Here in Germany they also ignored the demographics, so our social insurance systems (retirement but also health) are heading towards a catastrophe, because there is no capital backing them. They are fundamentally relying on the next generation being bigger or at least equal. This has turned them essentially into Ponzi schemes. The taxpayer has to jump in, making the state less and less able to do anything at all. Of course they now collectively avoid responsibility and slowly milk the young - their own children - dry.
replyIt is truly the most egoistic generation ever.
It's going to be interesting when the Millenials retire - IIRC, that generation was almost as large as the boomers. Gen-Z/Gen-Alpha that are going to be supporting them are a LOT smaller.
replyYou are describing every pension system in the world.
replyWell, he explains all deferred spend.
replyDeferred spending is quite unnatural. That I can work 1 hour today and buy youghurt in 2 years is an artifact of our system.
But this also relies on someone making that youghurt in 2 years from now.
It is that key dogma that will likely be under pressure for future pensioners.
ChatGPT thinks, that in the US social security makes up about 30-40% of the retirement income of a typical American, while the German system makes up about 80-85% of a retired German. Home ownership rate in Germany is also way lower.
replyGermany is an outlier in that there is no capital backing for that generation whatsover. The problem has been known for 30 years, they just chose to ignore it.
> the most likely to vote
replyWell... who's fault is that.
It's because election day is a weekday and the rest of us have to keep up with the grind. It's entirely because they don't have jobs
replyIt's been this way for 100+ years (probably much longer) and people found a way to vote. It's easier than ever in most places today, with early voting, mail-in voting, whatever other options are available.
replyIn some states it’s easier now; in some it’s much harder.
replyhttps://www.brennancenter.org/our-work/analysis-opinion/chao...
Early voting exists in many states. Even in these states you’ll find that younger folks hardly vote.
replyAnd also the most likely to fall victims to scams. An elderly family friend lost millions to a pig butchering scam.
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