I don’t think he’s wrong about the fact that the retirement age is going to go up with people living dramatically longer. But where he’s wrong is that in exchange for working more years labor is going to want more money, better working conditions, and they’ll want that to be secured with a union contract not just the goodwill of their employer.
If AI doesn’t work out and make human labor borderline unnecessary in ten years or less the median wage is going to do a lot better than the S&P 500 for a decade+. No government intervention of any kind required. Where we are right now is wildly unsustainable even if you look out 2-3 years it starts to break in all kinds of crazy ways under the pressure of climate change and demographics.
I think the big issue with raising the retirement age is that there’s probably a gap between the improvement in lifespan and the improvement in quality years. In other words, sure, half the workers were dead by 65 when Social Security started. But I would imagine most who made it to retirement had 5-7 quality years to enjoy retirement. Now the age where half of people are dead is 78. How many 78 year olds do you know who still have 5-7 quality years to enjoy retirement? (Insert presidential candidate jokes here.)
The outcome is going to be you work a higher percentage of your adult life, and you get hardly any years of good health to fully enjoy.
My entire adult life, I’ve been operating under the assumption that I will fund my entire retirement. Social Security will either be cut so much it won’t be helpful enough to rely on, or it’ll be pushed back much farther than I want to wait, or it’ll just be gone. Personally I would probably benefit the most from it just being gone and sticking what I’d pay in into an IRA, but that’s bad for society so I vote against my self-interest on this one.
The returns on Social Security are way worse than stock market returns, so anyone who is able to/disciplined enough to save and invest is losing on the deal by a lot. It’s good because it forces people who aren’t disciplined to put money away via taxes, and it helps those who can’t afford to save for retirement. But the fund returns way less than the stock market, so as a society it’s an inefficient way of doing a good thing.
In a perfect world we’d probably have it split like 60/40 or 70/30 stocks/bonds, rebalance monthly, and the stocks part is in a mixture of index funds. Sort of like Nevada’s public pension fund. This would also give taxpayers a huge interest in regulating the markets well and keeping Wall Street from doing crazy shit that crashes the stock market, and lead to better outcomes in that regard.
Companies don’t want to pay the olds. They lose productivity and have the higher salaries.
Blue collar is a disaster. Stamina, agility, eyesight, hearing, general health.
These assholes live in their own world where
a they can afford to retire
b if the do work, work involves schmoozing and making decisions, not highly taxing.
Most of the folks reliant on SS fit in the category of significant lower capability with age.
Guilliotine all the hedge fund managers and take their savings for everyone else.
This is my lived experience. Grew up “catholic” and abandoned that quickly as soon as I was old enough to understand the history of the church and its continued abuses and negative impacts on society.
I was so thankful I figured out the scam when I was in like 5th grade catechism.
My dad was raised Presby but he worshipped on the golf course. When they got married in 1950 he had to agree not to prevent us from being raised Catholic. Dad has not religion hostile (probably out of respect for Mom).
It stuck with 0/4 of us. Mom wanted a mass for her funeral. My one brother went up for communion even though he was certainly not in good standing not a belieber and made the priest put the wafer directly in his mouth old school (I guess they put it in your hand these days). His tweak at the church.
“But they don’t have the courage to say the N-word, and the fact that I don’t believe in their untruthful and wrong ideology, and I am very proud of my heritage and who I am and where I come from, scares them,” Scott said.
Elsewhere they point out, that in a majority black city, a white guy would be the true DEI candidate.
And of course all the bullshit over anything this not being a horrible accident. Even if the bad fuel theory bears out, they comes down to a lack of regulation in all likelihood.
Now the MAGA nut jobs are screaming not one federal cent, completely ignoring the magnitude of the impact on the whole damn economy based on what can’t come through that port now.
Yep, a bridge collapse is an opportunity to blame an out group. So far I’ve seen them try immigrants and diversity on this one, we’ll see what they try next. I don’t think they’re going to get anything to stick broadly on this one, but it’s a freeroll for them and they always take their freerolls.
How bout when we figure out it’s due to lack of regulation or deregulation and/or lack of infrastructure investment which seem to be the primary causes of various transportation issues.
See: Train derailments that could have been avoided by the improved breaking and speed regulation systems that were fought against by industry and their representative lap dogs.
Is Nick Saban a scumbag? Doing mandatory events at the Mercedes plant in Alabama where management is furiously trying to stop workers from unionizing?
And he owns seven Mercedes dealerships in the South. Anyway I just came across that in the course of reading this, about the UAW filing suit against Mercedes…in Germany:
I imagine it wouldn’t be pleasant to be the typical piece of shit union-busting exec in the United States who gets summoned back to Stuttgart to explain why you totally aren’t violating German labor standards.
Holy shit, imagine being the real guy and going to jail for the guy who stole your identity’s crimes while being ordered by the state to only use the other guy’s name and not your own because you’re not the real you.
Woods presented his real Social Security card and an authentic state of California ID card, but the assistant branch manager became suspicious when Woods could not answer security questions that Kierans had set for the bank accounts.
This evidence SUPPORTS Woods’ story! Just a complete lack of basic critical thinking skills. Manager calls the cops.
