Comments by "ChineseKiwi" (@ChineseKiwi) on "Most People Alive Today Will Work Until They Die" video.

This entire video doesn't apply to Australia where all the problems stated have been solved. In Australia, you literally have a retirement system where it is *mandatory* *on top of wages* ***by the employer***. It is a mandatory at least 10.5% (going up 0.5% each year to 12% in 2025). It can be even higher than this to attract workers and job applications. You then choose what investment company and portfolio you want. Most don't invest it themselves and have actual professional investors do it for them. And you can switch anytime. And there are many, including ethical ones. This is also a highly regulated industry in which if investment returns are poor, the fund literally by law have to state to their investors to recommend switching away from them. And there is strong laws against high fees as well. Also they often come with terminal illness insurance and income protection insurance bundled. And you can voluntarily contribute more with significant tax incentives to do so (up to a max of $27,500 per year so the rich don't exploit it). And it is very hard to take out any of that money early without significant proof and associated paperwork to prove that you need it for emergency funds. Not to mention it is tax free to withdraw when you hit 60 due to deliberate, wide open tax loopholes.
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@MyVanir it's a reply to how all these problems are already solved.
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@viktorianas see above. Both are very different.
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@auraguard0212 it isn't. It is very very different.
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And it solves ALL the problems stated here. e.g. You then choose what investment company and portfolio you want. Most don't invest it themselves and have actual professional investors do it for them. And you can switch anytime. And there are many, including ethical ones. This is also a highly regulated industry in which if investment returns are poor, the fund literally by law have to state to their investors to recommend switching away from them. And there is strong laws against high fees as well. Also, they often come with terminal illness insurance and income protection insurance bundled. And you can voluntarily contribute more with significant tax incentives to do so (up to a max of $27,500 per year so the rich don't exploit it). And it is very hard to take out any of that money early without significant proof and associated paperwork to prove that you need it for emergency funds. Not to mention it is tax free to withdraw when you hit 60 due to deliberate, wide open tax loopholes.
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@sprinkle61 only it isn't. It is niave to think if this was abolished, that employers would pass it on as extra wages. They will not. It is not taken out of your wage, not does it count as your wage on your payslip or count as wages tax statement wise.
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@justcommenting4981 mmm MMT. I'm personally an advocate of a mix of Keynesian and MMT. The mix fixes each other's flaws.
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@sprinkle61 Economics also assumes human behaviour. We have plently of labour mobility. Companies will not pass this forced cost onto workers, not to mention as most job ads and everyday talk about wages is without this employer contribution, the psychology of price anchoring comes into effect. - YOU are ignoring basic economics. It includes human behaviour and psychology.
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This entire video doesn't apply to Australia where all the problems stated have been solved. In Australia, you literally have a retirement system where it is **mandatory** **on top of wages** ***by the employer***. It is a mandatory 10.5% (going up 0.5% each year to 12% in 2025). You then choose what investment company and portfolio you want. Most don't invest it themselves and have actual professional investors do it for them. And you can switch anytime. And there are many, including ethical ones. This is also a highly regulated industry in which if investment returns are poor, the fund literally by law have to state to their investors to recommend switching away from them. And there is strong laws against high fees as well. Also they often come with terminal illness insurance and income protection insurance bundled. And you can voluntarily contribute more with signficant tax incentives to do so (up to a max of $27,500 per year so the rich don't exploit it). And it is very hard to take out any of that money early without signficant proof and associated paperwork to prove that you need it for emergency funds. Not to mention it is tax free to withdraw when you hit 60 due to deliberate, wide open tax loopholes.
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