(2) China is still ideologically communist authoritarian nation with market economy.
They can fix thing by fiat. No need to think about legal issues or respect property right. They can give X% haircut for bad debt, or freeze debt payments for 5 years for debts they think are destabilizing the economy. They don't have to give same treatment to all debt.
Demographics is the problem for China in long term, not debt.
Plus that they finally have someone else to blame, and it seems like people want to pretend it's all someone else's fault too. Probably don't even need to use their authoritarian cards.
Demographics is a problem for the US also, but the easiest solution, immigration, is no longer acceptable (if ever it was) to an increasingly vocal minority. To be fair to the US, that situation is shared by many other countries in the West, and I'm not sure that China is ready for that solution either.
Given poor people are more dependent on welfare and social security (having no plan B, like wealthy folks do), they should be the ones most in favor of population (and therefore economic) growth.
Illegal immigrants aren't getting social security either, but are paying into sales tax.
Which means they're doing their part to support 30% of state budgets, in addition to the businesses they're working for who are paying their own taxes.
That if the economy craters, because suddenly population growth isn't buttressed by immigration (legal or illegal), then both social security and welfare rapidly become unfundable, and the poor suffer more than billionaires.
Ergo, poor people should be in favor of any sort of immigration.
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I don't think it's odd.
(1) Chinese debt is internal.
(2) China is still ideologically communist authoritarian nation with market economy.
They can fix thing by fiat. No need to think about legal issues or respect property right. They can give X% haircut for bad debt, or freeze debt payments for 5 years for debts they think are destabilizing the economy. They don't have to give same treatment to all debt.
Demographics is the problem for China in long term, not debt.
Plus that they finally have someone else to blame, and it seems like people want to pretend it's all someone else's fault too. Probably don't even need to use their authoritarian cards.
Demographics is a problem for the US also, but the easiest solution, immigration, is no longer acceptable (if ever it was) to an increasingly vocal minority. To be fair to the US, that situation is shared by many other countries in the West, and I'm not sure that China is ready for that solution either.
Illegal immigration is a bipartisan issue both democrat and republican voters want to kick them out, it isn't some vocal minority.
Billionaires wants them here, not poor people.
Given poor people are more dependent on welfare and social security (having no plan B, like wealthy folks do), they should be the ones most in favor of population (and therefore economic) growth.
Except illegal immigrants arent paying into social security... so whats your point
Illegal immigrants aren't getting social security either, but are paying into sales tax.
Which means they're doing their part to support 30% of state budgets, in addition to the businesses they're working for who are paying their own taxes.
yeah but the parent commenter was specifically talking about social security, illegal immigrants aren't contributing to social security
That if the economy craters, because suddenly population growth isn't buttressed by immigration (legal or illegal), then both social security and welfare rapidly become unfundable, and the poor suffer more than billionaires.
Ergo, poor people should be in favor of any sort of immigration.