Social security, or community cafeterias? Medicare, or family care? US and China systems compared

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Social security, or community cafeterias? Medicare, or family care? US and China systems compared

Рет қаралды 25,837

Күн бұрын

Social Security and Medicare are on a trajectory to eventually bankrupt the United States, yet political realities make changing the benefits in a meaningful way almost impossible legislatively. Europe's financial future is similarly dire, with their cradle-to-grave entitlement systems even more generous than America's. It's commonly known that it cannot possibly continue for much longer, and our younger people are fully aware that these generous programs won't be around for them to enjoy.
China never considered adopting a US-style retirement and medical care system for its retirees. Even as their economy boomed and trading surpluses and reserves piled up, they did not set up a generous pension system for their retirees, as many observers expected. Instead, they fashioned a family- and local-community-centered system of elder care, at about one eighth the per-person cost.
Few developing countries will get wealthy enough quickly enough to build sustainable welfare and entitlement systems that are common in North America and Western Europe. Plus, to do so would go against centuries of culture and tradition, which still holds that children are primarily responsible to provide the needed care and support for their elderly parents.
The ballooning costs of Western entitlement systems are serving as a warning to up-and-coming countries, who will be themselves facing waves of retirees, with difficult decisions ahead as to how best to provide for them.

Пікірлер: 219

@lv9657 6 ай бұрын

As a 4th generation overseas Chinese & the only son of 5 siblings, I took care of my parents' wellbeing during their entire old age as they also stayed with me. Both passed away at 75. This sense of responsibility / obligation has been instilled in me since I was young. I also instilled such values in my childrens & they will continue with this Chinese's tradition for sure.

@mysterion4301 4 ай бұрын

There's not so much taught today in the US about being filial. My sister and I cared for our elderly mother until she was 90, my father had died suddenly 20 years earlier. I lived that example for my own kids, but at age 70 I don't yet know how well it took.

@johnyossarian9059 3 ай бұрын

You are so fortunate to be able to do your filial duty! Many people simply don't have the financial or emotional ability to take care of their elderlies, which is not an easy job at all. Are you Chinese Malaysian by any chance?

@johnyossarian9059 3 ай бұрын

@@mysterion4301I hope for the best for you, but most American born Chinese don't think like Chinese at all. Especially if they're second or more generation

@kavabean 2 ай бұрын

Your story tells how broken the Chinese policy is. You had 5 among you to both chip in and also have at least one bigger success who can shoulder weight of parents. Such families were common when these cultural traditions were created. Now, things are very different. The birthrate in China was decimated by one-child policy and even now overwork and high costs of living (despite amazing economic growth) lead to birthrate of less than 1 child per woman! So if average couple get married they are supposed to raise a family with high costs and also support 4 grandparents! Think about their situation. This is a ticking time bomb.

@cpc9563 2 ай бұрын

@@kavabeanDid you even watch the video? That's why the government helps out by providing cheap food and day care.

@sportsonwheelss 6 ай бұрын

Over a trillion a year devoted to destructions, but no money for people who need shelter and food in the States

@gregwang8628 5 ай бұрын

Remember that these retirees were once the contributors and the pillars of the country’s economic system!

@sciagurrato1831 4 ай бұрын

That’s a feature, not a bug.

@EM-dw2yv 2 ай бұрын

8 trillions in wars with interest

@icemike1 19 күн бұрын

Pure evil

@gordonlamb6034 6 ай бұрын

Its not easy getting old and losing the ability to look after yourself. That said, China has a much more humane and sustainable way to look after the elderly. Thanks for sharing Kevin

@Ace1000ks19751982 6 ай бұрын

I am a Chinese person that lives in the US, I am the eldest son in my family, so I have to take care of my parents. My siblings are pitching in some money to help.

@peanut0brain 6 ай бұрын

And also your mother will have issues with your wife.

@Ace1000ks19751982 6 ай бұрын

@@peanut0brain I am divorced.

@MsBay129 6 ай бұрын

@@peanut0brainI get that a lot. Parent is OK. The sisters not all are the problem.

@MsBay129 5 ай бұрын

@@peanut0brain. They do. Nobody is good enough for their sons. 😊

@inkbold8511 2 ай бұрын

You get all of the inheritance from your parents as eldest son while your sisters get nothing. In reality they shouldn’t even need to pitch in anything as they won’t be getting the inheritance either.

@Trueye-sl2mr 6 ай бұрын

It is an honor and smart to take care of your parents, continue to receive the blessings of their wisdom and love. 👍☺

@519stream3 5 ай бұрын

I'm just not even 5 min into this episode already I know what he said is not true. I moved out of China decades ago so I can't tell you exactly how the system works. As far as I know for my parents generation they still get paid as they work after they retired and get raises as other working people. My Dad got about 8000rmb per month before he passed away and my mom got about 5000 rmb before she passed away. The government insurance paid almost all medical costs which is why I never moved them to united states. They don't need the kids to take care of them but a lot of them subside their kids which in Chinese called kenlao which laterally means "kids eat the old " most of the retirees in China can easily save more than half of their incomes even a janitor. For my generation a lot of them already retired young. There is no property tax to haunt them and they can easily afford a simple life which is quite different from USA where lot of people can not even afford rent with their retirement.

@519stream3 5 ай бұрын

I went back to see my mom last time when she was in hospital, totally about a month in er and three weeks impatient with all kind of treatment and medication. I paid the out pocket for her which is about $600. Ironically when I came back to the state I went to the er for about 5 hours and they billed me for about $600. You can't compare.

@gregwang8628 5 ай бұрын

@@519stream3compared with Kevin you are the negative side of the equation, so you must have prepared yourself for that!

@coolbreeze2213 6 ай бұрын

This guy makes great videos that make a lot of sense.

@MsBay129 6 ай бұрын

Ya. I started following him a while back. He is amazing. His script is clear and concise. 😊

@gregwang8628 5 ай бұрын

Absolutely truthful! Kevin is one that is amazing in all of his publications!

@ngheanchoong 6 ай бұрын

Chinese culture is the young look after the old.

@HappyPandaBear73 2 ай бұрын

YUP! We Chinese respect, care, worship & love our Elders. It’s our way of thinking, practice & Life. We don’t believe in letting our Elders go when they are older. They gave us Life and it’s our duty to care for our Elders when they are older or in their Golden Years. BLESS MOTHERLAND, CHINA 10,000 YEARS & TEAM MOTHERLAND, CHINA ALL THE WAY AND BEYOND FOREVER!👍🙏🇨🇳🙂🐲🐼☯️☮️🌏‼️

@userngo09.02bmo 4 ай бұрын

I live in Canada. I take care of my 94 years old mother who lives with us.

@The0ldg0at 5 ай бұрын

I've seen many vlogs from China of how the elderly in rural community gets by. They get their low retiree pension at 50 but they are still healthy and want to be active. They farm their own parcel of land. They take daily the train or bus (at very low fare for them). They go to the nearest bigger city where they sell their products in opren air markets. And they come back home with enough money to pay for a confortable lifestyle. Open air markets are everywhere in every cities. There are accomodations for carrying their large bags in all the rural trains and buses. They stop way above 70 yo when they don't have the capacity and they are proud to be contributing to their community.

@gregwang8628 5 ай бұрын

Yes absolutely truth ❤

@johnyossarian9059 3 ай бұрын

Those old Chinese farm folks. They may not be highly educated, but they're truly the salt of the earth type of people like all farming folks around the world. Unpretentious, honest, friendly, and generous. I have made many acquaitances among them.

@wroughtforge7547 6 ай бұрын

I am a retiree. I bought my house 40 years ago and my property tax at that time was $700 per year. I paid off my mortgage quite a few years ago so I don’t owe anything on the house. Today, my property tax is $15,000 a year. The annual property assessment done by the city increases the value of my property tax. I have to pay out over $1,000 a month for the right to live in my home that I maintained for 40 years. I hear that in China, there’s no property taxes. So once you paid off your house, you have no more expenses. You do not own the land and you have to pay $4,000 to renew the land lease every 70 or 90 years. So if I pass my house to my son or daughter, they can renew the lease for $4,000 for another 70 or 90 years depending on where you are. Property rights are transferable so if I sell my house to someone else, they have the lease for 70 years. I am a senior on fixed pension and while I can afford to pay the property taxes, I still find it onerous and if it continues to rise, I will have to sell my house.

@user-if1ur5td1x 6 ай бұрын

15000! That's just criminal and obscene ... I live in a public flat in singapore and my annual property tax is approx 100.

@MsBay129 5 ай бұрын

I'm sorry to hear this. It's is awful. That is why PPP (Purchasing Price Parities) purchasing power is so important. I see more and more western coming to live in Malaya and Borneo now.

@Mariobrownio1989 5 ай бұрын

What you said about the Chinese don't have tax on the property is true. However if someone owns a condo unit, usually the unit would not last more than 50 years, before it is run down and become very low in value. What you said about passing it to the next generation would have to be in more rural areas with detached houses.

@MsBay129 5 ай бұрын

@@Mariobrownio1989 50yrs life span? And you know that for a fact. Chinese building are well maintain. 😁😂..

@sui-yu-er-an 5 ай бұрын

Corrupted government in US and Canada, As the public doesn't know where the tax dollars are spent, Auditing is even impossible given every four year election routine. as Nobody takes the responsibility about the tax dollars, it is easy money taken from the public.

@user-xq8qx6bg2j 6 ай бұрын

❤❤Kevin, thanks for another well researched episode. Very educational. Please keep these coming. 🌹🌹🙏🙏🙏

@valuedent6485 5 ай бұрын

Sir, what you mentioned is true! Traditions! Confucianism!! I'm a 3rd gen. oversea Chinese in an ASEAN country (my grandpa immigrated just before ww2). exactly what you said, we take care of our elders!! never in our mind to put our parents in a nursing home. To be fair, you see this in sooooo many parts of asia! different nationality! that's why you see very few nursing homes in this part if the world!! thank you very much for your videos! 👍 more power!

@kathy_k5716 4 ай бұрын

I'm the 3rd generation over sea also and my parents live with me to the last day of their lives

@ryanchinh1040 6 ай бұрын

That is why China don't have any homeless people compared to America have homeless people.

@ngvkhtnw22 6 ай бұрын

I appreciate your efforts in bringing to the KZfaq world a different perspective on how to deal with the question of aging. With the US carrying $34 trillion of debt and climbing, it is a real concern as to how long the US can keep on printing money like that to support all kinds of programs, and that the world would keep on absorbing the dollar. For now, the world has been trapped by the monetary system set up by the US and nobody knows how to free themselves from the US dollar system. So, business goes on as usual and the US government keeps kicking the can down the road...

@leadfoot8045 6 ай бұрын

FANTASTIC REPORTING !! Pay attention sleepy Americans !!!

@Raytracer96024 6 ай бұрын

Nppe, ameriKKKans should be ignorant

@Sophie-iv4ci 4 ай бұрын

This is your best work I have watched so far, informative! Be good!

@wankee888 6 ай бұрын

As a chinese elderly i rather die than live in nursing homes

@jacquelineperet6599 3 ай бұрын

Thank you me also 💯

@bertanelson8062 2 ай бұрын

As an elder from USA (but not living there) I intend to stay free of nursing home.

@edwardlawrence5666 2 ай бұрын

Me too in Florida. Get out and exercise every day.

@wankee888 6 ай бұрын

Sustainable and compassion

@jacquelineperet6599 3 ай бұрын

No such a thing in America You cope and or you die

@namelesswarrior4760 6 ай бұрын

Another informative session. Thanks Kevin.

@iyibu01 2 ай бұрын

Thank you Kevin. Be good 💯

@neelr 2 ай бұрын

I learn a lot from your presentations. Thanks

@CT-vl3iu 2 ай бұрын

This is very common in most Asian countries too. It's their rich culture. Its the responsibility of children to take care of their parents. That's what most religions advocate in that part of the world. Children also see it as their responsibility. Rich family values. Most situations grand parents spend time with their grand children and take care of them too...thus handing over traditions to them from their younger age.

@ysgoh1981 6 ай бұрын

A great insight!

@longyou8254 6 ай бұрын

Great perspective, both systems got pro and cons

@seymorefact4333 6 ай бұрын

🇺🇸 in the USA .. we throw our elders in the streets to be homeless! We do that for young people.

@taterrhead 6 ай бұрын

I mean look at what the Boomers did to their OWN KIND let alone for society as a whole ...

@MichaelFCorbin Ай бұрын

I love that the expectation is that the elderly will remain with family their entire lives. That is what family is all about. But - serious question - how does the history of the 1 child policy play into this? This is the first ever Chinese generation where a small number of young people have to care for a large number of elderly. Previously, when couples had many children, the financial and psychological burden of caring for the elderly (which can be incredibly difficult for many reasons that are no fault of the elderly) could be spread across many children. Many Chinese couples must have 4 elderly parents to take care of right now, while also caring for their own children. That can’t be easy. My elderly mother has 5 kids to help her. She will never be in a nursing home.

@georgelim5006 4 ай бұрын

Confucianism Philosophy At Work..

@zactianne6331 4 ай бұрын

What can I say? Kevin is a friggin' genius regarding the subjects he covers in life, living, business, markets, manufacturing, governance--I could just go on and on. Does anyone know if we have someone similar in the US?

@jasonloke2219 19 күн бұрын

Thanks a lot for this video! I am a baby boomer. Taking care of retiring generation is a big issue. Thanks!!

@Smellthecoffee2112 24 күн бұрын

Thanks for addressing this fundamental social topic. We westerners would be wise to consider how other cultures manage their demographic, social and economic issues. It might be helpful and certainly it would be more productive than automatically assuming that our culture systems are superior. Our general arrogance and inclination to demonize others and their “ways” is self-destructive and ironically tragic. It is a shame that we can’t even acknowledge that Chinese people, for example, are addressing poverty, social wellbeing with a lot of success. I find it admirable that Chinese value their elderly parents enough to be responsible for their care, although I’m sure this is not palatable or convenient for every Chinese family. It seems much more civilized than the general western social attitude towards our families. That is not to say no one in the west behave with similar respect and responsibility for our family members, however, our culture and formal social structures are more concerned with commercializing our cultures than sincerely addressing general wellbeing.

@fanhuaji 6 ай бұрын

Great sharing!

@warrennelson5190 2 ай бұрын

Thanks for your useful and insightfull content I look forward to your episodes

@morrismak 6 ай бұрын

China is beginning to have elderly homes in China, run by private insurance companies for the wealthy. To get into one of these elderly homes, the minimum is about USD270k. I've visited one of these and my gosh it's like a 5 star resort! This is good as it frees up resources for the government to take care of elderly population that really needs help

@marlbankian 6 ай бұрын

Excellent food for thought !

@jimim8514 2 ай бұрын

thoughtful, touching and honourably respectful. Superb. supercalifragilisticexpialidocious

@Janicef247 6 ай бұрын

Thank you for your informative content

@Lim-212 2 ай бұрын

Filial piety to one’s parents is a must in our family. We took care of our parents when they were old until our dad passed away at the age of 76 and our mom at 93.

@edwardlim7253 5 ай бұрын

Great observations.. I guess this is a historical model since eons..

@easternrazor3749 6 ай бұрын

Excellent point of view. Much appreciated.

@icemike1 19 күн бұрын

Retire at 50 that's about right

@inkbold8511 6 ай бұрын

Kevin China does have pension and retirement benefits now even for rural people who never worked in office. It’s low amount for the however their healthcare cost are very very cheap.

@JustPhil-yw6bt 2 ай бұрын

This is really interesting and thought provoking. Thanks!

@gregwang8628 2 ай бұрын

Can they imagine one day America would do that? Hell no 😂

@gunsumwong3948 6 ай бұрын

Depending on children at old age is partially true nowadays. Chinese differ from the westerners in not living in credit but in surplus. Nowadays many old people in China are wealthier than their children because their life time savings which is not universal in the west. China does not operate a big social security system like the west. This culture enables/forces everyone to look after himself/herself up to their old ages.

@stvdmc2011 5 ай бұрын

Great video... planned to retire in china . Seen to better as a elderly in china

@bendobendotrango3025 6 ай бұрын

Thanks for your efficiency in extracting the facts 😊🇸🇬

@dons6556 Ай бұрын

It is never a question “if” or “should” we take care of our parents, it is given! As nature as breathing air. Yes, it might not be easy managing two generations at once, parents and kids. It is the RIGHT thing to do, no need for debates. In the West, some of us like to kick our kids out of the house at 18, the consequence is they will stick these parents in the nursing home the minute they can.

@shawnkristoferu8303 Ай бұрын

This is not only Chinese culture all the rest of the world does that except North America & Western Europe. It is a cultural issue where in /North America & Western Europe they discard people when they are no longer productive.

@terrywong7879 Ай бұрын

Kevin, this is the Confucius culture and philosophy that is embedded in Chinese society.

@ajs-qv5fe 6 ай бұрын

the CCP runs china like one big family and that, imho, is how a country should be run - this is also very much in line with confucius teaching which stipulates that filial piety and respect for the elders are paramount virtues - sadly, this not gonna happen in the hyper-individualist, everyone for him/herself west where children are encourages to call their parents by names and treat them like "friends" - in china and very much east asia [me not sure about other places] in general, this family bond is what keeps the social fabric intact and thats a very good thing ...

@cheungchingtong 6 ай бұрын

China, for most of its time in the past thousands of years, runs like a big family, even with emperors on the top. It is one unique political culture, a mix outcome of Confucian, Daoism, Chinese traditional culture.

@thetreekeeper143 4 ай бұрын

CPC

@user-ok6re8gv1q 4 ай бұрын

Really appreciate the host for showing the western world that you need to respect there are different ways to tackle everything! Respect that different conditions and cultures give rise to different solutions - that appear strange or unfamiliar to westerners. but trith be told, every system has good and bad and on balence, China does plenty of good for its socoety so differences seem to work very well for them. lets stop the hate and start the respect for differences…and learn and adapt and win win.

@bertanelson8062 2 ай бұрын

Yes.

@dingo1yongo 2 ай бұрын

Africans don't need to copy it. It's part of our culture too. The family takes care of the elderly. We don't have the restaurants you describe but elderly care is family based.

@pandabearoceanpark Ай бұрын

You pointed our the difficiency of democracy - it pitches one group against another: Old vs Young, the coast vs Middle America, left vs right, etc. That's why the US can't fix social security until it runs out of money, or the gun violence, the have and have-nots of healthcare, etc.

@nauy 25 күн бұрын

I’m not sure if this all over China. But at least in some regions they have something like Kindergarten for seniors. The children drop them off before going to work. There they get meals and play with other seniors or go on field trips. They can also opt for a bath by the staff before being picked up by their children after work. I believe the level of service is a la carte. I thought this is a wonderful system.

@jorad4887 Ай бұрын

USA blames China for this too

@bhubestakesoponsatien1143 6 ай бұрын

Thank you, an eye opener.

@EdwinaTS 2 ай бұрын

That agrees well with Robert Reich's warning about the power of the elderly votes.

@comment6864 3 күн бұрын

Well wait a minute.. how is it that the US does not have enough for retirees, but has plenty to give to Ukraine and to maintain 800+ military bases around the world?? Retirement funds are not like welfare, it's something people who have worked hard their whole lives have saved up.

@charlesbrown9213 2 ай бұрын

Social Security can easily be fixed by removing the earnings cap on FICA contributions and increasing the FICA tax by 1%. that is literally all that it takes.

@AMEENHAI Ай бұрын

Filial piety is the virtue of exhibiting love and respect for one's parents, elders, and ancestors, particularly within the context of Confucian, Chinese Buddhist, and Daoist ethics.

@foodparadise5792 6 ай бұрын

Your sound was ok for the last few videos.

@jameskoh2945 2 ай бұрын

By right all children should take care of their parents when they are old and need to be cared for. One of the ten commandments of God is "thou shall honour your parents". And there is no better way of honouring your parents than to care for them when they are old and need the care.

@weifengmao 2 ай бұрын

Interesting. My parents who live in Shanghai is more than able to live on their pension income. They are just normal factory workers previously

@kavabean 2 ай бұрын

If they want to keep this policy, they better increase the birth rate. When these cultural traditions were created families were much bigger with many children. Siblings could chip in and good chance to have at least one decently successful child who can shoulder weight of parents. Now, things are very different. The birthrate in China was decimated by the one-child policy, and even now, overwork and high costs of living (despite amazing economic growth) lead to a birthrate of less than 1 child per woman! So if the average couple get married, they are supposed to raise a family with high costs and also support 4 grandparents! Think about their situation. This is a ticking time bomb.

@EdwinaTS 2 ай бұрын

In reality, especially rural China, sisters often raise extra children of other sisters as their own during the 1 child policy. Which is why many chinese families are still large.

@sunnytneoh3126 2 ай бұрын

Many countries have sustainable systems although they dont look anywhere like western systems where greed is the driving force.

@jlanetman Ай бұрын

In the US our employer and individuals pay into Social Security. The money is then confiscated and used to fund a runaway spending addiction our Government has. As an individual you receive no return on your money. I believe it won’t be out of line to say social Security is managed by a bunch of drunk sailors. It would take a book to talk about all the way Social Security is mismanaged. Now that the government has taken and spent Social Security in the general budget. We now call it a social program and maybe you shouldn’t get that money back. I frankly think that people should be able to invest the monies your employer, and you personally have put into the system. We should not allow the government to make the decisions we should be making. I have no doubt Social Security will go the way of our economy. Bankrupt.

@mikeschroer7829 13 күн бұрын

You have misrepresented the Social Security system. The employee and the employer pay into the Social Security system. The SSI and Medicare payments in your paycheck are called payroll taxes. They are separate from the income taxes and are not part of the discretionary budget that Congress passes each year. The Social Security administration does a yearly report to Congress of the status of the system. They do a very responsible job of reporting and projecting the status of the system. They increased withholding amounts when it was projected that the baby boomers would make the system fall short. At that time the Social Security Trust fund was running a surplus to bank money for the eventual baby boom retirement. That was when the Johnson administration decided to include the SS surplus in the deficit calculations so the surplus would offset the debt amount. The status of the Social Security system and the huge deficit caused by a runaway defense budget are completely separate things. The SS administration is now telling us the system needs another adjustment due to the changing demographics of reduced population growth. The simplest fix is to raise the cutoff limit of the pay in ceiling amount. The system is stable and workable, the high earners just don't want to pay a fair share. Share holder capitalism, more correctly called exploit-ism, can't stand not being able to get their hands on that large chunk of money being extracted in those payroll taxes.

@sulaimankamara4031 2 ай бұрын

Yes, social security is the highest expenditure on the United States government that’s the fact. What about its Military spending?

@kennethpao1355 2 ай бұрын

A couple comments on your observation of China vs USA retirement systems, first of all, per capita GDP of the US is $60K+ and China is $10K+ because China has 4 times the US population even though China's GDP is roughly 80% of the US GDP. Indeed China does not have the US style Social Security/Medicare at this time. What you have described of the Chinese retirement system is family/neighborhood based care for the elderly while the US offers privately run independent retirement living/assisted living/nursing homes based on affordability and government paid for those unable to pay. For the US, the current national debt is $34T+ and the US has been over spending beyond its federal budget past 10 - 15 years or so and is projected to overspent the next 10 years or so. Neither Republicans nor Democrats have a plan to arrest the uncontrolled federal budget deficit spending nor the increasing $34T national debt. That is sad indeed.

@rcmrcm3370 7 күн бұрын

Robotics and AI will help too.

@AnotherExtraFist 4 ай бұрын

It costs much more in the West because the care is expected to make money. Snowbirds are those who can be afford to each in restaurants, and we know how much such cost has been increasing rapidly. Maybe we should call this a demographic "problem," and treat it that way, but to embrace it like the Chinese currently do.

@pb3392 Ай бұрын

This model is more viable where population density is high. In western cities one can’t move without driving a car then…

@stegibabajamashim4390 6 ай бұрын

I have watched two of your videos. Both reveal you to be an erudite person. Thank you.

@angershark88 6 ай бұрын

Great content man. Thanks, I had no clue. I can’t even afford a house or kids, but I see wealthy boomers with a massive suburban or country estate, which they live in empty all to themselves, telling us to pull ourselves up by our bootstraps. People say its mean to throw elderly into nursing homes and the abuse is so bad, but the elderly abuse the staff when they still have their faculties. All at the steep discount if $10k/month. The government foots the bill after the nursing home takes all the elderly’s assets.

@user-xp4of2vu4r 4 ай бұрын

OK - you make a lot good points. However, (1) you advise there are millions of rural folks to be relocated to the cities. (2) They will have to live somewhere that they probably can't afford. (3) No matter how beneficial the local feeding stations sound with a community style atmosphere, somehow the inexpensive food stuff must be subsided. And (4) healthcare appears to be a major roadblock when the population is being undercut with reduced birth rates. There in China as well as the West. I don't quarrel our economy is in a mess going forward - but really - what to do that works for our society?

@ut360q Ай бұрын

Reality speaks different ly now in urban China, due to higher mobility in job location, higher cost of living, young families work in places far away from parents and they have financial problems for their young families members. If the old parents in critical illness with high medical bills, they all will bankrupt. This is reality not an issue of filial piety or not.

@SF-cc1kq 4 ай бұрын

The total cost of the war in Afghanistan for the US is estimated to be around $2.26 trillion from 2001 to 2020. Just one aspect of the costs of US Empire and militarism.

@bertanelson8062 2 ай бұрын

Yes. Yet we don't have $ working people paid into for retirement years...

@carpediem44 3 ай бұрын

Tax assets, not labor.

@jessieyap211 2 ай бұрын

It is Asian culture that siblings takes care of thei parent’s old age.

@SupremeCannon1965 2 ай бұрын

I envision a model where a meltdown of retail consumerism leaves a massive amount of commercial space - shopping malls, strip malls and the like - empty. Ideal locations, level entry and climate controlled. The elderly can walk or take a bus there, and they can eat and visit somewhere safe. Kind of like those small-town general stores where the old boys would sit by the wood stove and play checkers. One thing I'm quite certain of - most of Gen X and younger won't be spending their winters in Florida or Arizone. That whole paradigm was a one-and-done.

@jeffmeier1663 2 ай бұрын

The US will not be able to adopt the Chinese model for elder care. Families in the US are not interdependent like they used to be. Parents and children are not as close as they use to be both physically and emotionally.

@georwoogle 2 ай бұрын

😀😀😄

@wm3138 2 ай бұрын

How can Western children take care of parents when many don’t know who their parents are?

@benedictwaithaka375 2 ай бұрын

😅

@djacircarvalho9738 6 ай бұрын

You did not mention the retirees from state owned companies, state careers (judges and associateds, police, army, party officials, fiscals, certain politicians). Here in Brazil, the lion's share belongs to relatively few public servants, and little to remaining largest portinhola of population. It's even worst than the USA. People Dreams to become a public servant of any type. The justices want to earn and to retire as much as very successful lawyers. Please, tell me I wrong about China and her privilégios... You have made to abandon most channels of western expatriats. You talk about what is most interesting abou real life in China. Thank you. All the best for you and family. Djacir, from São Paulo, a 67 year old retiree. 😊

@standoctor 3 ай бұрын

Just out of interest,what happens to seniors who are single with no children, immobile or need long term care? Do they have a social workers system to check on them or even to access certain care facilities?

@johnyossarian9059 3 ай бұрын

In the traditional Chinese culture the relatives will take care of the childless elderlies. I don't know about social workers in China as I'm not a Chinese citizen

@jeremyheung6582 3 ай бұрын

They will be sent to public nursing homes, with the costs covered by the government

@seymorefact4333 6 ай бұрын

⚠️ Florida real estate is crashing. Property insurance increases by 1000%!

@floeki-jekker 2 ай бұрын

snow?

@teac117 4 ай бұрын

Canada's solution was MAID.

@nestormatos8477 2 ай бұрын

Not to mention where does a population of over a billion people get their food? Importing food is not a solution.

@IaintTheHerb 2 ай бұрын

The developed world threw open their doors to the most culturally incompatible, cost ineffective personnel and provided instant benefits. Any wonder there's nothing left for the retirees?

@paulfromChicago-i8f 20 күн бұрын

china has a national retirement fund system (similar to social security systems ) now. Kevin needs to ask around

@Abuucom 3 ай бұрын

This well said Kevin, Tanzanian population is projected to be a 300million by current trajectory... The only thing that keeps low homeless problems despite having poor demographic is its culture, there is no policies for even having elderly home care system by the government it's all falls through family members caring

@horridohobbies 3 ай бұрын

China has a communal society. Nothing like it exists in the West. Chinese society has been shaped by thousands of years of culture and tradition. It is not easy to replicate in the West. But it is doable if there is the political will. China can help.

@bendobendotrango3025 6 ай бұрын

👍

@carpediem44 3 ай бұрын

Individualism and fear of aging is disastrous for the U.S. Maybe the Chinese just value family and social cohesion over government bureaucracies managing elder care.

@manuvsingh 5 ай бұрын

Indian culture also has this practice of Children taking care of their parents - in fact whole of South Asia derives this culture from being part of Bharat (India) for 5000 yrs.

@MsBay129 6 ай бұрын

The amount of pension will depend on PPP.... PPP is very different from western world. PPP is Purchasing Power Parities.

@MegaPapa8888 5 ай бұрын

All our facilities for seniors are for profits.

@befeleme 6 ай бұрын

As regards the community canteens, I was surprised at 6:13 about the decreasing discounts with increasing age. This seems counter-intuitive, is this correct? What's the rationale behind this? (However the information at 12:25 seems to contradict this information, in accordance with my expectation.)

@Inside_China_Business 6 ай бұрын

Sorry about that. It's the way the Chinese refer to discounts. A 70% discount means that it is discounted by 30%, not 70 off. I thought about changing it on my English version, but I didn't think anyone would notice. :)

@befeleme 6 ай бұрын

@@Inside_China_Business Don't ever underestimate this old guy's ability to notice things. All your videos are being carefully scrutinized, cross-referenced and fact-checked by this incurable perfectionist. 🥸👍

@Inside_China_Business 6 ай бұрын

I'll be careful.

@ramonching7772 3 ай бұрын

Just wondering if the culture of driving out their children when they are 18 have any impact on the elderly today. The retirees no longer have children with them.