Gonna get worse before it gets better.
Worst part is that all this was predictable and predicted. "Oh, you're just being stupid, there won't be any consequences" ok...
Worst part is that all this was predictable and predicted. "Oh, you're just being stupid, there won't be any consequences" ok...
Absolutely.
This didn't start in 2020. It didn't start in 2008. It didn't start in 2003. It started in the late 90s, and you could even make an argument that it started with Reagan.
This didn't start in 2020. It didn't start in 2008. It didn't start in 2003. It started in the late 90s, and you could even make an argument that it started with Reagan.
Geez, really then, it would be excessive government spending on all kinds of things leading to Nixon closing the gold window, leading to stagflation, leading to tax cuts and spending increases causing massive increases in government debt, leading to a number of financial booms that weren't based on anything other than excessive money in the system, then eventually households started to go into debt while the government just kept on piling on the debt, and all that was continuously piling on cost of living (while the government pretended inflation wasn't happening with doctored numbers) which led to people having fewer kids because they can't even afford a home, let alone a stay at home wife to raise the kids...
And more. You guys are right that 401ks would have an effect where pensions that were previously a company's liability pure and simple would become this growing powder keg of money.
And when you look at it like that, the next financial crisis could be epic because a lot of those boomers are retiring or retired or dying, and that means that they're about to start selling off those assets, or they're already selling off those assets, or they're going to be forced to sell off assets to cover death taxes.
And more. You guys are right that 401ks would have an effect where pensions that were previously a company's liability pure and simple would become this growing powder keg of money.
And when you look at it like that, the next financial crisis could be epic because a lot of those boomers are retiring or retired or dying, and that means that they're about to start selling off those assets, or they're already selling off those assets, or they're going to be forced to sell off assets to cover death taxes.
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I think we're already seeing that starting, so I tend to agree with you.
Not just the poor or the idle rich, the administrative class is overwhelming the actual productive classes. There's a use for administrators, but when there's a disparity between the prestige and money for doing a thing compared to administrating doing a thing there's a big problem and you end up with too many people trying to manage the one person actually doing the thing.
Not just the poor or the idle rich, the administrative class is overwhelming the actual productive classes. There's a use for administrators, but when there's a disparity between the prestige and money for doing a thing compared to administrating doing a thing there's a big problem and you end up with too many people trying to manage the one person actually doing the thing.