Raise the Social Security Age to (at Least) 75, by Ryan McMaken

People live a lot longer now, and if that fact is not recognized, Social Security will soon be bankrupt. From Ryan McMaken at mises.org:

On January 10, the French government announced plans to raise the retirement age from 62 to 64. The change would mean that after 2027, workers in France would have to work 43 years to qualify for a government pension, instead of 42 years. French workers promptly took to the street in protest decrying even this very small reduction government welfare. 

Like many countries in Western Europe and North America, France faces a major demographic problem in that its population is aging and demanding ever larger amounts of public pension funds. Meanwhile, the younger working-age population is shrinking as birth rates continue to fall. So, the French state is looking for ways to stay relatively solvent.

For Americans who follow our own old-age social benefits systems, this problem will seem quite familiar. Although the US regime is not in as dire fiscal straits as the French one, the US’s federal government nonetheless faces huge and growing obligations to current and future pensioners. This will only grow more urgent as the population continues to age and as the numbers of prime-age workers stagnates. 

Indeed, the Social Security scheme is an excellent example of how government programs, once established, gradually become far more costly—in real per capita terms, not just aggregate terms—as time goes by.  Many recipients now spend decades collecting benefits on a program that had been sold as a program only for people who were too old, exhausted, and injured to work at all. Meanwhile, fewer and fewer workers are called upon to foot the inflated bill. 

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2 responses to “Raise the Social Security Age to (at Least) 75, by Ryan McMaken

  1. Neo-Feudal Serf Plantation

    Just reading about Japan having the aging demographics problem earlier.
    Some say the real debt is $200 trillion for Chiquitastan or FUSA.
    We are probably already past Greece levels of debt service.
    No wonder there are wars and rumors of wars.

    Like

  2. Hence the mRNA jabs.

    Like

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