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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Replying to @historysquared
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
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Replying to @so_many_ryans @historysquared
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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Replying to @Molson_Hart @historysquared
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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Replying to @so_many_ryans @historysquared
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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Second, because we've had inflation in medical costs, the system seems to be collapsing on itself.
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