Oddbean new post about login | logout Social security insolvency is predicted in 2035 where automatic cuts will reduce it by 20% by law. How many seniors dependent on social security can stomach a 20% cut to benefits? Can we really do nothing? Or should we bridge those currently dependent on it, and transition away from the government providing retirement benefits in the form of a pyramid scheme. https://media.tenor.com/kY1gJ9J79IoAAAAC/roberta-blevins-antimlm.gif
I know it’s going to become insolvent and it will need to be cut. I’m planning my retirement assuming I only get 50% of what I’m entitled to. But there’s a big leap from that to “we should abolish all welfare programs”
We all know what's going to happen. They will be paid out in dollars, but the dollars will be worthless. And somehow people will say this is better than free markets because sometimes there are recessions and they're painful, and we must overcome these "animal spirits". Socialism works, until it doesn't. What do they teach in Keynesian/Communism schools? "In the long run, we're all dead" - so just kick the can down the road and don't worry about it
