I have come up with a novel solution to the problem of shrinking populations. It would also have an impact on social security....
What if we gave people the option of “privatizing” or “ear marking” their social security payments?
What if we allowed people to have the option of either sending 6.2% of their earnings to the government who could then turn around and spend it on a social security recipient OR they could give their 6.2% DIRECTLY to a social security recipient? You could pick your parents or your inlaws or your favorite uncle...who ever you wanted. The catch would be that their SS checks from the government would be cut in half. The 6.2% of everyone’s pay that is contributed by their employers would still be given out to everyone.
Typically, kids work for 20 or even 30 years before their parents retire. During this time, they could be earmarking their payments to their grandparents or great-aunts and uncles.
If an elderly couple had 10 grandchildren who each made $100K per year, that would be $62,00 per year....on top of the 50% SS checks that would be coming from the government.
What would this do to the number of children future couples would have? What would this do to the interest of parents in raising productive, capable adults? I would still leave the public option for people who don’t have children, grandchildren or extended family members who would “ear mark” for them.
I think this would solve a vast number of problems.