What do economists say about the social security crisis?

Question

Will it really be that bad in 2042, when SS runs out? Will it even be worth working by time? Do you think our politicians have a chance of fixing the system? Will they raise retirement age to 75? Will our govn. go broke?

Answer 1

well you asked more than one question here, but let's give it a try.

The USA is already deep into economic collapse, friend, and when it hits bottom our dollar will be worthless, the government bankrupt, and in that scenario don't even think about 2042.  

It's the politicians who screwed up the system, don't expect them to be competent to fix it!

I'm on SS, and can't figure out whether I get my check in worthless dollars, or no check at all.  We'll probably wipe by year-end, so I'm working on my options.

Answer 2

The Govt is already broke, always has been and always will be.

That is why we invented taxes to pay for doing whatever needs doing.

Economists say a lot of things, they are usually in contradiction with themselves.

The question is whether we want to spend resources like food, material and labour looking after nonproductive labour (because that is what retirees are economically)

The Capitalist answer is obviously no because capitalism is profit driven.

This is counterbalanced by the fact that 20%of the population is soon to be retired. They might have to live frugally but they do vote.

If you consider voter demographics  they will likely be over 40% of the voting population. You should also expect their children to place a high value on care for their parents.