Millennials are in the debate

Conservative economist, evidently:

I testified on Wednesday at a hearing where this bill, the Social Security 2100 Act, was the focus. I was invited to offer some remarks on a group that does not get much attention in the conversation regarding Social Security: young people. My comments focused mostly on millennials, because that is the group for which we have data on their working lives, but the broader consequences to the future of the workforce should be explored before plans to hike taxes on workers and employees is viewed as the silver bullet for the program’s sustainability.The bill would hike the payroll tax 2.4 percentage points, to 14.8%. While almost half of workers do not pay income tax, the payroll tax is the largest tax most workers pay. Increasing it confiscates wealth for workers that could otherwise be used to save and build equity.

Right, I have it the other way, drop boomer benefits by 2.5%.   Millennials never voted for most of that and do no owe the mismatch, entirely.  The absolute value is right, about 3%, it goes to millennials.

This is a big bargaining chip during requant, millennials do not give this up easily.  In any event the elephant in the room are the non legislative inflation adjustments. That means system accounting remains a mystery and millennials should demand my banking reform act, perfectly neutral but puts a priority on making accounting more accurate for everyone. Millennials need better fakes, work this out before signing.