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You are not taking into account foreign investors. Plenty of countries have a healthy population pyramid and are quickly industrializing.

> retired boomers

That isn't where the money propping up the SP500 is coming from. It is a ponzi scheme, yes. It is held up by $40,000,000,000,000 in national debt. That can is getting kicked down the line to one or two generations that haven't been born yet.

You and I don't need to worry about it because we will be long gone by then.

All we know is that Elon isn't getting any more freshly minted currency.

That’s literally impossible. The market requires a buyer and a seller. If the retired boomers pull their money out, it’ll move the markets to a place that is attractive and affordable for the Gen Alpha.

Indexes are essentially 'the rich getting richer'. Great news for wealth disparity if true. But I suspect boomer inheritances will become intergenerational wealth given average number of children and rising age people inherit at.