When you’re a top-down communist country, where no serious political opposition exists and where anti-government speech is quickly squelched, it’s pretty easy to do what China has done to bolster its retirement system. In the United States? Not so easy.
https://www.yahoo.com/news/finance/news/second-largest-economy-world-just-085600392.html
by ExtremeComplex
2 comments
They raised the age from 50?
I wanted to come back and talk about how stupid this article is with accurate facts.
America set retirement age at 65 all the way back with the original Social Security Act of 1935.
In China, it is still lower than that at 63 for men and 55 for women.
Raising retirement age above 67 is an absurd notion, and will just result in more unemployed youth, getting into trouble and increasing crime and violence.
We need older people to leave the work force. Making 18 year olds compete with 68 year olds will only compound our issues of lagging wage growth and stagnation…which has been a massive issue outside of the last few years. We are already seeing employers adapt and take the power back.
This is a garbage article with no good ideas.
It’s also important to note that of our national debt or 35 trillion, exactly 0 dollars of that are social security debt.
The social security fund has a surplus of over 2T dollars and is projected to be solvent for nearly another decade.
The experts at calculating social security and it’s future (the social security administration) have proposed many great fixes to safeguard the fund and prevent the payouts falling by 30% in around 10 years. Raising the retirement age isn’t on their recommended list.
Finally, it is not legal for other tax funds to pay for social security disbursements. We can literally never go into debt because of the social security system.
Any and everyone who talks about social security being this massive crisis is a liar or moron.