“Nearly three out of every four people in China do not pay income tax… Low taxation means China spends modestly on welfare. About 10% of its GDP goes toward social spending, compared to 20% in the United States and 30% in the more generous European nations. Spending on pensions and healthcare in China is far lower than in other wealthy countries.
In fact, Wang’s comparison understates just how much more the U.S. government redistributes wealth compared to China. Per person, America is three times wealthier than China. That means the U.S. spends at least six times more per person on social programs—most of which goes to the elderly.
There is six times more wealth redistribution happening in America than in China. That is “communism,” but only for the Baby Boomers.
Democrats and Republicans agree on at least 85% of federal spending, largely because both support a massive transfer of wealth from younger workers to seniors.
Today, most Americans have no idea how their tax dollars are spent. For instance, 91% do not know that Social Security benefits can exceed $60,000 per person. They don’t realize that a senior household can receive nearly $117,000 per year from Social Security alone. And when told that Medicare covers golf balls, greens fees, social clubs, ski trips, and horseback riding, people react with disbelief.
This generational unfairness is multiplied at least threefold:
1. The government taxes the young and transfers their wealth to seniors.
2. The government borrows even more to transfer additional wealth to seniors.
3. Government debt fuels inflation, slows economic growth, and erodes young people’s lifetime earnings.
If we do not fundamentally reform America’s entitlement system, the entire country will turn into a de facto retirement community.
America’s entitlement system will undergo radical change within a decade, if not sooner. The money is drying up. The only question is who will shoulder the burden. Every day that passes means Gen Z and Millennials pay more for the irresponsibility of the Boomers.”
You will plunge the West into its downfall with this generational war. The younger generations, who do not enjoy the fruits of this economy, will surely sabotage it when they come to power. And they are right to do so, because society is unjust. You cannot blame the younger generations for becoming pro-communist when you have pushed them to it. Boomers and children of boomers, stop being sociopaths, or you will pay the price for your sociopathy.