主题：【原创】茗谈(六十五)：美国的一小片历史 -- 本嘉明

if you look at the

1. nepotism, corruption in the gov. (like 1890s in major U.S. cities).

2. social security: U.S. finally started to have it in 1930s. China is slowly dismantling or corrupting away its social security funds. Various provincial pension/social security funds are under-funded.

American local (not the federal one) gov. funds are underfunded because of loss in the crisis. China's funds are underfunded because poor management and intentional misallocation.

In terms of pension fund, as Chinese become gray in population demographics, there will be reckoning moment in the next 20-30 years.