See https://en.wikipedia.org/wiki/Doomsday_argument for the most famous use of this line of argument. (It concludes that the human species is likely not long for this universe.)
1. Is that a reasonable assumption to make? (In a surprisingly wide variety of cases, yes. But not always.)
2. How do we update the conclusion of the argument given a variety of other information that we have available to us? For example we have a great deal of information about the US system of government, current political state, potential threats, and so on.
We can take this to extremes. At the 1 minute mark we have a 99% change of being in the latter 99% of their life (and thus a 99% chance of dying 99 minutes later). It's amazing how many of them beat these odds.
Also see my comment above.