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Won't that assuage the "too many retirees" problem? Wouldn't a bunch of new young immigrants at work mean more people paying into the system?

It ends up being a death spiral which the system can't quite pull out of, with massive debt weighing it down so even equilibrium doesn't solve it, you need to actually reverse the trend so there are far more workers than recipients for a long time. It's possible to fix it that way, but you'd need a LOT of immigrants, which then just sets you up for failure down the road again unless you keep up that trend forever which is impossible thus it is destined to die like all Ponzi schemes.
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