Re:Big Cities No Longer Deliver for Low-Skill Workers
by user5994461 on Tuesday January 22, 2019 @08:12PM
(#18974735)
Collapse is maybe a strong word, let's call it an adjustment.
There are less and less workers having a job and paying taxes, while there are more and more benefits to pay for. This is especially applicable to elderly and pensions, in countries with a socialized pension system.
Imagine the situation where both parents are getting retired and were promised 80% of their salaries, while both their children can't get a job. It's all too common nowadays. There is no tax to collect.
This may not be too much of a problem in the US where there is limited pension, healthcare or unemployment. Europe will hurt though.
There is absolutely no prospect whatsoever of Social Security collapsing. A 0% chance. There is no factual basis, only flat-earth anti-vaxxer type scare mongering, for any claim to the contrary. Social Security is funded by payroll taxes. The only way Social Security could "collapse" is if people stop getting paid.