alt Hacker NewsHere in Germany they also ignored the demographics, so our social insurance systems (retirement but also health) are heading towards a catastrophe, because there is no capital backing them. They are fundamentally relying on the next generation being bigger or at least equal. This has turned them essentially into Ponzi schemes. The taxpayer has to jump in, making the state less and less able to do anything at all. Of course they now collectively avoid responsibility and slowly milk the young - their own children - dry.
It is truly the most egoistic generation ever.
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It's going to be interesting when the Millenials retire - IIRC, that generation was almost as large as the boomers. Gen-Z/Gen-Alpha that are going to be supporting them are a LOT smaller.
You are describing every pension system in the world.
Are they the most egoistic generation ever? The ones who decided to go on this path weren't the boomers but the generation before (as with some other things boomers are blamed for). A capital backed social insurance system is a "ponzi" scheme in different ways from a PAYG system it's really not some holy grail. The problem is just demographics