If you pick 3% you need 800k/yr! Oh no!
Sadly most of us pay far more than 7%. Fortunately mostly that’s ok and it all works out.
(Except we will work until we die, but hey! Capitalism!)
Sadly most of us pay far more than 7%. Fortunately mostly that’s ok and it all works out.
(Except we will work until we die, but hey! Capitalism!)
The capitalism is the least bad one where there the correlation between "making something that people want" to the value you can keep to feed yourself.
The parent comment is complaining about capitalism draining savings such that retirement becomes impossible.
Other systems have robust retirement available for the elderly.
Where will these resources will came from if the capitalist system is the most productive of them all? You can't redistribute something out of nothing. You need a healthy tax base to redistribute.
Childcare is just too regulated and people don't want to do it and ask for a premium on childcare.
Retirement in socialist country? Or in China before the capitalism came there? Or in a feudal society where your children where your insurance in the old age?
And situation in countries in France where the average retiree now somehow has higher disposable income than those still working is far from ideal.
The original commenter was saying something more like "we will work until we die, but that's okay, because capitalism is great! And it's not like you would get to retire under any other system anyway"
Such as?
The conditions for retirees relative to those still working in the USSR were fairly decent (by the end). But its not exactly fair since the demographic situation there was much better than it is now in most developed countries.
And then all capitalist countries in Europe these days (which coincidentally are all capitalist) generally have similar retirement systems to the US.
Taxing the rich is great but it's not gonna fix any of those.
If even the rich couldn't or didnt want to afford $5 quarter potatoes then they'd have to lower the price
If we took all the assets from all the billionaires in the US, that total is something like $6-7 trillion if we pretend there's no asset price decrease in the selling of said assets.
Sounds like a lot, but we're nearly $40 trillion in debt. Taxing the rich heavily won't solve a spending problem.
The federal government specifically, and the admin class in general was a lot smaller during our parents' era.
Taxes can be levied on productive businesses that are in ruthless competition in the free and international market. No productive businesses = nothing to redistribute. No international business == no imports. Everybody is poor and hungry.
The free market economy is ruthlessly efficient in the national and international market due to involution and strategic loans from state-owned banks.