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Let's give you the benefit of the doubt. What is it that's unsustainable with social security?
Benefits increase GDP growth, cushions impact on performance of market upheavals, increases political stability, reduces poverty, increases health and productivity and of course increases happiness.
It would seem to me that it's a sound investment for both economic, societal, moral and selfish reasons. Please tell me where my analysis or the data doesn't support my conclusion.
My understanding (not op) is the most unsustainable thing is that the cap for payments doesn't adjust for inflation, meaning the rich don't pay as much as they used to. If we don't fix that, one day payments will be cut to around 80 percent of what they are. Not world ending, but something that would be easily fixable if we weren't ruled by sociopaths preaching sociopathy as the new religion.
Why doesn't the working class, the larger of the two, simply not eat the owning class?
Jokes aside; seems to me the problem is that policy is set on feelings rather than reality, and then the argument of "not sustainable" gets irrelevant (which is why the policy carries on even though demonstrably wrong).That I can understand, cutting off one's nose to spite the face kinda deal. But if you're spiteful, it might be a reasonable (although not rational) choice.
If you're looking for efficient and/or rational policy, you need more mature representatives, simple as.
Yes, Social Security has problems right now that are not impossible to overcome.
The main reason why Social Security is unsustainable is because population growth is slowing down. In a few decades from now, there will be more old people than young people.
Even with the current demographic situation, people are getting less than what they pay in.
Singapore’s CPF meanwhile is sustainable but Social Security is not unfixable.
The reason why Social Security is unsustainable is because population growth is slowing down. In a few decades from now, there will be more old people than young people.
Even with the current demographic situation, people are getting less than what they pay in.
The program is expected to begin running deficits every year starting in 2037.
Singapore’s CPF meanwhile is sustainable although Social Security is not unfixable.