal rents are double the modal income for a shitty apartment and we were paying for the old people lifestyle and houses. buying a house is just a kid's dream, houses in germany are cheaper than in Portugal and the modal income is 1100 euros a month (after taxes). I think the video just meant that the Netherlands are better option than other countries...
right now the new government decided to max the taxes on young people(
My sister is 32, has a master of science, her partner is 32 and has a bachelor's in engineering.
They both have jobs in their field and the only thing they could buy is a small shitty house in the literal ghetto of our city surrounded by neighbors on welfare.
Yeah Netherlands is great 😐
The housing market in the Netherlands is absolutely borked. I got lucky by buying an apartment before 2020, but I feel for my fellow countrymen trying to buy any piece of real estate.
Singapore CPF pension system is Fullproof where government Force you to save money instead of taxing young people
Chile's AFP is better, as it also invests in the stock market, not just government bonds; while the latter works for Singapore as they've elected reasonable politicians since their independence, in any other country you only need a Hollande or Biden to see your savings laid to waste.
Singapore is not really a good model for anything. It's tiny country relying heavily on guest workers, so it basically outsources a lot of the cost for elderly people to other countries.
Aside from that, saving money doesn't solve anything. In the end, the real issue is consumption vs. production. If you have a lot of people consuming without producing, the economy of your country will tilt over. The structure of the pension system only decides in which direction it is going to fall. If you do it like Germany, you get a heavy tax burden. If you go the way of private investment, you get inflation. We often delude ourselves into thinking that money is a sort of container to preserve value. But this is only somewhat true. In the end, there has to be something to buy.
@@Volkbrechtagreed with you, to a certain extent
At this point, no matter how well Singapore system works, as a Singaporean, I won't be going around tell others about it because it has always be counted with "it is a small island" and "Singapore is an exception"
And they aren't wrong either.
To me, if it works in Singapore, it work.
Telling others to follow Singapore doesn't help Singapore in anyway.
Singapore is a small island. We won't have much influence on the world stage. We just have to concentrate on improving our own system in our own way.
Foolproof
@@disalazarg well said
If I do everything right as I am told in my life, I will have nothing and be fcked. I owe my country nothing.
With my first year university class we had a discussion about the "unfairness" of how the US economy was since it was so geared to older people. I asked the class of 18yo's how many of them were registered to vote. Four were. I then asked them why, if I were a politician, would care about what they thought or wanted because they don't vote, but my generation (Boomer) did. So I would keep the Boomers happy because they will keep me in office. The university had a program that they would distribute voting registration cards, help the students fill them out, then collect them. I told them that any student who registered, I would give them a 100 on the next test. Less than half filled out the card. Then I told those who had registered that if they voted in the upcoming election, I didn't care for whom, I would give them another 100. Less than 10% of the registered voted. So, bunnies, if you don't vote, the politicians won't listen to you. That simple.
I really don't get all those restrictions on voting you guys have over there. Here (in the Netherlands) it's made as simple as possible to vote: you get a personalised pass that allows you to vote via mail (including explanation of the proces) and with that pass and a form of identification you enter the polling station on election day to vote. If you didn't get the letter with your pass (should be in at least 2 weeks before the elections), you can get a new one from your city hall. If you want to vote via mail or let someone else vote for you, you basically have to fill in a digital form. It's simple, the barrier to entry is very low, but because the voting pass and identification are very hard to forge and checked thoroughly, voter fraud stays as an absolute non-issue.
" how many of them were registered to vote. " that's the actual problem. The fact that you can't see it as a teacher is so sad. I'm in Canada, I don't register shit. I walk in on election day (in any part of the country and can still vote in my local election) and show my ID and go vote. Or if I forgot my ID, they look through a list to verify me. You guys purposely add friction and barriers to voting, that's how republicans have won for so long, having tests and "verifications". You make it harder for busy people to vote, for young people to vote, for poor people to vote. So instead of blaming your students, work with them on how to make it easier
@@mikeslikemikes So, registering to vote, even with the university's help, is too big a problem? Then continue to be left out. That's our system, it was the same when I was 18 and I registered and voted. Everyone I knew registered and voted. According to Canadian Govt. stats "The data shows that participation of voters aged 18 to 24 decreased by 3.2 percentage points to 53.9% in 2019 after seeing the largest increase for that age group in the 2015 general election (57.1%) since Elections Canada began reporting demographic data in 2004." Over 60 in the mid-70%. So your generation does register shit because to politicians you don't register.
I'm fascinated how oblivious old people are to this problem. 40 year ago you could buy a house for a 2 yearly salarys, but now you need to work 30+ year to eave afford a house.
Wages have increased since 2000 by around 35% while housing prices have more than double and purchasing power stayed the same.
All thanks to mass immigration which no one voted for.
they;re oblivious to it because it doesnt affect them. They already have a house and everything - they dont need to go looking for another one. Hells they dont even need to get a job most of the time. To those ones its just "you young ones are just lazy, you just dont want to work"
Here in India, we are paying taxes like that of Finland and getting public services like that in Uganda. 😂
More than Finland. We pay upto 42% income tax, then upto 28% GST/vat, then 28% car tax(can go upto 130%), 22% cess on car, and 12% road tax on car. And don't forget to pay toll.
@@subhrajeetsarkar3949 how about the "other" things like the insane inflation that our government has failed miserably at?
And if we ask them any questions, they either ask us to leave the country, or declare us terrorists or against the whole country?
Unbelievable, how voting for BJP twice only cost me as a civilian heavily.
@@subhrajeetsarkar3949 best deal: pay insane taxes; recieve no sunlight
India doesn’t have the same gdp per capita as Finland, so there would be less revenue
Of course, a lot can come down to government corruption
@abc_cba the reality is that 95% of the population doesn't even work in any type of formal employment, so the government doesn't tax them anyway. They're making subsistence wages that they barely can live on, so taxing the overwhelming majority who are megapoor makes zero sense.
Yup Italy is a country for old people, ruled by old people. Plenty of people who can't make a living with their wages (if they're lucky enough to have) and have to rely on their older relatives' pension.
One of the reasons for the high debt burden is also that in the 70s and 80s, the socialist government bought votes by creating so-called "baby retirees", who worked for 25/30 years and retired with their full wage as retirement check.
@@M-tl4xt , that's why the only politicians that are looked positively in history are either those who were assassinated before they ever could have come to power or those that have started Ponzi schemes that another politician that has to deal with the economic mess it creates a few generations down the line.
We all mediterranean countries have the same disease, politicians and their commitment to worsen everything
Young people, come to Estonia, where the majority of pensioners live in poverty!
How's that??
@@bloodspartan300 Low pensions and people have no savings.
Good perhaps that’ll cleanse the population and free up some much needed housing.
Not only are we paying for previous generations’ pensions, we will not get a pension.
I used to be a young person. and I agree totally that there’s too much burden on the young in many countries (maybe even all), and it’s not even just taxes.
And especially young men
Whattt grow a spine. Your grandparents h1d it much worse. And they didn´t complain
It's bad here in Australia too for young people- with a plan to scrap or heavily reduce the quality of the pension by around 2050 by using mandatory superannuation to effectively replace it (despite many 'younger' pensioners today receiving both super and a pension), the government is screwing over young people by making us pay for a pension scheme we may never receive ourselves; broken social contract.
But young people there have very high wealth investment rate in the form of housing.
@@Ray-ce4sn very few young people can afford a house in Australia, so they cat even get a foot in the door
8:12 The Netherlands is not a Scandinavian country.
Oh btw, because the pensions over here in the Netherlands are so small, they are more affordable, but also result in more boomers using houses as investment asset.
This is one of the reasons why housing prices are very bad for young people who are looking to enter the housing market.
In fact, I'm planning on moving away because of this.
I mean, what's the point of life if you can't even take ownership of your own life by owning some basic aspects like a roof over your head...
Unless you have some fancy high end master degree, there's not really a future prospective to look out for.
I've started looking for a country where you can have a meaningful life with an average degree.
Go work and safe for five years very hard...two jobs. A painter earns 50 euro. Buy a house in Friesland, Drenthe of Groningen (why not...the Lelylijn is coming..). Maybe a friend of family member who will borrow you some money? Don't give up. Look for a nice girl friend who has the same ideals ( two - three income). You can make it!
@@eelkjebeuckens7444 I'm already doing a "fulltime" job and some additional sidekicks for about 10 hours a week for about 3 years now and have had my own business before that (government made me stop that because covid).
Just the concept of a "fulltime job" that's not actually a fulltime job is just ridiculous.
We really should ban those fake "fulltime" jobs.
he didnt mean that netherlands were a scandinavian country. he meant it like: (scandinavian countries, like denmark) + (as well as the netherlands)
As an former insurance and retirement simulations programmer from Sweden, unfortunately our currently system may be quite sustainable on paper but unfortunately that's not the whole story. Sweden currently has two pension systems in place, one which is based on promises made to the population born 1979 and earlier and one for people born 1980 and later. The older system is very simplified a system that bases your retirement on your final salary before you leave work, with guarantees from the government. This is referred to in Sweden as a "förmånsbestämd pension" and means that the boomer tax which you describe in the video will still be very high for Sweden, but young people will not be able to enjoy the same generous pensions.
@@NizzeNys they obviously won't enjoy the same pensions because the Swedes aren't simply having enough children.
@@inbb510Because the boomers have made it nearly impossible for them to do so.
@@Listen2Concentr8 how so?
@@inbb510Sweden has one of the highest birth rates in Europe
@@rolas2700 Not really and even if that's the case it's mostly from Non European Immigrants and Refugees sponging off the welfare system.. how perfect must it be for non swedes to get paid to reproduce and replace the native population at their expense.. over 60% of foreigners in Sweden is unemployed..
Here in Spain our current government is playing a very dangerous game with pensions. Every time they want the indirect support of the main oposition party (through absenting from the vote) for a parlamentary vote, they bundle what they want (apoint x person, give subsudy to z...) with a pension increase daring the oposition to vote against pensioners.
So over the last years, they have gained several straightforward increases, that the pensions must at the very least increase each year at the same rate as inflation... .
Right now, the government is flaunting the very good employment of 21 million people, but right now, pensioners and other state supported people are ~12 million (this are not state employees). In the long term, with demographics trends, this situation will become harder to maintain.
Sam as Italy… the situation has to get much much worse before it can get better. And by worse I mean more old people will live in poverty so life expectancy drops making space at the top of the pyramid.
The pension systems in Sweden and Denmark are both great for massively keeping public spending and the national debt down which is increasingly becoming a bigger problem with aging populations (both countries have the lowest public debt to GDP ratio in Western Europe and amongst the most stabile economies in the world according to credit scores - in big part due to the pension system)
While their pension systems also has the benefits of decreasing pensioner poverty (even if it means more pensioners aren’t super wealthy). Sweden and Denmark alongside Switzerland have the lowest percentage of pensioners living below the poverty line in all of Europe.
and also the Australian system, which has been praised around the world and in which the UK wants to emulate.
The problem is that if young ppl not paying, the gov will just borrow more debt. And in return, eventually, be paid by the same young ppl who refuse to pay the boomer tax. Hence, don't rely on China for your manufacture, because a deficit means willingly giving up your tax and your GDP to another country, and China could charge whatever it wants when you are no longer industrialized. Raising the tax on all Chinese goods by 50% to protect industrialized Europe seems reasonable.
Made them invested in Europe so they would be held accountable for desperate price dumping and fire sale clearance tactics
Singaporeian CPF pension system is fullproof
A bit shortsighted to say any pension system is great if fertility rates are well below replacement and immigration is limited as in Denmark, Switzerland etc
Its going to get worse as the decades go on.
When all of us youngsters here are old there will be even less young people to support out pensions.
From our youth and into our twilight years we will be screwed no matter what. Our system is failing.
We will adapt. Western nations make two luxury mistakes: they send everyone into pension at the same age regardless of their capacity to work and it is somehow seen as a given that elderly people receive curative healthcare to the same standards as young, productive people. These things will change with our ability to pay for them. I just hope that European politicians will find the courage to actively moderate the process instead of letting it all fail silently as it is done in the US.
The two main problems of the housing crisis are:
1) the amount of people that live alone due to individualism ( > not enough houses for al those people (divorces...).
2) people can't save enough money anymore (there parents didn't learn them how to live frugal). It's these days spending money on holidays, cars, parties, drugs, etc...).
@@eelkjebeuckens7444 I really agree on the frugal bit.
It's gonna have to happen eventually but it's in the interest of no one. I hear some people go into credit card debt to fund vaccinations. I've never hear of anyone doing that personally but there are articles about it.
Companies and governments do not want people to cut back either for obvious reasons.
It's gonna come crashing down eventually. I have met some people who just can't seem to grasp how dumb it is to go into such crazy debt to fund their nonsense. Not as much as a vacation but still. And I know people whose lives are pretty bad because they have nothing amd can't afford nothing. They are just surviving.
It's really hard to tell people their lives are going to get worse and the better future they were promised as kids was a lie. The Golden Age has been over for years. Every society goes through it's growth periods before collapse. People don't really seem to have a understanding of history.
We will adapt. Ai and robots are already taking people's job. I'm child free and plan to continue to be. I'm not going to bring children into this monstrous poisoned world just to pay taxes.
I think the solution will be the fact that families with more children will be better off since they don’t live in poverty like the childless will once state pensions can’t be increased. I’m convinced that once the majority of old people died due to health complications of old age, the ones which have many children will leave their families in a better spot.
Do not worry-we are also an oppressed minority in Denmark. Cheers.
Despite the better demographic situation here in the US, the problem with rising elder care is worse in other ways. Americans are less healthy and have more expensive health care. The effect on younger people is less direct and more difficult to quantify than just tax burden. Younger people are often forced to take time off work to take care of aging or sick relatives, and also have to take on more costly housing to house older people who are not able to financially able to house themselves. This is all in addition to directly paying the cost of healthcare for relatives.
Except in the US people are responsible for themselves and young people don't pay for the healthcare of fat boomers. Young people can choose to help them but they are not forced to.
The video is about Europe not US
Always random US bashing comment even though US never mentioned
@abdiganiaden The US is mentioned. He specifically talks about how the US has better demographics than Europe. I'm also not sure why you think I'm bashing the US. Health and Healthcare are systemic issues that need to be resolved, not some cheap jab.
@@stanton7847 the US is fine, we don’t want to import Euro system where they use the young like piggy bank for older gen
I pay 2% of my paycheck for healthcare and I can make doctors appointment the very next day, why would I change that to lose nearly half of my pay for low quality healthcare with insane waiting times like in Europe l. No thanks.
We don’t want state to be our nanny, it’s not in our character to be ok with that. Give me my money and let me be responsible for it like an adult
@@stanton7847 the US is fine, I don’t want to pay for others bad diets
Universal healthcare means if gov figures out it can save billions by banning sugar it will, we don’t want nanny like state
Individualism over collective nonsense
You can't really ease the burden on the younger genereations by cutting pensions and healthcare costs though. If you do that - the youth will be kinda forced to support their elderly family members directly. You also can't have boomers work till they are dead as it will negatively affect the chances of the younger gens in the labor market and hinder productivity increases.
Some other approach is needed here. Like maybe pushing for more social equality and actually taxing the rich.
TAX THE FUCKING RICH!
@@Peter-bk4pz Doesnt work either, they will just move abroad.
Not really, in south korea many seniors live in poverty or even on the streets despite having successful children. You shouldnt be entitled to certain standard of living, pensions should cover just the bare minimum. It has been shown by japan that postponing the retirement of experienced workers can be beneficial for the economy, those older workers are still more productive than most young workers.
@@Mastercane98 can you imagine letting one of your parents live in the streets? How do you feel about people who would do that? Like 95% of young people will help their parents if those can't get by with their pensions. In most countries children are even legally obliged to do so.
The second argument is very counter-intuitive, you would have to provide some data to support it. Elderly workforce really bring very little to the table, especially due to their unfamiliarity with technical innovations. All they really do is take good jobs and managerial positions away from the younger gens. Everyone who has ever had a boomer boss knows that.
Moreover, Japan isn'tcreally a great example for combating ageing population. The country is in a pretty deep crisis and the youth there are in a very bad place, unfortunately. Not to mention South Korea with their staggeing 0,66 birth rate...
Ah yes, the magic spell: 'tax the rich'.
As you state yourself, it isn't that simple if you think one step ahead.
We really do need a new approach to taxes though.
saying that Japan is doing well with pension moderation is disingenuous
Then they had the ingenius idea of solving it with immigration, which ultimately failed and produced further costs.
Who would have thunk that third world immigrants would actually not shapeshift into average citizens from one generation to the other?
As a millennial approaching my 40*s with a child, we studied about the demographics in high school some 20 yrs ago so it's unacceptable to say ylwe didn't see this coming
Every political leader has either been kicking the can down the road or fell asleep in the wheel in the last 30 yrs
family should be considered the foundational unit of the society, not the individual, and the state should support the family. that's the problem. the current paradigm is centered on the individual
divide et impera. that's why democracy will never work: it slices up society in any way it's convenient to get elected.
It’ll shift, people with more children will be better off. So people see that and will have more kids again. But before that happens it’ll get a lot worse, particularly for the old people without children.
What should be noted is that in the Netherlands, people pay more than 2% of GDP on mandatory health insurance, which costs the same for young people as for old people. So there's money transfer through insurance, but it's not government spending so it doesn't show up in these graphs.
Except it's tied to income and most young people make so little they get money from the government to pay for the health insurance. It's the 30-50 year olds that carry the system tax wise.
Young people in these countries can save money by not having children.
Are you joking or serious
@@patratgames4712 Why would he be joking. Its the only way to save money.
Young hostile, high cost of living nations reaping the fruits which they have sewn (low birthrates).
@@captainsunbear5472and ruin our countries even worse with even lower birthrate
We need more children, not less.
@@patratgames4712 serious. If they want us to have kids, they need to make it easier, not harder.
The same is happening in the United States.
Boomers are the largest generation in the country at 79 million. They are now retiring in large numbers being eligible for the American pension equivalent called Social Security (SS) and subsidized medical care called Medicare.
When SS was created every working person would contribute out of their paycheck or weekly/biweekly/monthly wages. These wage taxes (Social Security plus Medicare) became known as FICA deductions.
It would more or less be a pay as you go system, with some expectation of separate private savings. Over the years however the Social Security fund was raided to pay for budgets or other items. And with inflation and smaller generations in between, this meant that for the SS fund to stay current, the U.S. government had to borrow money AND use funds of current *younger working* people paying FICA taxes out of their wages to pay for current retirees. As a result Social Security and Medicare are now the largest government annual budget expenditures along with military spending. Those 3 account for almost 80% of government spending--and raising the national debt for future younger taxpayers.
The other problem with this system is that there are no asset or wealth maximums to receive Social Security payments. Only wage caps where someone doesn't have to contribute initially if you are a high earner.
So in practice there are low wage part time workers getting FICA taxes taken out of their wages to subsidize the retirement of mostly better off Boomers who also happen to own the most residential real estate, stocks, and other forms of wealth. In states like California, where the median home is worth nearly $1 million, these retirees are essentially upper middle class. Those with more assets are essentially wealthy.
And their monthly Social Security pension paycheck is funded by current workers earning between $13,850 and $160,200 annually in 2023. Keep in mind 90% of American workers make less than $80,000--far less than $160,200. And although $14,000 for individuals is considered poverty wages, in higher cost of living states in practicality poverty wages are closer to $40,000 for an individual.
Like I said, a low wage part time worker with no assets is getting taxed with FICA out of their paychecks--to fund Social Security, essentially transferring money from Millennials and GenZ to Boomers. Its somewhat akin to a pyramid scheme where the older populations are being funded by the lower wage younger generations.
It would be a wonky but still ok system if all generations were about equal in size but they are not. The next generation, GenX has almost 20 million less individuals. It rises again with Millennials at 71 million (Millennials are largely the children of Boomers). But then falls again with GenZ at around 60 million.
And people have been living longer.
The problem remains for younger generations where the birth rates have been low across the world for varied reasons. This threatens the future solvency of SS and Medicare and there's no guarantees these will be there for today's younger generations currently paying FICA taxes when they retire.
One solution to these issues today is to lift the income contributions cap. And another is to put in wealth caps on who can receive SS. With the current system inequality is being worsened and the burden is unevenly distributed.
The current solutions being proposed today like raising the retirement age are ineffective bandaids that are not solving the core of the problem.
You can put interests payment for the national debt up alongside those three biggest expenditures. A forecast is even showing that interest payments will soon top military spending in the USA. Basically paying for nothing.
Boomers are not the largest Generation in the USA 😂.
25% of the US is Millennials, 22% is Boomers, 20% is GenZ and 18% is GenX.
@@beasley1232 Boomers are the largest generation followed by Millennials, then GenZ and GenX.
Baby Boomers were the product of the "baby boom" after WWII when returning GIs and others married, settled down, and had kids.
Millennials are largely their children.
Yo u might be confusing Boomers as a whole with Boomers in the workplace.
Up until recently Boomers were the largest generation in the workforce. However as they've retired, that mantle has been taken by Millennials. Millennials are now the largest generation in the workforce.
Boomers are still the largest generation though (by a few million).
@beasley1232 Boomers are the largest generation in the U.S. Millennials are the 2nd largest generation.
You might be confusing the absolute number of Boomers alive with the number of Boomers in the workforce.
Boomers were the largest generation in the workforce until they began retiring post Covid.
Now Millennials are the largest generation in the workforce and Boomers the second.
Eventually Boomers will begin to shrink as a generation, but we're just entering that period.
@@beasley1232 No Boomers were the largest generation.
In the workforce it's now Millennials though.
this is what happens when the population shrinks and no one has children.
Yeah, and that often comes as a result of worse welfare meaning people have less money and ressources on their hands, and therefore less excess time, energy, and money to be able to raise kids. Especially if its to a point where both potential parents have to work their ass off in order to make ends meet, as is the case in Denmark and has become apparent after 20+ years of neoliberal austerity measures to our Social democratic welfare state.
@@drdewott9154 no it's actually the opposite. Before the invention of welfare, people relied on having many children so someone could look after them when they got old. It's feminism and the destruction of national and racial identity along with contraception, loss of religion and women in the workplace that has caused this mess.
People have to work their ass off for less now , can't even buy a house with 2 people working anymore. Currency has become worthless compared to what previous generation had. Benefits are not the issue. No one has benefits before and could buy a car house etc on just the man's factory wages.
@@drdewott9154we have more welfare now than in all of human history, and we have the lowest birthrates in all of human history so your theory is bunk
But if a population grows e.g. Netherlands, we have no houses, are unable to provide energy or water to the houses that do get built, and those houses cost over 10 years of average wage. Also, the roads are full but so are the trains, and we have traffic jams even for cyclists.
@@MissMoontreeIt's not because of growing population, it's rather that we build fewer houses than ever before. Check the graphs of England or Netherlands. Or watch the video "Housing Crisis is the Everything Crisis".
Thanks for the video, i've been looking into moving to either the Netherlands or Denmark. I live in Greece and it's 100% clear that there is no future here at all for young people, most of us have university degrees yet work in service jobs so we can give almost all of our salary away to the government.
We are short of 500.000 homes (rent en buy) so good luck competing with the higher salary’s here in Netherlands
Don’t move to the Netherlands, the housing crisis is so bad you will end up spending your salary on rent. People are racist and companies will hire you less often if you don’t speak dutch.
Source: I lived there
With the new law you better get away even if working 6h/week was already common, for money most popular destination now from highly skilled people from my country is switzerland and benelux, you spend more but savings are also bigger, their standards are higher than southern europe compare to us i would say they have upper class lifestyles.
Good luck greek friend.
Denmark isnt that different in that regard sadly, don't get your hopes up. Plus the housing crisis is extremely harsh here as well, you can barely even find any place to live unless you're already rich or willing to live with a partner on a super tight space. Whats worse is that the private pension funds mentioned in the video are partly to blame since they jack up the property prices and rental costs to pay back the profits to peoples pensions.
If you move to the Netherlands, you'd be homeless though. Unless you make 100.000 per year finding a house will be next to impossible.
Without the disenfranchisement of pensioners (and other net takers) in the longer term elections in Europe will be won by parties of pensioners which made problem even worse.
This is the kind of content I would usually expect to see in nebula. Kudos for bringing this stuff to RUclips
Thank you! :)
It's not stealing anything, it's just stealing from itself. In Romania I'm paying 48% of my salary, for no infrastructure, expensive prices, nothing that can make me say hey yes here are my taxes, it just goes in someone's pocket, and also the IT domain is very taxed here, it's not worth it. So obviously I'm moving in luxembourg where I get 10x my wage here and pay them taxes since they are so kind to me and pay me 10x what I get here in a month. at 26 years old I would have the same wealth as I would do in Romania at 62 years old. I'm not wasting my life for them.
They are litterally rebuilding the same road, since I was in the 5th grade, now I'm 22, and it's still happening
Bothers me that you didn't define/clarify what are "young people" according to you. Teenagers? University students? Young adults? Working adults? 18-24? 18-34? 25-34? Even tho you had that graph on your wall the whole video.
Hi,
In the case of this video, 'young people' refers to workers as opposed to retirees, but since young people (18-34) are those with the most working years ahead of them, this concerns them more than a say 50 year old who 'only' has 15-20 years of work left to do.
Cheers,
Hugo
@@IntoEurope thanks for clarifying.
Def don't be between 20 and 30 in the Netherlands. You'd have a student loan debt on top of unaffordable housing. Be 35 instead, you'd have a nice discount and only took out student loans for buying a house which was about half the price or less than now.
Also, the minimumwage for 18 yo there is half the adult minimumwage.
You really should have sources for the data on every graph, is easy to do :)
In regards to Denmark, It would be more accurate to say the pension system has partially been decoupled from the state than privatised. Some retirement funds are in whole or in part run not-for-profit, union owned, employer-worker funded, or cooperatively owned by savers.
Non-state non-private organisations have the advantage of serving the public and being shielded from political whims or capital extraction from private owners
The same goes for a few banks, insurance organisations, mortgage lenders, electricity producers, water systems, supplemental unemployment and health insurance, parental leave, vacation, and non-profit housing.
I'm from Denmark and here we pay 42 to 62% IN Tax, so not sure what your talking about, Denmark is one of the highest Tax Countries on the Face of Earth. If you earn more than 200.000 $ You pay 62% In TAX. You litterally work for the Goverment at that Point and We Point fingers at Communism?
I’m French and I had never seen it that way.. I think elderly people deserve to have pensions because I believe in a social system and that they are a very vulnerable demographic. It’s interesting though that it weighs on younger generations, I’m 19 and I’m studying, I’ve never felt that much anxiety before but I still don’t think it’s that simple.
Danmark i medierne igeeeen!! 🇩🇰🇩🇰🇩🇰🇩🇰
Ja, men kun fordi han forstår ikke den danske skat metode, og hvor mange gamle folk bor her.
Åh Danmark. Har et årligt statsoverskud på 90 milliarder og nægter stadig at lette det enormt høje skattetryk.
I'll gladly move to Denmark and be efficient for the country :3
We are in need of carpenters, brick layers, electricians, welders in Denmark no one can do manual work anymore because everyone wants a doctors degree or just use the system and sit on their asses.
In Sweden the pension system have what is known as "The Brake". The automatic annual adjustment of pensions is directly tied to the performance of the economy. If the balance between incoming and outgoing money in the state guaranteed part of the pensionssystem goes down for some reason, pensions are lowered until balance is achieved.
is it possible to share the aggregated data you've collected? It would be amazing!
Aging is an inevitability. And old age is a privilege. When we are young, we drain resources. As adults, we contribute to society. As our days get shorter in our old age, we once again rely on others. I have grandparents and parents who are older and I have family members who are about to enter the workforce. Everyone has things to worry about, according to their own situation and perspective. Let us approach this issue with compassion and understanding and fairness.
no. The boomers should be taxed like no tomorrow. I'm a young italian and this is what has been done to my generation just to pay their f....g pensions
Most helpful take in this comment section ('helpful' in the sense of 'actually gives you insights that make you more capable of improving things in the real world'). You expressed an idea that is both correct and extremely important: the idea that, when you try to understand the world in a way that makes you more capable of making good decisions, (1) compassion (2) understanding and (3) fairness are not only important, but all three of these achievements are necessary at the same time (i. e. grasping all three of these things is even more important than the sum of grasping them individually)
nah, just abolish retirement before it's too late
@@phillipanselmo8540 bruh what about the people who are literally too old to work. No more retirement means anyone who's unable to work and is past some age has no money for shelter or food. Are you saying we'll just let them sleep outside until they starve?
@@Armin_Akoyimcompassion dont pay the bills, doesnt create jobs or build homes.
Social security/ pensions should just cover the bare minimum. In the west, people believe that they are entitled to a certain standard of living just because of the country they reside in, which shouldnt be the case. It is completely unreasonable to burden an entire generation with high debt and oppressive taxes to give those who have had an entire lifetime to accumulate wealth a substantial pension.
I believe SS/pension is suppose to supplement your retirement not fully cover it!
Super video! :) Need to see moore od your videos now! :)
I’m sorry to say that I didn’t find the presentation easy to follow. You don’t really explain the graphs at all. By the moment I start comprehending them, they’re already gone. And no, I’m not gonna pause it
I'll watch the video later, but I wanted to say that I've seen like three different thumbnails and titles for this video
Young people need support so that they can have an apartment, start a family and have children.
Young people who will not have a flat, family or children will only worsen their future situation. That's why we're already talking about immigration - which should be wise (like in Australia).
Or we could just finally tax the absurd wealth of the global oligarchs and have both low taxes on the young and decent pensions when people are old. How about that?
I guess people enjoy to endlessly discuss problems instead of the solutions
Croatia here
Young people under 30 enjoy tax deductions on health care and reduced income tax. I believe most of the EU countries have such measures
Boomers built Europe as we know it, an area of the world with a good work-life balance and a wast social welfare state. Let's not be ungrateful and get to work to leave a better world behind us as well
Nobody says that we don't want to work. But if a pension is the only thing boomers think about, then they are just blind voters misused by populist parties. Such as in my state, Slovakia.
Always the shitty "moral" argument. Oh they built everything! The world started with boomers, before there was nothing! And NO, of course when a country, or the west, almost entirely is disproportionately benefitting a generation over others, we have to discuss is. In Spain a cultural "check" of 400€ for all who are 18 and inter city train free until 30, guess the median age of emancipation? 31 first child? Home owners under 40? From 70 to 30%. Stop the nonsense
This isn't the full picture, for one thing Sweden may be more frugal in paid pension but that's excluding the money saved be the elderly due to universal health care which saves them tons of money (at least if you compare to the US and others with poor health care systems).
Same in the Netherlands, we have mandatory health insurance at fixed rates. In that way, young healthy people also pay for health care costs of the elderly.
@@jow3724 - would I get an exemption then? I am 61 and I have had a total of 2 days in a hospital bed during my lifetime? And since I have no children I really should get a boost on my upcoming pensions since I have not utilised state sponsored benefits like kindergarten, school, and free, higher education.
And since I migrated to Sweden at the ripe age of 30, a very productive age, I was not a burden on Swedish tax payers for those first, expensive years.
I demand compensation!
I love that you use actual data. Right on!
Its the goal! I really dislike these 'narrative' driven videos that don't build it up with harder facts.
Cheers,
Hugo
So let's get somethings straight:
1- Increasing the retirement age increases youth unemployment, as few jobs become vacant from peoole retiring. Moreover, increasing labour years for elders make the life expectancy to fall. For white collar workers it may be ok, but imagine a construction worker at his 70. He may be able to do his job as good as before, but any injury is going to be fatal.
2- I am 31, and have 2 parents on their 65+. Fortunately, they were able to save and have a comfortable retirement and planned to do not give us expenses. However, my mother in law wasn't so lucky (and seriously, its was all but her fault), and she is in her 50s and isn't that energetic. I know that we will have to help in her elderly. Or should we ignore the needs of our parents and grandparents? I don't know if its cultural, but is inconceivable where I live the idea of living well-off and let them to have a miserable old age.
3- The eldercare is job and income for younger people. All this talk about surplus/deficit and share of the GDP expenses relly on the notion that the economy is operating in full employment. This is not the rule for capitalism. Quite the contrary.
4- We, the youth, have a difficult life because of the world built in the last 6 decades. Too few houses builts, too few urban mobility infrastructure, expensive childcare, and low wages. Not to say of the geopolitics. The boomer generation may be partially to blame, and they surely benefit(ed) for many of those things, but I doubt that the my unliterate grandmother in law is to blame for anything. Lets rebuild the world then, instead of leaving then to die.
What we need is to look at income unequality and grant a just and comfortable retirement fornpur elderly. There are some privileges of some elders, however, I think its better to tackle them with income taxes and regulations of their properties. We are the boomers of the future.
The problem with Japan is that the reason elderly people are contributing is because they are held with great respect, so they keep their jobs as nobody wants to fire them. But they are not able to work as much as they used to, and young people must do their work but dont get paid for it more. Also it is hard for young people to find jobs because of this. So it is important to also include this point of view into the data analysis, otherwise it is biased.
Hi,
Thanks for your insight!
I had read that most Japanese people get fired at the 60 year mark and rehired as external employees, or in a decreased function - would you say that it is accurate?
Cheers,
Hugo
Dear, the Social Contract is dead since rich people can move money to Tax Havens. The aging population isn't a real problem, because the productivity growth barely compensates the old-young population ratio. If the profit would be shared well the pensions aren't problem at all.
"sharing" is exactly the problem. If people weren't taxed to hell and instead had more disposable income to save or invest, not many would need to rely on the state for pensions to begin with.
im going to join other rich in "tax heavens" aka any country where gov isnt the majority of gdp. Socialists can always create co-ops and keep all the juicy / easy profit they lust for, they just have to work and take risk for it
@@darthcalanil5333You vastly overestimate the financial literacy of the average person. Most would just spend more and still need help when they got old.
@@darthcalanil5333 lower taxes for working class people. Higher taxes for corporations
@@darthcalanil5333 if rich people and corporations couldn’t move their money to Cayman Islands and other tax havens and instead paid their fair share, probably the common worker would not be taxed to hell and pensions would not be a problem. But every political power seems to be too reluctant in criminalizing tax havens and apply sanctions worldwide against countries who benefit from it and prosecute people who use it.
Mate... Hugo Bezombes is doing TOO MUCH work.
Script
Research
editing
Animation
Cmon!! :D
Taxation is a very sensitive matter. IF the government asks you to defer autonomy to itself (basically saying you are dumb with your money so we'll take care of that for you) then the government needs to invest, develop and multiply the money it gets from taxes and return that MULTIPLIED benefit to the people. A good example is France's nuclear industry. Built from people's money, but the government RETURNED that money AND got the cheapest energy for the people AND made the industry extremely competitive, allowing people to work 35 hours per week or less. This is what taxes are supposed to do. BUT if the government takes tax money, pays itself and its employees and then returns to the people LESS than what they've contributed (basically to say "here, don't say you didn't get anything") then that's just a mafia racket posing as government or the most basic type of communism.
Solid video. Thanks for your hard work to give us these insights
great vid man!
Thank you!
Very nice video, but I don't think that you can say that pushing pension age is that young people friendly in the end. There are countries like France and Spain where companies could profit enormously from younger, more educated workers, if old people retired and kick started a hiring process in many companies. Having people wait longer for retirement, just clears no space for young people come in and churn in the economy, they are basically just sitting on the benches, not doing much, look at the NEETs in France or Spain. Also in countries where firing is difficult, many companies keep older workers just because of the expense of firing them close to retirement, and they give them busy work, not great for productivity either.
Another thing that might be interesting to see is what would the gap of funding be if pay would have kept up with productivity growth more closely. The pension systems were devised up in an era where there was less inequality in compensations and, dare I say, less tax optimization🤔.
In Sweden the pension system have what is known as "The Brake". The automatic annual adjustment of pensions is directly tied to the performance of the economy. If the balance between incoming and outgoing money in the state guaranteed part of the pensionssystem goes down for some reason, pensions are lowered until balance is achieved.
interesting to see Slovakia at the bottom part of tax burden graph, even though we pay effective 50% tax rate from total gross salary (and that does not change in any income bracket) only gets slightly higher above 50k/year.
And do not forget to say, that our pensioners enjoy 13 pensions per year. Also, a lot of young Slovaks are moving abroad, so it is indeed interesting.
So far, the population growth took care of everything. This is a pyramid system that can't continue though, as we live on a finite planet. The world's population is shrinking, and people are getting older. Moving to a country "for young people" won't solve anything. What we need is new thoughts on living with a changed reality.
Germany in the top 20 pensiom systems? is this a joke?
They will make you pay for pensions in other European countries. Just like everyone is responsible for everyone's debt through the eurobonds. Best to have a backup plan outside the EU.
Denmark isn't in the eurozone
@@theodorefruchart7058just because they dont use the Euro doesnt mean they are not burdened by financial strains of the EU
Thanks for this video bud.
This is really important to look at and four countries to get right.
lmao, you get payed jack shit as a kid working in the Netherlands and the cost of living is through the roof. A lot of Dutch people go study in Belgium because the quality is higher and its far more affordable.
Thankfully we can vote with our feet. Our voice may not matter but you can always decide where you pay taxes.
Not really, countries are trying to push for taxation by citizenship, meaning you'd have to ditch that too to evade your home country's taxes.
@@looseycanonnot a big deal for me
@@shukracharya_ Well, it would be for me... I'd lose a very powerful passport
@@looseycanon What countries? The only major country that does that is the US and it can only afford to do so because it's in a fairly commanding geopolitical position. And even they have double taxation agreements, sometimes of which are very favourable (like Ireland)
@@majorfallacy5926 Australia is currently in the process of implementation and I fear others will follow.
I would love to move to Denmark or the Netherlands. I don’t think I could bring anything of value to either though. Plus I feel like I’d be doing a disservice by not learning the language, which I find incredibly hard. Though, living there would help I guess
Finding a house while not speaking Dutch isn't the issue. But you either need to work for a specific company that reserves housing for immigrants (but this should be a tech job, if it doesn't pay more than 16 euro an hour, run!) or a job that earns you around 100k a year.
Our generation can't afford a family, raise children or own a house. Result, further drop in birth rate which leads to desperate need for foreign skilled workers. This is cultural suicide.
Old people are the cause for this cultural identity shift, while they are also the most vocal about it.
As a general principle, the less people rely on the government, the better. Three main reasons:
1) The government is full of middlemen who get paid by taking a cut out of your earnings
2) The government is often not transparent about how it spends your money, even if it tries to be. The institution is too big to be able to afford full transparency.
3) As a result of point 2, all people (in and out of government) become a lot more complacent about how smart they are with money, because actually they are not spending their own money.
It begs for corruption on an industrial scale, not just on the part of politicians and civil servants, but also the selected demographic groups whom they want to seduce in elections.
In my view, as a general rule, only emergency services and the most basic necessities ought to be paid for by taxes and organised by the government. I don’t believe pensions should be. People should be encouraged to plan and save for their own future (for example, using a private pension). Or alternatively, what used to be the case was that people relied on one another within their families and communities, instead of bureaucratic government entities.
Edit: also let’s be realistic. If push really comes to shove, then a swarm of 70-year old pensioners aren’t going to riot and topple the government. I don’t think that has ever happened in history. Young people will, always.
People in countries with a well organized government (like in Western Europe) are happier than people in countries with a small government, like North America.
@@EdwinMartinIn exchange Western Europe falls behind in Innovation, Military, Income and Influence on the world stage.
@@dioniscaraus6124 We would rather be happy with an average income than be unhappy and rich 🙂
@@EdwinMartinthat depends very much on people’s personalities and culture. There is an interesting divide between cultures in northern and southern china. I forget which way round, but one half of the country historically evolved from harvesting rice, and the other half from wheat.
The difference is that rice harvests require more communal team work in contrast to wheat.
Those parts of the country today whose history was founded in harvesting wheat, tend to be more individualistic and entrepreneurial than those founded on rice.
Neither culture is necessarily ‘better’ overall, but it will work better or worse for different kinds of people.
I personally hate the idea of initiative being taken away from me and most of my decisions being made by someone else. It makes me lazy, and I hate the feeling. I finish the day feeling depressed. I want nothing to do with that sort of system. It certainly does not make me ‘happier’. I also think that is true for a lot of people to some extent, though maybe not as extreme as myself.
And also, amassing any disproportionate amount of power in one sector of your economy (such as government), attracts psychopaths into that sector which ultimately becomes its undoing. We haven’t yet designed adequate systems to filter these people out of politics and government, or the finance sector either for that matter.
Communitarian approaches to governance don’t work very well on the scale of millions of people, but are great on a much smaller scale where people actually know one another on a first name basis and genuinely care about one another instead of only pretending they do (like you often see on TV in political debates).
@@markprothero2666 Nice story. A larger government does not mean it has more power. Everybody has to justify was he/she is doing. They do what’s best for the people. At least, that’s the intention. Is it perfect? No. Do I rather have a minimal government? Also no.
I dont like how the elderly here are almost framed as the enemy. The enemy is the pension system, which is faulty. The focus on the video should be that... shm
Correct. This has a name; Polarization between old en young.
But they are. I grew up in the Netherlands, and was taught that we live in a coherent and collective country with each other. It was a major shock to find out that boomers were all along actively promoting policies that would cause large parts of my generation to be unable to find an independent living space. It's nothing less than betrayal.
Nothing is more insane than a young person describing themselves being robbed as "welfare transfers", "pension payments", or "health expenditures". Robbery is robbery, even when the villains pretend to be helping their collective selves in a nice community manner using helpful goons. The pain pushed into the lives of young people is VERY real. Why pretend this is something other than a blatant crime in progress?
I think the real problem is that the older generations should have payed more for their own future retirement than the various governments made them (the crucial assumption here is that a government has a much larger responsibility towards preparing for the future than individual people have, which I generally think is true). Instead the situation was treated as if the number of people being born would remain the same or even increase (!) over time. The main thing that I'm trying to say is, keep in mind that the injustice committed towards young people still prevents another injustice that would otherwise be committed towards old people. So while I would say that I actually do agree with you in the broadest sense, I think the real failing to be spotted here is that we were put in a situation where all outcomes lead either to injustice for one group of people, or to injustice for another group of people.
@@Armin_Akoyim This is why the only sensible stance is to declare as an individual that everyone who steals is a criminal. If you allow someone who steals to set the stage and make the rules, their incentives are already perverted.
The government spends everything they steal immediately, either to buy votes for the next election, or to incentivize future donors to fill their coffers. Saving has no meaning when you aren't personally accountable for fulfilling the promises made.
Only the individual has the proper incentives to plan for the long term, and we should never have even begun to consider out-sourcing it for this simple reason. A thief is not our servant, but most of us can't seem to accept this as the truth.
@@Armin_Akoyimtoo bad, europeans ahould have just given birth to more chilsren!
@@Armin_AkoyimOh the guilty party here are governments, who votes these governments the past 30 years in UK, DE, IT FR ES etc? And NO, is not a choice to decide who will suffer, we could build 10× homes, rationalize pensions systems etc. remember the 30 glorious years? Now is impossible because productivity and lower fertility etc. but we could do much better
Great job, very informative!
how does a country partially privatize a federal pension system? I have never heard of that before
Instead of receiving a defined benefit you get a defined contribution plan, this means you are less certain of what you will get out but the money actually belongs to you whereas under a defined benefit plan you are technically subject to the whims of politicians
The government(s) convince the voters that it is better if they and their employers add a little extra money into private retirements funds (usually run by the unions or the national employer associations).
A few years later, rinse and repeat, and ask for just a few more percent of your salary to be diverted into these private funds. Viola! A generation later, you have a partly privatised pension system.
In France, the retirement age was low and for many years, nobody dared to increase it. But the burden for the younger generation to pay the pensions for the baby boomers became too big. A couple of years ago increasing the retirement age became inevitable, leading to heavy protests. Even young working people protested, what I thought was strange.
Young people protested because the average person is a rtard
You characterize this as a transfer from the young to the old, but seniors paid taxes for this throughout their lives. Is the outcome unequal to income? Sure, but that is government mismanagement of the money. Any reasonable calculation shows that the private sector could have done better with that money. What governments got out of the system, which nobody talks about, is a guarantee that the old won't end up on the welfare rolls, and the street.
I am a standard American retiree. I reached full retirement age, filed for social security, and kept on working. The SS money is not enough to live on unless I sell all of my assets. In the meantime, I work, I am perfectly able to, and I both pay into the system as well as get money from it.
Depending on country, but often, if not every time, the systems in Europe are PAYG, or as I call it, Ponzi Pensions, the system is only stable as long as there is more people entering it (entering workforce) or if the number of workers in it is rising (e.g. retirement age is risen) as is only redistributing currently earned money. Another problem is that the pensions are too high, for example in Czechia the pension system is in roughly 10 % deficit and average pension is about 60 % of average net income. The problem is that phasing out of this system that is in place, in various modification, for over a century is almost not doable. Not with current demographics. Problem is that people, our boomers that are like 20 years younger than boomer in the USA, had resisted it 25, 20 or even 10 years ago when we still had demographics that would allow for transition from full PAYG to fund based system.
And there are other flaws and problems in that system which make it unsustainable and potential societal hazard for upcoming two decades.
Ridiculous that young people pay so much. Big companies should contribute much more.,but their lobbying power is immense.
Interestingly enough, it's also these older generations that are responsible for the shift to the far right. I presume that there is also a statistically significant impact of dementia and loss of mental capabilities in the shift towards parties that make simplistic promises.
Can't we just stop pretending like we care about elderly as a whole?
I've worked in a nursing home - the alienation and lack of opportunity there for the elderly is insanity.
Pension system needs to be phased out.
That will even solve the fertility crisis.
Because guess what - the children you raised are supposed to care for you while you help raise their grandchildren.
Generational living needs a comeback.
All this atomisation is unsustainable.
The future belongs to those who show up.
Exactly.
I really don't mind the idea of a pension but you just might be right. Doesn't matter though, people will cling to their system, they'll cling to their freedoms (like the freedom to not have a child or get married) even as society crumbles. I say let it all crumble and the clingers with it and leave society to be rebuilt by the people with stable values.
The Politician, the number one cause of all problems in your life.
Great video and you are making an excellent point. Only, I've just voted in the UK general election. My point, a social care worker is paid less than the state pension, which is also incidentally the largest share of the social security budget.😮 Now the UK is practically the ONLY left of centre political entity in Europe after a record landslide against the discord.😅
It is starting to appear that the tax system has been carefully designed to pull money toward the wealthy and keep the rest of us in somewhere between a near poverty state and poverty. This then has decreased population because so many of us who would have had more children did not as we need to two incomes to have a house and to be able to provide nice things for our children. If you have had your children in sports, dance, music and they were good enough at that or those to be on a team or group who traveled then you'll know the cost. If you are not quite well off then having more than one or two children seems very irresponsible.
The elderly already paid for their aid through taxes during their working years, many starting their career as 13 year olds and therefore having contributed to society for 60 years whereas young people usually only contribute for about 40 years - and starts in debt because of taxpayer funded education that the boomers did not have access to. So this is basically just ageism.
No. The way in which it is suppposed to work is that the elderly also acumulated wealth and have less expenses so they have a pension that is less than what they woyld earn if they worked but allows them to keep their level of life. When the average pension is higher than the average salary you have an issue, especially because the future pensions will be calculated off of salaries. If you add to that how the main expense of most people is housing and the elderly own their houses...
Boomers had cheaper and freer and more state-funded eduction than we do today
Dafuq you talking about
That’s why the voting age should be lowered to 16. And personally, I think old people votes should be weighted. For instance, after retirement, you only can vote twice of three elections, or something like that. Until the population pyramid is normal again.
I’m 71.
Adding the "I'm 71" part to the end made your post a lot more sincere.
As someone with an interest in history, I think this is a cultural issue. If the elderly have decided that they are more important than the young, any changes by the government will be near-impossible, see France. Countries where the elderly aren't trying to be a pain in the ass would be able to pass such vote-limiting legislation, but they are also the countries where such laws would be the least needed.
I think the old will continue weighing down their children and grandchildren until the recently seen trend of political polarization gets out of hand, at which point we will either go down an extremely scary extremist route, wherein the elderly will be "dealt with" OR someone moderate will come around and convince the elderly to chill out. A charismatic elderly politician who can show a better example to the old is what would be needed, as I doubt the majority of boomers would listen to anyone else. (if course you want less pensions NOW, wait until you're older!)
Overall, I hope my generation will be willing to plant the proverbial trees when we get older. I'm 31 now.
Here is more simple suggestion: every kid below 18 would give one of their parents one more vote. This way all children, even just born, would be represented in democracy via their parents.
@peterlovisek9210 you think toddlers should vote?
@@peterlovisek9210lol no, most parents would use these votes for their own interests
Nah, let voting rights be dependent on tax contributions. The people that pays the most in taxes gets more votes. One universial vote per citizen, and then one extra vote for every, say €5,000, paid in income and capital gains taxes. That way the people that contributes the most gets to decide policies.
No pensions for people under 18 combined with very low taxes for them after they start working. Over 18s can choose if they want to have pensions when they retire. If they choose not to then they also get low taxes. Only way.
Why do RUclipsrs display statistics for like half a second?
I want to look at these, they tell the story.
Yes, I can pause, but it's hard to catch the right moment.
This video is better than most I've seen for looking at the stats.
Denmark is a great country to be a foreigner in as long as you're not from Eastern Europe or the Balkans. There is a facade of acceptance, but the majority is quite xenophobic. I don't want to point the finger or anything, but that has been my experience living in Denmark, and seeing how a lot of foreigners abuse the system, I understand why they are this way.
what about third worders? do danes prefer them more than east euros?
@@bigboyman5743 yes more diverse
@@bigboyman5743Danes pour their frustrations with brown immigrants on nonwestern Europeans cuz doing so directly is "racist"
Standard across Europe, the only 2 countries I know of being ok with Eastern Europeans (Polish in my case) are Irish and Dutch, had only good reactions with them. I am currently living in Ireland :)
@@KoRbA2310 to be fair, if Danes do get to know you and you're a hard working and honest guy, they LOVE you, but they always seem to assume the worst. It is quite hard to get a decent job without recommandations from past coworkers in other companies for example, but if you have someone to vouch for you they generally treat you well.
It's not against generations, but against the big companies. Boomers produced more than enough wealth to support their retirement, only the greedy took it away from themselves
Did the greedy really take the money for themselves, or did they give their employees money in form of a wage, only to get it back through their employees voluntarily returning it by consuming?
Do companies really extract wealth, or do they create it? Isn't poverty slowly getting eradicated as "the greedy" are "hoarding everything to themselves"? Data surely creates that image.
maybe this gets mentioned further into the video, this comment is based on the graph at 3:10 into the video. The Netherlands doesn't really have private healthcare, so the idea that the "Government" spends less on healthcare might be correct, but we still pay in insurance premiums that barely differentiate between younger and older people, thus this is just a straight tax from working and healthy to old and sick. I understand having to excluding it from the graph because the data collection for this would be a lot harder, but I thought I would mention it. Healthcare in at least the Netherlands is still a massive transfer from young to old, it just doesn't actually go through the gov budget. Same to a certain extent with our old age public benefit, "AOW" the part of AOW that is funded by the social security tax is generally not included in the gov budget, which lowers expenditure by 2/3's, while obviously young/working people do pay that. Although you seem to have done AOW just with the expenditure, which is good, so the AOW point is moot.
I dislike pensions. I think we should take care of our parents directly instead of through a tax system. It would encourage larger families (more future caretakers) and it's a system that worked for thousands of years before governments turned it into a national expenditure.
I don't want to pay for the retirement of strangers.
Also, the idea that a young person should just figure it out at age 25 and live independently is ludicrous. Besides the few decades post-war that has never been the case worldwide, people have ALWAYS lived in multi-generational homes and land inherited form parents.
How the hell is Denmark considered to be a good place to not be exploited as young?? We literally have the highest taxes in the OECD, we are probably one of the worst places you can be born in the west if you have ambition in your life, besides living on government checks and riding bicycles.
From my POV Switzerland or USA (even though its not in Europe) is way better for ambitious young people.
If you don't own anything in value like real estate and you are from relatively poor countries it makes sense to move to Denmark. For example a worker in my city Athens now gets around 800-900eur and needs to pay 300euros for a studio apartment. Electricity, internet, groceries, gas and clothing are the same more or less as in Denmark. Services and restaurants are much cheaper but no money left for these expenses with that kind of salaries. ...as long as you accumulate wealth, there is a point that it's better to live in a poorer country but more tax friendly rather than Denmark.