If one exists It is reasonable to say that Elon Musk has a wide range of opinions and enjoys expressing them loudly to the world. The issue with this is that his predictions are frequently shockingly incorrect.
These shockingly incorrect beliefs are widely accepted among the ultra-right and ultra-wealthy.
Musk in particular, like the majority of ultra-rich far-righters, is terrified that the expenditures of Social Security and Medicare would bankrupt the Country. If one exists It is reasonable to say that Elon Musk has a wide range of opinions and enjoys expressing them loudly to the world. The issue with this is that his predictions are frequently shockingly incorrect.
These shockingly incorrect beliefs are widely accepted among the ultra-right and ultra-wealthy.
Musk in particular, like the majority of ultra-rich far-righters, is terrified that the expenditures of Social Security and Medicare would bankrupt the Country.
He had earlier tweeted that “the true national debt, including unpaid claims, is at least $60 trillion” in response to the Christian Evangelical humor website Babylon Bee. On the one hand, I believe that this is true. But, if you are acquainted with 1)
First, according to Musk, the US’s low birth rate will make it difficult for the country to continue paying Social Security payouts. Individuals who hold this opinion sometimes cite the falling employment-to-Social Security-recipient ratio as evidence. The Peter G. Peterson Foundation, established by a different billionaire, is pleased to provide you with the statistics: 5.1 workers were needed for every beneficiary in 1960; today, that number is only 2.8. In addition, by 2035, the ratio is anticipated to reach 2.3.
That sounds like it should be a major issue at first, but give it five seconds of thought. This is the five seconds of contemplation Musk missed, as in many previous instances.
You don’t have to be an expert on Social Security to understand how it works. This is important because, complexity aside, retirement income of any kind is simply money earned by today’s workers, taken from them and given to people who don’t work. This applies to social security, where the money is collected in the form of taxes. But it also applies to any kind of private savings. The transfer there just uses different mechanisms — say, Dick Cheney, 82, receives dividends from all the stocks he owns.
So it is everything about how much today’s workers can produce. And if productivity rises fast enough, any decline in the worker-beneficiary ratio will be swamped—and incomes for both today’s workers and retirees can grow indefinitely. This is exactly what has happened in the past. And we can see that there is no reason to believe that it will not continue, again using the concept of mathematics.
