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Does social security really only come from their own payments? The US must be one of the few countries that does it like that then. Usually, current workers finance current retirees, rather than current workers financing future retirees (themselves). There's an element of "has paid into it", yes, but it's quite obviously not the same money sitting in a bank account somewhere. It comes from a future national budget.
Doesn't matter either way. Much like I don't expect to retire because there won't be enough taxpayers 40 years from now in my country, I doubt the US dollar will be worth enough for current young workers to retire on social security without major interest being earned on it. There won't be enough actual productivity in the economy to support its value.
401k and other similar funds that invest in the stock market are also how old people profit off young people's work. You know all those comments you see blaming BlackRock or Vanguard for everything wrong with the US economy? Well BlackRock and Vanguard manage all these funds, but they don't actually own it all, mostly retail investors and different retirement accounts do. You could behead all the billionaires and it'll improve things, but that's mostly just idle wealth on paper since there's like a thousand of them, versus millions of retirees constantly consuming things using money that earned interest by being invested in the economy (i.e profiting off younger people, as that's just how capitalism works)
Capitalism or communism doesn't matter in the medium term either, the only way a person can retire is to start living off the backs of others. It's not an issue when a society is growing, but once it plateaus and eventually starts shrinking, it's a problem. This could be changed once human labor is no longer necessary to provide everyone's needs, assuming capitalists don't get to keep ownership of everything.
Look at the US population pyramid in 1970
vs 1990
vs 2025
Ain't no gen z going to be retiring at this rate. Or they'll be the last generation to be able to do so without a major rework of society.
So yes, people are rightfully jealous that they have to pay upkeep on retirees when they themselves will likely never get to retire.
Yes social security in the U.S is a specific tax that only goes to social security. Or at least that's how it's supposed to work but lately there has been talk of using it for the war. Which shouldn't be allowed.
I think it's pretty obvious to anyone that billionaires hoarding wealth and capitalism greed has gotten us where we are.
It's silly to blame older generations that had it better for the decline.
They have as much control over all of this as I do right now. Which is very little.
Profit and production per person has been increasing for as long as it's been recorded. Yet wages have not came close to matching inflation.
Why is that? Did boomers as a group some how orchestrate a decline in wages?
No.
That's thanks to corporations paying off politicians and making sure no laws would pass to force them to pay people a living wage. No laws would pass to restrict increases in college education. No laws would pass to keep rent affordable.
Didn't matter who you voted for. There have been plenty of Dems and Republicans in control at various times in the last 50 years. And yet. No laws were passed to help the people. Only create tax loop holes for the rich.
(Or in your country, I'm sure there are many times the progressives and the conservatives have each had majority power to make laws)
Because the rich pay off the politicians.
These problems are not from boomers existing at a time before it got bad.
It's true many billionaires are boomers but there are many that aren't that are the richest. Bezos isn't. Musk isn't.
Well, it seems that the US has one of the best systems for retirement in the world then.
The total net worth of all billionaires in the US is actually a bit less than the total value of all 401ks alone, ignoring other forms of retirement and savings funds. When things are done "for the shareholders", what makes you think that it's only the billionaires? Retirement by definition benefits from the next generations being held down by low wages to benefit the corporations you're invested in. Boomers, or at least the selfish ones, have a tendency to vote republican because their interests align with billionaires' interests.
But both the net worth of billionaires and total value of 401ks pale in comparison to the total net worth of baby boomers in total.
In comparison, all billionaires put together are under 10 trillion, though they might be slightly over that number now since the last year or two have been WILD for economic growth. But then the boomer number is also ~85 trillion as of April this year and probably over 90 now since the S&P 500 has gone up plenty.
In a few decades it'll be Gen X and then millennials. As a millennial I hope my generation doesn't take the same hard right turn once we're in charge of the economy, but that's like 30-40 years from now and who knows how jaded millennials will have become by then. Luckily we won't get as many decades in charge as the boomers have had.
Don't get me wrong, we should still delete all billionaires, but I'm just saying that this doesn't fix the whole issue of retirement being old people living off young people's work. It'll actually do fairly little because the scale is actually so much bigger.
They will be gen X and millennials if bommers will transfer the wealth to them. But there is possibility that they will just sell everything and big corporation will buy it. Like with agricultural land in US. Some land is not longer in hands of private people but in corporation owners hands. (Like in feudalism, by the way there is even term: tech feudalism: https://en.wikipedia.org/wiki/Technofeudalism) Bill Gates is doing it already (https://finance.yahoo.com/news/bill-gates-finally-explains-why-194910939.html)