Quote from: LordKAT on February 11, 2014, 08:18:58 AM
I planned for my retirement. Part of that plan was Social security. I haven't had much opportunity to save anything else. What I did have saved was taken by a bad marriage and medical bills. I am not alone in that.
I'm sorry to hear of your plight.
That said what is happening--wholesale I might add--is egregious taxation combined with high unemployment of young adults (ages 18-32) is perpetuating the problem of
NOT saving for retirement because they are unable to do so because they are paying the bills of older generations. Then you add in the mix that employers might cut hours to 29 hours to avoid expensive entanglements with ObamaCare. So now young adults will essentially have to work two jobs, pay more taxes, pay more for benefits for older generations, and most of these programs aren't going to be solvent by the time Millennials retire (Some of them already aren't solvent; like Medicare/Medicaid).
Let's not forget the 16t dollar debt caused almost entirely by these entitlement programs that will come crashing down on our head. But ignore the gross number for a minute, the real dangerous part about our debt is its ratio to GDP. According to the Congressional Budget Office our debt is now at 73% of GDP and is on pace to worsen because of a slow to improve economy. GDP has increased between 1-3% IIRC and just to keep up with population demand, growth has to be 5% or higher.
httpπ/www.marketwatch.com/story/us-debt-now-about-73-of-gdp-cbo-says-2013-09-17-1091240
QuoteWASHINGTON (MarketWatch) - The U.S. national debt is now about 73% of gross domestic product, the Congressional Budget Office said Tuesday. The percentage of debt is higher than any point since around World War II, and twice the percentage it was at the end of 2007, the nonpartisan agency said in its long-term budget outlook. If current laws stay in place, debt will decline "slightly" relative to GDP over the next few years, the agency said. But it warned that growing future deficits will push the debt to 100% of GDP 25 years from now.
By the time I reach retirement age, forget social security,
I have legitimate cause to worry if there will be an economy at all. It doesn't take an economist to understand that our current level of spending is
utterly unsustainable. I don't have children, and I never will, but those of you who do have children should really ask yourselves if that is the future you want your children and grandchildren to live in?
It isn't hard to see what the final outcome of this is; perpetual generational theft, perpetual generational dependence on government, and economic collapse.
-AM