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Why Gen X Just Might Receive a Social Pension

By Captain Capitalism on June 2, 2017 2:04 PM | 2 Comments

And the leftist, whinny millennials will pay for it.

2 Comments

Kenji | June 2, 2017 3:50 PM | Reply

Thank you, Captain ! You just gave this mid-boomer HOPE that he won't be eating spoiled government cheese at a homeless tent city in the weeks before his premature death, er - assisted Obamakkare suicide.

Ed Minchau | June 2, 2017 7:16 PM | Reply

The US dollar will be the world's reserve currency - until it isn't. And since most of Kate's readership is Canadian, the US dollar doesn't help at all. I'm Gen-X, born in 1968, and I realized in my early 20s that nobody in my age cohort will be getting a pension, because I can do math. The pension system relies on there being more people paying into the system than taking out, but the retirement age isn't set high enough. When Bismarck set up the first pension system, it was set at age 65 because at the time actuarial tables showed that only 1% of the population would live that long. Today the average person lives to their late 70s, and the retirement age hasn't really changed at all. If Bismarck was around today he'd be setting the retirement age at 87.

It isn't like the money we've paid for CPP goes into an investment fund, or into a bank paying interest. It goes into general revenues. That money is all gone, and the debt will eventually come due when China decides it wants Banff. And in the US that debt will come due when China decides it wants Yellowstone. That's how the debt will get paid off, eventually, Canada and America will be forced to sell off government-owned land to foreign countries at pennies on the dollar.

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Why Gen X Just Might Receive a Social Pension

2 Comments