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The boomers are retiring. See why that’s bad news for workers.

Loulit01

Loulit01

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Lower numbers of workers per retiree threaten the future of programs such as Social Security and Medicare, which support older Americans by taxing current workers. As the share of working Americans shrinks, that source of money will too. Both programs face funding shortfalls in the next decade without higher taxes or cuts to benefits.


It’s not that younger people are less willing to work. They just make up a smaller share of the population than boomers did at the same age. Boomers tended to have fewer children than their parents — a trend that has continued with each generation since — so there aren’t enough Gen Xers and millennials to balance out the growing numbers of retirees. Research suggests this demographic shift brings down economic growth.


No mention of Hunter! Damned liberal press.
 
Loulit01 said:
It’s not that younger people are less willing to work. They just make up a smaller share of the population than boomers did at the same age
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There are more workers in the USA than ever. In fact, we need even more which is why MAGA shows their ignorance on the subject.

Oh, and younger workers are far less industrious. Far less willing to work. Let's be honest.
 
There are relatively easy fixes to social security, such as means testing it. I am also hopeful that as the boomers retire (and pass away), there will be more economic opportunities for younger people both in terms of jobs and things like housing. For example, there will be fewer workers to fill the jobs left by retirees, and fewer purchasers for property left by deceased boomers. This could potentially result in increased wages and decreased prices. It's all very complicated; my point is I'm not yet convinced that the population crash is going to be as bad as people predict. Yes, it may be bad for aging boomers who may not get all the benefits they expected, but it's hard to feel sorry for them given how good they've had it economically for most of their lives and what little good they've done for the world during their time in control.
 
noonereal said:
There are more workers in the USA than ever. In fact, we need even more which is why MAGA shows their ignorance on the subject.

Oh, and younger workers are far less industrious. Far less willing to work. Let's be honest.
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Is that so?
 
Loulit01 said:
Lower numbers of workers per retiree threaten the future of programs such as Social Security and Medicare, which support older Americans by taxing current workers. As the share of working Americans shrinks, that source of money will too. Both programs face funding shortfalls in the next decade without higher taxes or cuts to benefits.


It’s not that younger people are less willing to work. They just make up a smaller share of the population than boomers did at the same age. Boomers tended to have fewer children than their parents — a trend that has continued with each generation since — so there aren’t enough Gen Xers and millennials to balance out the growing numbers of retirees. Research suggests this demographic shift brings down economic growth.


No mention of Hunter! Damned liberal press.
Click to expand...


I recall a teacher in shop class discussing this as an open form in junior high school. "There won't be enough people to fund retirement" and he was right.

Like everything else, you knew about it and did nothing. Canada created a special fund. And we're backward
 
There are far to many young men these days who do not like getting their hands dirty.
 
WorldWatcher said:
Social Security is already means tested. The more other income you have the less Social Security you get to keep.

WW
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My understanding is only until 67, which is not much of a limitation.
 
Cameron said:
There are relatively easy fixes to social security, such as means testing it. I am also hopeful that as the boomers retire (and pass away), there will be more economic opportunities for younger people both in terms of jobs and things like housing. For example, there will be fewer workers to fill the jobs left by retirees, and fewer purchasers for property left by deceased boomers. This could potentially result in increased wages and decreased prices. It's all very complicated; my point is I'm not yet convinced that the population crash is going to be as bad as people predict. Yes, it may be bad for aging boomers who may not get all the benefits they expected, but it's hard to feel sorry for them given how good they've had it economically for most of their lives and what little good they've done for the world during their time in control.
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I think blaming boomers does nothing, it's the politicians we elect and for many years america was a pretty conservative place where god played a big part of life so our politicians passed 'conservative' laws. The gop has always been known as the party of business which also equates to being conservative, married tv couples couldn't be in bed 'together' so one of them had to have a foot on the ground. We in my opinion are finally breaking out of our conservative ways and heading into the twenty first century.
 
Cameron said:
My understanding is only until 67, which is not much of a limitation.
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Nope the means testing (getting to keep more of you Social Security) I'm referring to is permanent and not related to the early retirement penalty.

By permanent, I mean the same test is applied annually regardless of age.

What you are referring to is a reduction in benefits if you continue to work during early retirement and have wages over a certain minimum, that is also a type of means testing but one that goes away at FRA.

WW
 
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Cameron said:
There are relatively easy fixes to social security, such as means testing it.
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Wait a minute. Our friends on the left have been telling me for years that SS is an "insurance program" with a "trust fund." Higher earners have been putting more money into the system than anyone else. Where did the money go?
 
NatMorton said:
Wait a minute. Our friends on the left have been telling me for years that SS is an "insurance program" with a "trust fund." Higher earners have been putting more money into the system than anyone else. Where did the money go?
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Please name and quote these “friends on the left”
 
noonereal said:
There are more workers in the USA than ever. In fact, we need even more which is why MAGA shows their ignorance on the subject.
Click to expand...

noonereal said:
Oh, and younger workers are far less industrious. Far less willing to work. Let's be honest.
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It’s not that younger people are less willing to work. They just make up a smaller share of the population than boomers did at the same age.
 
Loulit01 said:
It’s not that younger people are less willing to work. They just make up a smaller share of the population than boomers did at the same age.
Click to expand...

In fact, the are too spoiled to work as did previous generations.
And as I said, we don't have enough workers in the country. This is why we need immigration and always have. Any expanding economy needs immigration.
 
Don't worry.
The Star Trek future where money doesn't exist is nearly here.
Unfortunately we have to go through WW3 and the rise of Khan, the genetically engineered superman but living in a town in the UK where **** all ever happens I'm hopeful to avoid the worst of it.
I just hope his geography isn't one of his super human gifts.
 
noonereal said:
In fact, the are too spoiled to work as did previous generations.
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Based on what? Unemployment is at record lows.
noonereal said:
And as I said, we don't have enough workers in the country. This is why we need immigration and always have. Any expanding economy needs immigration.
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noonereal said:
In fact, the are too spoiled to work as did previous generations.
And as I said, we don't have enough workers in the country. This is why we need immigration and always have. Any expanding economy needs immigration.
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I think part of the problem for Americans is many are fed up with being treated like shit and exploited at every turn by employers when they can clearly see companies can still make a profit in other countries and have decent holiday, sick time and pay.
The days of workers being happy to be told to do overtime with zero notice and being expected to just love that are over.
New workers today expect to be actually treated with some kind of respect and not constantly threatened with being fired for simply wanting a life outside of work.
 
noonereal said:
There are more workers in the USA than ever. In fact, we need even more which is why MAGA shows their ignorance on the subject.
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Course there is. And you need more because that baby boom bubble rose up through the age categories and exited the work force like a taco fart.
noonereal said:
Oh, and younger workers are far less industrious. Far less willing to work. Let's be honest.
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Not in my experience. When I left my trade the apprentices coming in were bigger and stronger than my generation and just as eager to prove themselves to each other.
 
VySky said:
There are far to many young men these days who do not like getting their hands dirty.
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I don't know what's going on in your country but in mine the young guys are at least as gung-ho as my generation was. And my old union local is advertising for apprentices, that's how short the skilled trade pool is.
 
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