Individual Debt

[Koios]

Overall, do you think Americans are too careless about personal finance and sort of just "live for the moment"?


(sort of on the microeconomic side but still economics nonetheless)

 

[palerider]

Yes. And the problem can be laid at the feet of social security. That is, creating the illusion that government is going to look after your financial future for you.

 

[Grounded]

What do you think we should do about social security then?

 

[palerider]

What do you think we should do about social security then?

Progressively greater individual flexibility (privatization)over the next half century or so, and a serious financial management education program beginning with the basics in pre school and progressively more difficult material until the 12th grade with a requirement that if this course is not passed in each and every grade, a student can't graduate from high school. A person who has an education that includes 13 years of financial management is not one who is lilely going to be dependent upon social security. And an eventual phase out as the last of our generations die off.

 

[USMC the Almighty]

Progressively greater individual flexibility (privatization)over the next half century or so, and a serious financial management education program beginning with the basics in pre school and progressively more difficult material until the 12th grade with a requirement that if this course is not passed in each and every grade, a student can't graduate from high school. A person who has an education that includes 13 years of financial management is not one who is lilely going to be dependent upon social security. And an eventual phase out as the last of our generations die off.

In addition, Palerider, I believe that they should raise the age. If I'm not mistaken, when FDR implemented it for all 60 year olds, the life expectancy was 63 years old or something around there.

 

[Koios]

I agree with the idea of teaching youth more about financial management.

However, it is important to find just the right balance.. we don't want to end up with a problem of stagnation like Japan did.

 

[palerider]

However, it is important to find just the right balance.. we don't want to end up with a problem of stagnation like Japan did.

Unfortunately, government will never find that just right balance because it is not the same for everyone. Governemnt will only continue to make a bad situation worse and worse.