I am a Zillennial and I want to thank you for publishing this newsletter. It feels our politicians are dooming my generation, and nobody is saying a word. People are throwing soup cans at the Mona Lisa over climate change, but I bring up this issue with people of any generation, an issue that very concretely risks my generation’s future, and eyes glaze over. It feels like there’s nothing I can do, so I appreciate your advocacy. Why is it that I’m expected to practice good financial hygiene — keep my credit card usage under 5%, and repay all my loans on time, live below my means, save for a rainy day — and yet those principles magically don’t apply when the borrower is the government and the amount is trillions of dollars. I wouldn’t be surprised if they do authorize more debt to keep funding this Ponzi scheme.
"In essence, one way that Congress can avoid automatic benefit cuts in 2033, when all past payroll tax surpluses plus their interest will have been repaid by Treasury in the form of new public debt, is to just keep piling on more debt."
This is exactly what will happen. We will continue to finance the program with new debt until we can't.
A privatized mandatory employer matched retirement system can work but is a virtual third rail in congress. I have saved carefully for my 53 year work period, and the saving grace is my employer matched Simple IRA and personally funded Roth IRA. IF ONLY our educational system could supplement the encouragement of people like me. I helped my daughter and three nieces/nephews/ step children begin Roth IRAs as soon as they had earned income. They will remember me when they are in their fifties and miles ahead of their contemporaries.
I am a Zillennial and I want to thank you for publishing this newsletter. It feels our politicians are dooming my generation, and nobody is saying a word. People are throwing soup cans at the Mona Lisa over climate change, but I bring up this issue with people of any generation, an issue that very concretely risks my generation’s future, and eyes glaze over. It feels like there’s nothing I can do, so I appreciate your advocacy. Why is it that I’m expected to practice good financial hygiene — keep my credit card usage under 5%, and repay all my loans on time, live below my means, save for a rainy day — and yet those principles magically don’t apply when the borrower is the government and the amount is trillions of dollars. I wouldn’t be surprised if they do authorize more debt to keep funding this Ponzi scheme.
"In essence, one way that Congress can avoid automatic benefit cuts in 2033, when all past payroll tax surpluses plus their interest will have been repaid by Treasury in the form of new public debt, is to just keep piling on more debt."
This is exactly what will happen. We will continue to finance the program with new debt until we can't.
A privatized mandatory employer matched retirement system can work but is a virtual third rail in congress. I have saved carefully for my 53 year work period, and the saving grace is my employer matched Simple IRA and personally funded Roth IRA. IF ONLY our educational system could supplement the encouragement of people like me. I helped my daughter and three nieces/nephews/ step children begin Roth IRAs as soon as they had earned income. They will remember me when they are in their fifties and miles ahead of their contemporaries.