Social Security headed for insolvency sooner than expected (2 Viewers)

[DaveXA]

Something worth keeping an eye on. Covid is pushing us closer to Social Security running out of money sooner than expected. Probably not too surprising, but I'll be 62 in 12 years. Pretty disturbing trend.

Social Security trust funds now projected to run out of money sooner than previously expected due to Covid, Treasury says

Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says

The financial outlook for Social Security and Medicare, two of the nation's preeminent safety net programs, has deteriorated over the past year due to Covid.

www.cnbc.com

 

[SaulGoodmanEsq]

I agree with that.
However, if the cap is eliminated those that pay the most into the system will continue to receive the larger checks in retirement.
I say import young workers to pay into the system. The problem is too many old people using up resources, young couples not having children, and others not wanting to work while they figure out how to milk the government for more money. At the end of the day someone has to go to work and pay SS taxes.

And a factor in young people not having children is the possibility they can't afford it. There needs to be real reform in addressing the economic needs of the lower and middle classes. Labels like socialism/communism be damned.

 

[Paul]

And a factor in young people not having children is the possibility they can't afford it. There needs to be real reform in addressing the economic needs of the lower and middle classes. Labels like socialism/communism be damned.

Actually the lower socioeconomic class continue to have kids whereas the mid to upper have few. In any event all nations need new blood to replace the old. The world population will soon level off and start to go down.

Europeans have fertility rates below 2.2 which is the bare minimum to maintain population. They are getting old and hence are importing new blood to bring cash into social security: For example a Muslim man can have kids with up to four wives.

The Japanese have the same fertility problem and virginity among the young is common. At this rate Japanese will become extinct.

 

[SaulGoodmanEsq]

Isn't overcrowding and lack of affordable housing (livable space) a huge issue in Japan? I'm sure they can incentivize corrective action when their population starts leveling off.

 

[Paul]

Isn't overcrowding and lack of affordable housing (livable space) a huge issue in Japan? I'm sure they can incentivize corrective action when their population starts leveling off.

They are reproducing at a rate well below replacement levels so I guess that may eventually work with regards to overcrowding. They are not keen on immigrants and hence they are very old.

I have seen videos a African Americans that work in Japan and they are massively in love with the place. I guess they allow workers but do not offer citizenship. I could be wrong about this I am no expert on Japan.

I will look into how they handle social security.

 

[bird]

I agree with that.
However, if the cap is eliminated those that pay the most into the system will continue to receive the larger checks in retirement.
I say import young workers to pay into the system. The problem is too many old people using up resources, young couples not having children, and others not wanting to work while they figure out how to milk the government for more money. At the end of the day someone has to go to work and pay SS taxes.

Not wanting to work? Or not wanting to work at low wages?

 

[Paul]

Not wanting to work? Or not wanting to work at low wages?

Not wanting to work at low wages is a disease that is only seen in developed nations. It is a bit like fibromyalgia and chronic fatigue. You do not see this illness in the 3rd world.
However, I will say that wages are going up because there is a scarcity of workers.

 

[cuddlemonkey]

Not wanting to work at low wages is a disease that is only seen in developed nations. It is a bit like fibromyalgia and chronic fatigue. You do not see this illness in the 3rd world.
However, I will say that wages are going up because there is a scarcity of workers.

Could you clarify? It seems like you are implying something but don't want to outright state it. Are you saying that fibromyalgia and chronic fatigue are made up or are just excuses for not wanting to work?

 

[Paul]

Could you clarify? It seems like you are implying something but don't want to outright state it. Are you saying that fibromyalgia and chronic fatigue are made up or are just excuses for not wanting to work?

Fibromyalgia and chronic fatigue are unheard off in 3rd world countries. Most people are looking for a meal or a job. In developed nations the story is different. I do not doubt for a minute that the illness is real in developed nations. It is just an observation. From psychological perspective affluence creates different expectations.

 

[cuddlemonkey]

Fibromyalgia and chronic fatigue are unheard off in 3rd world countries. Most people are looking for a meal or a job. In developed nations the story is different. I do not doubt for a minute that the illness is real in developed nations. It is just an observation. From psychological perspective affluence creates different expectations.

What are the different expectations created by affluence?

 

[Paul]

What are the different expectations created by affluence?

Affluence creates a sense of entitlement.

 

[cuddlemonkey]

Affluence creates a sense of entitlement.

And this sense of entitlement is the reason we hear about things like people refusing to work for lower wages, fibromyalgia, and chronic fatigue?

 

[Paul]

And this sense of entitlement is the reason we hear about things like people refusing to work for lower wages, fibromyalgia, and chronic fatigue?

It is likely fibromyalgia happens in 3rd world countries but they have less resources and people want to work to survive. In affluent nations people have the luxury to go on disability.

in the absence of a social net people will work for less in 3rd world countries. If they migrate to the West they will work for lower wages because these wages are higher than back home. The employers will take advantage of new immigrants and pay lower wages. The locals rightfully feel the wages are too low but they have no leverage. Lately, there is a scarcity of applicants for jobs and wages are going up.

 

[cuddlemonkey]

It is likely fibromyalgia happens in 3rd world countries but they have less resources and people want to work to survive. In affluent nations people have the luxury to go on disability.

in the absence of a social net people will work for less in 3rd world countries. If they migrate to the West they will work for lower wages because these wages are higher than back home. The employers will take advantage of new immigrants and pay lower wages. The locals rightfully feel the wages are too low but they have no leverage. Lately, there is a scarcity of applicants for jobs and wages are going up.

Are you implying that people in this country don't want to work?

 

[Paul]

Are you implying that people in this country don't want to work?

I hear that employers are not finding people willing to work. I cannot get inside of the American worker as to whether they want to work or not.

Opinion | Employers Are Begging for Workers. Maybe That’s a Good Thing. (Published 2021)

The political scientist Jamila Michener discusses employer panic, America’s poverty addiction and the messy politics of work.

www.nytimes.com

Millions Are Unemployed. Why Can’t Companies Find Workers?

U.S. employers in sectors like manufacturing and restaurants aren’t finding enough people to hire, threatening to hold back the country’s economic recovery. Among the reasons potential workers are holding back: fear of getting Covid, lack of child care and enhanced unemployment benefits.

www.wsj.com

Job Openings Are at Record Highs. Why Aren’t Unemployed Americans Filling Them?

A mismatch between available workers and job openings is plaguing the labor market as potential employees leave cities or industries where businesses need them most.

www.wsj.com

Some jobs go begging as economy emerges from pandemic’s shadow

ALBANY — Fewer people are working in the Capital Region than a year ago and fewer appear to be seeking… Read more »

dailygazette.com

Column: Employers beg for workers: ‘It’s the economy, stupid’

Have you ever wondered what happens to flat-earthers? Not all spend their days eating pudding with plastic spoons and re-watching old sitcoms — or as fabulists hanging at the end of the bar, …

www.chicagotribune.com

 

[cuddlemonkey]

I hear that employers are not finding people willing to work. I cannot get inside of the American worker as to whether they want to work or not.

Opinion | Employers Are Begging for Workers. Maybe That’s a Good Thing. (Published 2021)

The political scientist Jamila Michener discusses employer panic, America’s poverty addiction and the messy politics of work.

www.nytimes.com

Millions Are Unemployed. Why Can’t Companies Find Workers?

U.S. employers in sectors like manufacturing and restaurants aren’t finding enough people to hire, threatening to hold back the country’s economic recovery. Among the reasons potential workers are holding back: fear of getting Covid, lack of child care and enhanced unemployment benefits.

www.wsj.com

Job Openings Are at Record Highs. Why Aren’t Unemployed Americans Filling Them?

A mismatch between available workers and job openings is plaguing the labor market as potential employees leave cities or industries where businesses need them most.

www.wsj.com

Some jobs go begging as economy emerges from pandemic’s shadow

ALBANY — Fewer people are working in the Capital Region than a year ago and fewer appear to be seeking… Read more »

dailygazette.com

Column: Employers beg for workers: ‘It’s the economy, stupid’

Have you ever wondered what happens to flat-earthers? Not all spend their days eating pudding with plastic spoons and re-watching old sitcoms — or as fabulists hanging at the end of the bar, …

www.chicagotribune.com

Then why do you keep singling them out and implying that it has to do with problems rarely seen (in your estimation) in third-world countries?

 

[Paul]

Then why do you keep singling them out and implying that it has to do with problems rarely seen (in your estimation) in third-world countries?

Affluence leads to complacency. A poor person in a developed nation may have less drive than a poor person in a 3rd world nation.

 

[SaulGoodmanEsq]

I have no doubt there are people who are content to take government handouts. That said, the solution is to make minimum wages more profitable -- from a time/effort perspective -- than simply getting a welfare check.

The level at which you fix that wage is independent from the level of wages in other countries. It's not a race to the bottom of pure libertarianism. Also consider the prices of goods in third world countries (and even places like Russian and Brazil) are scaled down to account for those wages.

 

[cuddlemonkey]

Affluence leads to complacency. A poor person in a developed nation may have less drive than a poor person in a 3rd world nation.

A poor person, by definition, is not affluent. Where they live doesn't matter. If someone can make more from unemployment than working a job, that's a wage problem and not a complacency problem.

And it's not a disease like fibro. That's some real shirt that I've personally seen impact people, forcing early retirements because the chronic pain is difficult to manage.