Comment Re:Good for the economy. (Score 1) 451
The "government" WAS the boomers. They made this promise to themselves and put the bill on a group of people who were not even born yet.
Woah slow down there, I am a "boomer" (but not of the US variety), today's government is staffed by boomer's but until very recently it WAS staffed by WW2' war babies and before that WW2 veterns. Mandatory superannuation contributions (paid directly to the fund by your employer) started here in Oz in the late 80's, the funds are invested in approved managed funds and basically ride along with the ups and downs of the economy, however the funds offer all sorts of options as to where to invest your money (eg: gold, stocks, green tech, bricks and mortar, etc) you can even set up your own fund if you are into that sort of thing. The government doesn't owe me a penny, but it has forced me to save for my retirement in a way that I can't get at it until I'm 55 and penalizes me with double the tax for taking a lump sum and blowing it all before I'm 60. I just turned 54, mine is staying where it is for at least another 10yrs, then I probably sell up and move to the country closer to my three grandkids (where I can buy a house outright with the equity I have in my current home). Another good feature is that you can't lose an account due to job hoping, homelessness, ect. The government tracks inactive accounts via tax file numbers and "parks" them in a default (low yield, high security) fund until they are reclaimed/returned.
At the end of the day this sort of enforced saving regime makes my own 80yr old parents a lot less expensive for society to maintain in a humane manner, they faithfully invested in super every month without being forced to by the government and currently receive a pension of $0.00 from the government and have just returned from a holiday to the grand canyon. The reason that we have things like taxpayer funded pensions is that humans don't want to see grandma (or her friends) tossed on the scrap heap after doing their bit to build and maintain our civilization. It's also key to reducing the number of offspring a society produces to ensure they are looked after in their old age, and finally the funds themselves play an important role in building the infrastructure that keeps us all from starving to death.
Anyway, believe me when I say it really won't be long before you are thinking to yourself where did the last 30yrs go and how the hell am I going to afford to enjoy retirement.