It's not a coincidence; baby boomers are scheduled to take over $9 Trillion more than they paid into the system through Social Security, Medicare & Medicaid benefits, shows Stanley Druckenmiller's study. Millennials will pay the difference.https://twitter.com/AdContrarian/status/1069425860644622337 …
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When retired Boomers spend their financial windfall, working Millenials will receive that financial wealth. It's a transfer payment system. Part of Millenials wages will get paid into SS and eventually they too will collect more than they paid in. No lack of money labor, goods
My boomer parents spend their money on medical and that's about it. It's unclear to me how that trickles down. Inheritance, yeah sure, that makes sense, but I'm not sure boomers will spend in a way that materially benefits millennials.
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The system is designed to allow non-working people to purchase goods/services from working people. The relatively small amount taken from paychecks ensures there is always enough financial and real resources to provide for the aged and disabled without causing inflation. Smart.
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I like your description, but I don't think it's worked like you said. First, social security is pretty paltry and I know many people of that age who have moved to Mexico, DR, or the Philippines in an effort to make that money go longer.
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It seems to me that the root cause for all this has been 1. People living longer 2. An astronomical rise in medical care costs. 2 seems to also stymy whatever transfer that would've occurred otherwise.
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There is no financial problem with social security. It's not an investment fund, it's us our government, promises to care for eachother. It doesn't have to balance financially, it has to balance with real labor and resources available in economy.https://www.youtube.com/watch?v=vDMgGmk4vYA …
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