Over the years, the continuous increase in pension benefits for those within the system is essentially reinforcing a massive intergenerational transfer payment system against the backdrop of accelerating aging and tightening fiscal constraints. Its sustainability heavily relies on the workforce size and productivity growth, but current demographic changes are systematically compressing this foundation.

Under the pay-as-you-go framework, pensions are fundamentally supported by the current active workforce, so amidst a relatively rigid insurance structure, the burden is effectively concentrating on the younger labor force. While relaxing household registration and insurance barriers may temporarily expand coverage, it won't change the overall trend of rising dependency ratios; instead, it might make the pressure on local finances and social security accounts more visible.

From a macro structural perspective, the most consumption-capable group with the highest marginal propensity to consume should be the youth. However, under the constraints of tax burdens, social security contributions, and living costs, their disposable income and consumption capacity are squeezed, which may further impact domestic demand expansion and the sustainability of economic vitality.

If the structure doesn't change, consumption won't find a bottom. Expecting young people with salaries between 2500 and 5000 to support those retirees who often demand pensions over 7000 is unrealistic and unscientific; it poses a massive burden on the younger generation.

For young people, it's a day-by-day struggle; social security bankruptcy is bound to happen. You can't afford it, and you shouldn't need to support it. Taking care of yourself and living well in the moment is the best choice.

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