Partial Transcript: Episode 14 (Social Security and Gen Y)
Nick: We’re Generation Y. As in, why us?
Andrew: That’s such a boring name for a generation.
Nick: It’s better than Generation Z.
Andrew: The zombie generation?
Virginia: Technically, wouldn’t they be our kids?
Andrew: Kids today are complete TV zombies. Maybe that’s how the apocalypse starts.
Virginia: With the TV? Weren’t the Boomers the first generation to be raised with TV’s in the house?
Andrew: I wasn’t around then, so I don’t know.
Nick: We’re too young to be Generation X.
Andrew: Both Gen X and Y are kind of screwed.
Virginia: So I have here that it’s expected that the Social Security trust fund will go broke by 2036. Not only that, but we have some of the highest student debt levels ever. And according to Wikipedia, Gen Y is known as the millennial generation. The 1970’s to early 2000 is Gen Y.
Andrew: That’s definitely us.
Virginia: Social Security started in the 1930’s as a result of the great depression. The first people to pay in didn’t have to pay much. They got huge benefits for very little investment. It’s the last of the people in line for Social Security who will be screwed.
Nick: I remember hearing stories of my mom’s mother who paid in once or twice and got crazy benefits. She took every penny that they gave.
Virginia: Wouldn’t you if you were in the same position?
Andrew: From an economic standpoint, you’d be crazy not to take it. It’s like a Ponzi scheme. The first people get the benefits. The last ones get screwed.
Nick: It’s also based on the idea that we’d all keep having lots of kids.
Andrew: There used to be actual money in the fund. Now it’s just notes. IOU’s.
Nick: Everything else like interest gains is spent on other stuff.
Virginia: Are you guys angry at the Boomers?
Nick: I’m pissed about it.
Virginia: Boomers have been voting much longer than we have. They outnumber us.
Nick: They’re also more likely to vote than our age.
Virginia: Shouldn’t we also be angry at other voters who are our age and aren’t voting?
Nick: The problem is that the political parties act like they’re reaching out for more votes. But, they want everyone to vote the same.
Andrew: Younger people don’t vote for the major parties. So, they tend to get marginalized in elections.
Nick: People who have more ideas are shoved out of the limelight.
Virginia: Don’t you think that the net has changed things? What about Reddit? They’re totally picked a horse in this race.
Nick: No. Reddit is doing the same thing as the rest of the media. The media is still pushing out the younger voter. Reddit is being controlled by the media.
Andrew: Anyone can be on Reddit.
Nick: Reddit is an echo of the media, so those biases go through Reddit.
Andrew: If you go to r/politics on Reddit, you’re better off not commenting if you’re conservative or libertarian.
Virginia: Ron Paul was big on Reddit before Obama became big.
Andrew: I think there are a lot of people who go along with whatever is popular.
Nick: It’s an echo chamber.
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