1/ The Cathedral is starting to admit that Social Security is going to collapsehttps://www.washingtonpost.com/opinions/we-were-right-to-worry-about-the-nations-fiscal-future-but-i-know-when-to-fold-em/2021/01/27/dae752fc-6023-11eb-9061-07abcc1f9229_story.html …
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5/ I agree with all of this. The reason to save for retirement today is not "you will starve to death when SS ends in 2049". It's instead "I'd rather spend 2049 fishing from my boat than spend it sneaking into barns to steal horse food".https://twitter.com/logosimian/status/1354767917460516864 …
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6/ I'm not a gold bug. I'd say: * live below your means * pay off debt * save, diversified in stocks and other assets * skills are always good; improve your earning powerhttps://twitter.com/TylerGroenendal/status/1354768525886369793 …
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7/ A financial collapse won't be "the end of late stage capitalism". It'll just be another 2008 or Black Tuesday of 1929. The system will continue, just folks will lose 30-50% of their assets.
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Exactly. Remember the pushback, 21 years ago that W was going to end SS? Nothing changes. There’s a large lobby for SS (AARP) and damn anyone who touches it.
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Privatizing SS was the fiscally-prudent High Priests of the Cathedral trying to make SS more likely to survive. Whether they were right is unknown, but they really believed that. There was also an opportunity for some constituents to skim a little off the top.
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