The Boomers Retire and Other Trivia
It's finally upon us.
In three more months the first of the baby boom generation will begin taking early retirement (allegedly).
People who know say that financial promises made to this generation of citizens total around seventy trillion dollars.
According to more people that know, that $70T figure just also happens to be the best guess of what the entire country is worth as a whole: every house, building, piece of land, every business, corporation, car, savings account, etc... everything.
Beginning in eight short years, regular tax revenue will have to be used to pay Social Security benefits instead of the other way around, as it is now. (where SS dollars get spent on other things)
Should be interesting. Ain't gonna happen. (for long) LOL.
Somehow, I don't think people will be retiring as planned.
People say that China will overtake us in many areas. However, it surprised me to know that China's baby boom parallels our own (they were busy during WWII as well). Exacerbating their problem is their long running population control program, i.e. "one child per couple."
The result is that the average age of their population begins to drop more rapidly than any other nation's beginning seven years from now; surprisingly, their government has also made exorbitant retirement promises that it will not--in all likelihood be able to keep as the population ages too rapidly and their newfound competitiveness takes a hit. My guess? Their government will scrap the retirement promises to maintain their expansion. Historically, they have a--talent--for preserving the system.
Japan? Hopeless on the demographic front. Major changes in store for those folks. I think they're already the oldest population and in actual numerical decline. Could be wrong on that. Nah, it's true.
Vietnam? It seems most everyone there is under 25 and well educated with nowhere to go but up. Should be interesting to watch.
(who assiduously points out that all of us getting older is no one's fault and not a political statement nor an invitation to discuss politics or start blaming people--that's what mirrors are for :):):()