Posted on 12/28/2010 8:23:31 AM PST by Frantzie
Retirement account fantasy and middle class erosion – 1 out of 3 Americans has zero dollars in a retirement account.
From 1950 to 1989 top 1 percent earned roughly 7 to 8 percent of nationwide income. Today it is inching closer to 20 percent resembling pre-Great Depression levels.
Many Americans live precariously close to the edge of financial insolvency flirting with economic disaster daily.
(Excerpt) Read more at zerohedge.com ...
How long before Obama or someone like him declares the essential unfairness of it all, siezes 401ks and IRSs and redistributes the cash, the underpriviliged and illegal aliens first in line.
Retirement account fantasy and middle class erosion – 1 out of 3 Americans has zero dollars in a retirement account.
And those that do will probably loose one thired of their pention to government theft(taxes).
Bingo. You see the plan.
Although I do not agree with all you stated in your posting, you are right on the mark about Obama destroying the American middle class. Obama is destroying the middle class and...is doing it quite successfully with the aid of the media and stupid Americans who cannot see the forest for the trees. This is not going to be a good or great country in ten years or for our children to live in. And....we have no one to blame but ourselves. America voted to destroy this great country!!! End of story!!!
My parents are both over 65 and show no signs of retirement. Ditto with my wife’s parents. They could retire if they wanted to. But the idea of playing golf every day or watching day time TV does not appeal to any of them. I feel exactly the same way. Retirement IMHO seems to be one of the most over-rated concepts in America. I want to work as long as I can.
I still haven’t decided how I’ll respond when that day comes.
Why am I not surprised? Once upon a time, Saving was looked on as a good thing. No longer. Now the powers that be WANT us to be good little Consumer-Bots. To them, saving is a waste of resources that slow the Economy. Instead, they want us spend every $$ we have on stuff and to work till we drop. We are paid in borrowed $$ and then encouaged to send that $$ back overseas to those we borrowed it from.
BTW, don’t get the idea I’m anti-materialist. I have plenty of stuff and my house is paid off. But I am also careful about what I buy/do and save alot. Currently, if I had too, I could probably get away without working—that is, until the inevitable combination of hyperinflation and Government confiscation wipes it all out.
To me, you are retired the day you don’t *need* to work anymore.
my day will include means testing for SS or their won’t be any money.
By taking away the assets of those who saved and did without and redistributing to those who didn’t sort of equalizes lifes unfairness. I mean some people are budget challenged. It’s not their fault. And they have to have that carton of cigarettes and case of vodka to forget lifes unfairness. And it would be totally unfair to limit their cell phones (actually they get free ones with usage free from the gubmint) and everyone has to have cable tv to relieve the boredom from lifes unfairness. Plus not having a job, they have to have something to do. And if some people worked and saved . . . well that’s unfair too.
/heavy sarc
The list, ping
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I have confidence President Obama will rectify this situation.
He will soon have it at 2 out of 3 with nothing saved for retirement.
Still believe that 1/3 of Americans are brain dead fools. The middle class will be marched into slavery and just accept it. Too damn dumb to fight back.
Skeptics shouldn't be so quick to dismiss suggestion that this is what the progressives' are thinking.
Snarling references to 'old white men' seem to be a popular among the ethnic tribalists in government and on campuses. Its clear they are a fat target for these people.
He had $700 million from his proxies which included the Saudis. The Saudis NET $1 trillion a year in oil profits. Net not gross. They bought the USA in 2008. They have major investments and deals with ALL 6 TV networks including Fox. Americans have no clue what is going on.
He controls the judiciary, the Senate, the military, the Fed, you name it. Americans did this to themselves. I dumped TV over a year ago because TV is 100% pro Obama propganda.
From what I hear retirement accounts 401K’s are all being cashed in to survive after losing jobs.
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