| It does mean, however, there there is going to be competition for young and talented people to live in a pleasant land without the burdens of carrying for quite so many aged.
|
Posted on 03/10/2010 1:10:21 PM PST by rabscuttle385
If Millennials realize they're going to have to pay the fiscal price for baby boomers' sins, they might choose to leave the US for more financially friendly locations.
BY TIM KANE
What if they had a fiscal crisis, and nobody came? What if the chump generation figures out the Ponzi scheme? Bob Samuelson thinks the fallout will be political:
... As baby boomers retire, higher federal spending on Social Security, Medicare and Medicaid may boost Millennials' taxes and squeeze other government programs. It will be harder to start and raise families.
Millennials [ages 30 and younger] could become the chump generation. They could suffer for their elders' economic sins, particularly the failure to confront the predictable costs of baby boomers' retirement.
Samuelson asks the question in a political context, and that's how most analysts interpret the looming fiscal crisis, as if young voters will punish fiscally irresponsible representatives in Washington. My alternative theory focuses on the context of immigration. Already you may have heard about the millions of illegals who departed the U.S. when the Great Recession dried up job opportunities. A lot of crass nativists might think "Good Riddance!" but I wonder what they'll say when their own children seek greener pastures abroad in 10 or 20 years?
(Excerpt) Read more at csmonitor.com ...
Good point, but, I think, incomplete. It’s probably true that all the current G7 countries will have high taxes and all the social pathology that goes with those taxes.
However, one of the G7 countries will have lower taxes than the rest, and there will be an incentive for competition among the G7 to be that one with the lowest taxes so as to attract smart, productive people. That will lead the G7 countries to lower their taxes — or loose out on some potential for growth as young people leave. In reality, probably a bit of both will occur.
More importantly, the discussion about where to emigrate does not have to be limited to the G7 countries. Here’s a list of countries by median age:
http://www.photius.com/rankings/population/median_age_total_2008_0.html
There are some lovely places where a putative energetic young American who doesn’t want to pay for someone else’s retirement can go to find a young society. Just find a nice place below position 38 on the list.
Does this mean that the entire young population of the USA (median age 36.6 years) is going to emigrate to:
India? (median age 24.8 years. Could absorb the entire population of the USA and barely notice. Big enough and multicultural enough to offer a vast array of living arrangements to the picky emigrant)
or Argentina? (median age 29.9 years. Currently in an economic crisis, but has been an economic powerhouse in the past, and might be again)
or Brazil? (median age 28.6 years. If they put half the national effort towards science as they do towards Carnival, there could be Brazilian cities on the moon).
No. It does mean, however, there there is going to be competition for young and talented people to live in a pleasant land without the burdens of carrying for quite so many aged.
BTW, I've worked in Kuwait. Golf courses in the desert, rich arabs that consider the 60% of the population as highly paid foreigners......serfs. I did some time as an engineer there as well.....laughed all the way to the bank. Good for your son.
“Just find a nice place below position 38 on the list.”
Yes, I’m rushing my kids to all these places.....
38 Macau 36.60
39 Saint Helena 36.50
40 Cuba 36.30
41 Slovakia 36.10
42 Korea, South 35.80
43 Taiwan 35.50
44 Cyprus 35.10
44 Puerto Rico 35.10
45 Faroe Islands 35.00
45 Barbados 35.00
46 Saint Pierre and Miquelon 34.60
47 Iceland 34.50
48 Macedonia 34.40
49 Ireland 34.30
50 New Zealand 34.20
51 Greenland 34.10
52 Moldova 34.00
53 China 33.20
54 Netherlands Antilles 33.10
55 Uruguay 32.90
56 Thailand 32.40
56 Korea, North 32.40
57 Palau 32.00
58 Qatar 31.90
59 Trinidad and Tobago 31.80
60 British Virgin Islands 31.70
61 Anguilla 31.60
62 Mauritius 31.20
63 Armenia 30.80
64 Chile 30.70
65 Antigua and Barbuda 30.30
66 United Arab Emirates 30.10
67 Sri Lanka 30.00
68 Israel 29.90
68 Argentina 29.90
69 Northern Mariana Islands 29.70
69 Bahrain 29.70
70 Montserrat 29.30
71 Albania 29.20
72 Kazakhstan 29.10
72 Dominica 29.10
73 Guam 28.80
74 Turkey 28.60
74 Brazil 28.60
75 Seychelles 28.40
76 Tunisia 28.30
76 Lebanon 28.30
76 French Polynesia 28.30
77 New Caledonia 28.10
77 Bahamas, The 28.10
77 Saint Kitts and Nevis 28.10
78 World 28.00
79 Guyana 27.80
80 Turks and Caicos Islands 27.70
81 Azerbaijan 27.60
82 Burma 27.40
82 Saint Vincent and the Grenadines 27.40
83 Brunei 27.20
84 Suriname 27.10
85 Indonesia 26.90
86 Costa Rica 26.80
87 Colombia 26.60
88 Vietnam 26.40
88 Panama 26.40
89 Kuwait 26.00
90 Iran 25.80
91 Mexico 25.60
91 Saint Lucia 25.60
92 Peru 25.50
92 Algeria 25.50
93 Cook Islands 25.30
94 Tuvalu 24.90
94 Venezuela 24.90
94 Fiji 24.90
95 India 24.80
96 Mongolia 24.60
97 Dominican Republic 24.50
98 Malaysia 24.40
99 Morocco 24.30
99 South Africa 24.30
100 Egypt 24.20
101 Kyrgyzstan 23.90
101 Ecuador 23.90
102 American Samoa 23.60
103 Jordan 23.50
104 Vanuatu 23.40
105 Libya 23.30
106 Jamaica 23.20
107 Uzbekistan 22.90
108 Philippines 22.70
109 Bangladesh 22.50
110 Turkmenistan 22.30
111 Bolivia 22.20
112 Grenada 22.10
113 El Salvador 22.00
114 Paraguay 21.60
115 Papua New Guinea 21.40
115 Saudi Arabia 21.40
116 Tonga 21.30
116 Tajikistan 21.30
116 Nicaragua 21.30
116 Cambodia 21.30
117 Micronesia, Federated States of 21.20
118 Syria 21.10
118 Timor-Leste 21.10
118 Lesotho 21.10
119 Nauru 21.00
120 Pakistan 20.90
120 Botswana 20.90
121 Marshall Islands 20.70
122 Nepal 20.50
122 Bhutan 20.50
123 Kiribati 20.40
123 Samoa 20.40
124 Namibia 20.20
124 Ghana 20.20
124 Cape Verde 20.20
125 Zimbabwe 20.10
126 Iraq 20.00
127 Belize 19.90
128 Honduras 19.70
129 Cote d’Ivoire 19.30
130 Guinea-Bissau 19.10
130 Solomon Islands 19.10
131 Laos 19.00
132 Guatemala 18.90
132 Oman 18.90
132 Cameroon 18.90
133 Equatorial Guinea 18.80
134 Nigeria 18.70
134 Comoros 18.70
134 Sudan 18.70
134 Senegal 18.70
135 Kenya 18.60
135 Gabon 18.60
135 Rwanda 18.60
135 Swaziland 18.60
136 West Bank 18.50
136 Central African Republic 18.50
137 Togo 18.40
137 Haiti 18.40
138 Djibouti 18.20
139 Liberia 18.10
139 Maldives 18.10
140 Ethiopia 18.00
141 Eritrea 17.90
141 Angola 17.90
142 Madagascar 17.80
142 Gambia, The 17.80
143 Tanzania 17.70
143 Guinea 17.70
143 Benin 17.70
144 Afghanistan 17.60
144 Somalia 17.60
145 Sierra Leone 17.50
146 Mozambique 17.40
147 Mauritania 17.10
147 Mayotte 17.10
148 Zambia 16.80
149 Yemen 16.70
149 Malawi 16.70
149 Burundi 16.70
149 Congo, Republic of the 16.70
150 Niger 16.50
150 Burkina Faso 16.50
151 Chad 16.30
152 Sao Tome and Principe 16.20
153 Congo, Democratic Republic of the 16.10
154 Gaza Strip 16.00
155 Mali 15.90
156 Uganda 14.90
157 United States Pacific Island Wildlife Refuges NA
157 Western Sahara NA
157 Wake Island NA
157 Wallis and Futuna NA
157 Tokelau NA
157 Jan Mayen NA
157 Holy See (Vatican City) NA
157 Heard Island and McDonald Islands NA
157 Montenegro NA
157 French Southern and Antarctic Lands NA
157 Dhekelia NA
157 European Union NA
157 Falkland Islands (Islas Malvinas) NA
157 Paracel Islands NA
157 Norfolk Island NA
157 Navassa Island NA
157 Niue NA
157 Pitcairn Islands NA
157 Antarctica NA
157 Akrotiri NA
157 Bouvet Island NA
157 Ashmore and Cartier Islands NA
157 Cocos (Keeling) Islands NA
157 British Indian Ocean Territory NA
157 Coral Sea Islands NA
157 Christmas Island NA
157 Clipperton Island NA
157 Saint Martin NA
157 South Georgia and the South Sandwich Islands NA
157 Spratly Islands NA
157 Svalbard NA
157 Saint Barthelemy
What’s your point? There are some unpleasant places on the list you posted? So what? There are pleasant places as well. Your kids just have to pick a nice place on the list to avoid having to pay for quite so many retirement homes.
| It does mean, however, there there is going to be competition for young and talented people to live in a pleasant land without the burdens of carrying for quite so many aged.
|
That is where I disagree with you and I am correct, the nation has actually moved a little to the right since the boomers came of age, the left's gains and the increases that you speak of have been slower and smaller than the pre boomer generations.
As bad as everyone thinks that things have been since the late 1980s or early 1990s, (when boomers first emerged), the 50 years before that were an absolute hell of destruction and remaking of America in every way, in ways that we can never undo.
People can look to just the 1950s and 1960s to see what brought this nation to it's knees, I mean what the grownups were doing and passing in Congress and the new way of fighting wars and such.
Canada knows all about the brain drain. Many of our contributors moved south of the border in the ‘90’s.
Yours will move to New Zealand, Canada, Panama, Costa Rica, Philippines, etc.
Brains and ambition will always seek out freedom.
And if they just don`t file a return?
moved my company. splintered across 3 countries. i am now a lowly contractor that travels a bunch.
the upcoming 30% jack in fed tax is just not working for me. not to mention, i don’t feel like paying for other people’s mortgages and car payments.
before i did it, i contacted numerous congressional offices. i was trying to avoid taking the step, as i see it as not helping my industry or my country. i told them i have had accountants, tax attorneys and business types all tell me i should have done it years ago. the response i received from 2 congressional offices? “well... maybe you should move your company offshore.” i was just stunned.
RE Leaving the Country, Most other countries are even worse of course.
But the jobs for them to come back to have to exist in the first place, this society has spent the past thirty years dismantling itself in every way possible and shows no sign of reversing course or even slowing down. Even with the meltdown this idea that we can build a hegemonic economy on banks selling each other magic beans and lawsuits seems intact.
The employment of skilled labor just doesn't fit into this new "business model" unless your dead weight, six figure management with a title like "Director of Homosexual Community Outreach"
I am horribly cynical on this subject having had a front row seat to the controlled demolition of the company I retired from which at the hands of termination happy young MBA's was reduced to a logo stamped on shit designed in India, made in China and bought by nobody.
He was originally going to Saudi Arabia and was pretty happy to wind up in Kuwait instead.
Err, Jubal, that is the list you said to move your kids to...and most of the "nice places" on that list are protectorates. I suggest you pack your bags and head to #137.
there are always other frontiers!
there will always be a places where people who want to work hard and be free can find a place
o.m.g. a lifetime on malaria medicine is not my idea of fun
Oh... you mean a US passport? The child unit has owned one of those for years. I got all excited as I thought your kids obtained passports from another country!
Unless they have dual citizenship, that doesn't happen.
“This is the world’s last best hope”
Word.
I am one of the chump generation trying to leave Canada to move to the USA. I am sooo sick of the tax and spend folks.
“Will (they) leave the US.....”
Where will they go? Seriously?
“Canada, Australia, Brazil, Mexico, Chile”
Do you really think these places are better? LOL Mexico. Chile. Yeah, right.
At least could’ve said Singapore or such.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
I'm all for it. I think there is something Cosmically Evil about beggaring the generation that is raising the nation's young in order to shovel resources at the dependent old. Any human society that has that as a value deserves to get wiped from the Earth.