There has been extensive talk about how social security systems around the globe are having issues due to declining birth rates as well as a decline in the quality of employment for younger generations.
But another less often talked about issue is that almost nobody is able to make savings anymore.
Think about it. We all know at least some boomers. Most of them bought a car in their teens, a house in their thirties, went on frequent vacations and still even with all that were saving money beyond just for retirement savings.
Since that time, wage growth had stagnated, house prices have skyrocketed, and the purchasing power of the average salary has been going down.
So aside of the social security bubble potentially bursting in the future, there's also a bigger underlying issue.
Purchasing power has only been getting worse from generation to generation, and thus being able to make any savings is already a distant dream for most. Younger people just keep working more for less, to s point now where mostworking people can't put even a single dollar aside.
Could there be a solution for these issues? Economists have long argued about the strengths and failures of our economic system, but alas it appears as though
"trickle down economics" has failed humanity.
So, do you agree that radical changes are needed?
It is not that changes are needed, changes are coming no matter what, capitalism gained the support of the people as it brought incredible benefits to everyone, many poor people could enjoy a nice salary and a better life, the middle class lived a life of privilege that even the most powerful people a century ago could only dream, and in return the richer got richer as well, so everyone won with that system, but now those at the top want everything for themselves, the middle class is disappearing, while to poor are just getting by, and if this continues for long I can assure you it will not be long until people demand for another system, even if it is to their detriment.