Moderator Note
The OP accidentally created a duplicate thread. Both threads have been merged together. Hopefully this won’t cause too much confusion.
Well, no. It’s not like the government would now be setting that $1.4 trillion on fire; it would either stay in the paychecks of people those under 70, or it would be spent other things (or some combination of the two). Exactly how much economic benefit would accrue depends on those other things, but anything from lower taxes, reducing the debt, better schools, better hospitals, better infrastructure, etc. would be a better investment than giving it to oldsters with huge piles of money. The multiplier effect for endowing a hospital or a new school is far greater than helping an 85-year-old live for another six months (and there’s no moral problem with avoiding the latter, since the 70+ year olds are no longer around in this scenario). We’d be freeing up a huge amount of money to do useful and constructive things, which would economically be a huge benefit.
And those piles of money aren’t disappearing either; they’re going to go through the normal channels that are used when someone dies. Their descendants inherit and spend it, or it’s disbursed to charities, or etc.
Baby boom busted.
Instead of having to process Grandma’s inheritance as being half to my mother and half to my aunt, it would get split five ways among my generation.
My current client is a family-owned corporation; one of the grandchildren of the founder still hasn’t passed power to his children. That would change suddenly.
Notary publics and registrars would be overwhelmed for several months, until all the paperwork generated by inheritances got solved. There would be supply problems at the cementeries.
I would be dead and gone. That would be a good thing.
No old people - no wise advice - no young people
The 2014 labor force participation rates for those aged 70-74, 75-79, and 75+ were 18.9, 11.3, and 8.0%, respectively. So we’d lose workers, which is generally not a good thing.
Japan suddenly gets a chance to climb out of its current demographic mess. They won’t take it, of course, and through nonaction will simply kick the can down the street.
The following tours are cancelled: Rolling Stones, Paul McCartney, Eric Clapton. Among many. Sting, busy having 8-hour long tantric sex sessions, unaware he missed the great reaping by very little.
If we go with midnight tonight, by my calculation you have 14 hours and 44 minutes. Better get on the phone! 
I’d be sad. There goes both parents and both in-laws.
The government gets a huge influx of estate taxes.
One-eighth of Florida’s population (2.3million people) is gone but nearly that many are in the 60-69 age range so would rapidly fill in that gap.
Stock in Depends plunges.
Right now less than 1% of all estates pay any estate tax. Because only estates over about $5million are subject to it. And folks with wealth that big are pretty good at putting it into trusts so they don’t have to pay estate tax on it.
Bottom line: There would be a spike in the volume of estate taxes. But the idea affects very many people or that it adds up to very much money in the broad scheme of things is false.
Short-term health crisis until all of the bodies can be disposed of properly by either burial or cremating.
Coupled with massive unemployment in certain areas, like assisted living employment & “I’ve fallen & I can’t get up” monitoring/call centers.
Several porn fetishes would disappear.
I think that it would be like Logan’s Run, only it would be called Logan’s Stiff Sort of Shuffle.
Seriously, I would have to move yet again, because without my mom’s monthly SocSec drop, there’s no rent money.
Well, we have these wildfires raging in the Southeastern US right now. Instead of buckets of water I suppose we could drop buckets of old folks into the flames…
I imagine Social Security would get a huge financial windfall from no longer having to pay out to the retirees it was supposed to pay out to. It might be solvent for…several decades.
True, but those jobs would be freed up for unemployed 18-30 year olds to take up.
Didn’t the Black Plague jumpstart an economic surge in Europe, as estate money got doled out and workers were able to demand a rise in wages?
You’re straying awful close to the lump of labor fallacy.
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