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Retirement May Be Mission Impossible for Gen X (those born from 1965 to 1981)
Yahoo ^ | 4/16/12 | Jessica Rao - CNBC

Posted on 04/16/2012 3:15:52 PM PDT by NormsRevenge

As kids, they sat on gas lines in the backs of their parents’ cars. As young adults, they saw the stock market crash, and when it finally came time to settle down, they bought a house at the peak of the housing bubble and then were faced with the worst economy since the Great Depression. It’s no shock that Generation X — those born from 1965 to 1981 — may get short changed in their golden years.

Though they’ve watched parents and grandparents nestled with pensions, Social Security and strong economic growth, these are no longer guarantees. On the other hand, longer life spans with more medical bills and greater need for cash are the reality for many.

Gen X is the first generation to deal with the fact that the models of American retirement are changing — and its members are flustered. The generation once called “slackers” has been true to form with retirement planning.

“Gen X is a transition generation,” says Carol O’Rourke, a certified financial planner and Executive Director for the Coalition for Debtor Education in New York City. “Gen Xers were young during the tech bubble, and when they came of age, housing was a lot more expensive. With all the talk about whether Social Security is going to survive, there is a sense of not having something to look forward to.”

According to a 2012 Insured Retirement Institute , IRI, report, only one-third of Gen Xers are "very confident" about having enough money to live comfortably during retirement, cover their medical expenses, and pay for their children’s higher education.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; Government
KEYWORDS: generationx; missionimpossible; retirement
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The 'In Debt We Trust' crowd waves as it ages away..
1 posted on 04/16/2012 3:15:56 PM PDT by NormsRevenge
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To: NormsRevenge

>>As kids, they sat on gas lines in the backs of their parents’ cars.<<

Sorry for the slight thread drift, but my dad owned a gas station in those days and, as a youth, it was my lucky job to put the “last car” sign onto the last car we could take when we were about to run out of gas.

I also got to ask people to let me see their gas gauges to make sure they were below 1/2.

As for the point of the article, I’ll be working to 70 or 75, even with as good planning as I can do.

One last note: Anyone born after 1955 or so who thinks he/she will ever see a dime of SS is delusional. SS is a big zero in my retirement planning, assuming I live after I retire. My wife, OTOH, is unbelievably healthy, has great health habits and comes from a long-lived line. I am really planning for HER.


2 posted on 04/16/2012 3:21:55 PM PDT by freedumb2003 ('RETRO' Abortions = performed on 84th trimester individuals who think killing babies is a "right.")
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To: NormsRevenge
Retirement? Bwahahahahahahahahahahahahah. Right.

The 'In Debt We Trust' crowd waves as it ages away..

And the newest generation is worse.

3 posted on 04/16/2012 3:23:25 PM PDT by Darren McCarty (The Republican Party is bigger than the presidency)
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To: NormsRevenge

Hubs & I have the 401k thingy going.

Excess disposable income goes toward freeze-drieds, heirloom seeds, ammo & other preps.

We trust, but verify (by making sure we can care for our damn selves.

This Gen Xer has no worries....Gen Y is the Occupy Asswipe group that needs a “talking to”.


4 posted on 04/16/2012 3:24:08 PM PDT by LadyBuck (In the immortal words of Jean Paul Sartre, 'Au revoir, gopher')
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To: NormsRevenge

>> The ‘In Debt We Trust’ crowd waves as it ages away..

I’m a boomer. I have no debt. I actually *enjoy* working (and it’s a good thing I do).

I do feel sympathy for the X-ers, but only a little. Many of them have expectations that far outstrip their abilities and work ethic.

The generations after X are *worse* in that regard. That’s a generalization of course, and there are many exceptions.


5 posted on 04/16/2012 3:30:42 PM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
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To: LadyBuck

Agreed, as a Gen Xer I think we are realists, and unfortunate to be burned by the Baby Boomers and their selfishness and lack of accountability. It is the Gen Y’s that are totally useless.

I am speaking in generalities.


6 posted on 04/16/2012 3:32:41 PM PDT by Cathy
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To: LadyBuck

Agreed, as a Gen Xer I think we are realists, and unfortunate to be burned by the Baby Boomers and their selfishness and lack of accountability. It is the Gen Y’s that are totally useless.

I am speaking in generalities.


7 posted on 04/16/2012 3:32:55 PM PDT by Cathy
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To: NormsRevenge

“According to a 2012 Insured Retirement Institute , IRI, report, only one-third of Gen Xers are “very confident” about having enough money to live comfortably during retirement,”

With inflation the way it is, and interest rates down to zero, saving money isn’t exactly worthwhile. I figured I’d just spend it all on guns and ammo now and wait for the country to collapse.


8 posted on 04/16/2012 3:33:49 PM PDT by GenXteacher (You have chosen dishonor to avoid war; you shall have war also.)
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To: NormsRevenge
these little sh!ts had it all from the cradle.

Cry me a river.

9 posted on 04/16/2012 3:39:37 PM PDT by the invisib1e hand (I think in about 5 - no, 4 - years I'll have had enough.)
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To: LadyBuck
Hubs & I have the 401k thingy going.

What's your monetary goal that when you've reached it you'll know you can retire? THe reason I'm asking is I was at the barber and the barber and a customer were talking about this very topic. They both agreed they needed at least a million and that assumes their homes are paid off.

10 posted on 04/16/2012 3:44:02 PM PDT by old and tired (Go Newt!)
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To: the invisib1e hand

No. We are 40 and were dealt a shitty hand by stupid voters the last 40 years.


11 posted on 04/16/2012 3:44:27 PM PDT by goseminoles
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To: the invisib1e hand; NormsRevenge
Thanks for starting the generational war. This is the reason the GenXers are into euthanasia.

/slight sarcasm off

12 posted on 04/16/2012 3:53:51 PM PDT by kosciusko51 (Enough of "Who is John Galt?" Who is Patrick Henry?)
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To: qam1; ItsOurTimeNow; PresbyRev; Fraulein; StoneColdGOP; Clemenza; m18436572; InShanghai; xrp; ...

Xer Ping

Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.

Freep mail me to be added or dropped. See my home page for details and previous articles.  

13 posted on 04/16/2012 3:56:54 PM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: NormsRevenge

After Obama, Generations A through Z can kiss retirement good bye.


14 posted on 04/16/2012 4:00:10 PM PDT by AmusedBystander (The philosophy of the school room in one generation will be the philosophy of government in the next)
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To: NormsRevenge

Thank God for my federal pension.


15 posted on 04/16/2012 4:06:52 PM PDT by Poundstone (A recent Federal retiree and proud of it!)
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To: NormsRevenge

What are you talking about Gen X? Some of us Boomers are not retiring either.


16 posted on 04/16/2012 4:08:32 PM PDT by DaxtonBrown (http://www.futurnamics.com/reid.php)
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To: kosciusko51
This is the reason the GenXers are into euthanasia.

Well there's little doubt that ObamaCare will fix the Social Security and Medicare funding problems quite rapidly. Certainly in a 10-15 year time frame.

17 posted on 04/16/2012 4:11:59 PM PDT by nascarnation
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To: old and tired

Good question. How sure are you that you will earn 4 to 6% return on your investment? How long will you live?

Give this a go and be discouraged.

http://www.bankrate.com/calculators/retirement/retirement-plan-calculator.aspx

or this one

http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

or this one

http://money.msn.com/retirement/retirement-calculator.aspx

Just search for “retirement planner” or calculator.

Many of the online retirement calculators are now just showing the savings rate required to achieve a certain nest egg and you put in the interest rate or rate of return on your investments. They are doing this because they don’t want the liability of somehow indicating that there is any certainty in the retirement assumptions.

The best plan is to work until you die. Good luck.


18 posted on 04/16/2012 4:14:01 PM PDT by Sequoyah101
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To: Sequoyah101
The best plan is to work until you die.

And enjoy it along the way, instead of waiting for the 'Golden Years'.

19 posted on 04/16/2012 4:15:45 PM PDT by kosciusko51 (Enough of "Who is John Galt?" Who is Patrick Henry?)
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To: NormsRevenge

Well we have to pay for our parents cushy retirements.

And if we cared, we’d stop voting for big spending liberal Democrats.

First step to fixing a problem is admitting you have one and Gen X is in serious denial.


20 posted on 04/16/2012 4:16:15 PM PDT by Tzimisce (THIS SUCKS)
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To: NormsRevenge

I was born in 60 I don’t see me being able to retire at all


21 posted on 04/16/2012 4:16:27 PM PDT by al baby (Hi Mom)
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To: NormsRevenge

I don’t care if a Red diaper doper babyboomer named Barack Obama takes early retirement, but I surely want to see him FIRED from office this November.


22 posted on 04/16/2012 4:30:54 PM PDT by a fool in paradise (Barack Obama continued to sponsor Jeremiah Wright after he said "G.D. AMERIKKA!"Where's the outrage?)
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To: NormsRevenge

I have a strong feeling that the generation X’ers have seen this coming from so far away that they adapt to changing circumstances.

To start with, the baby boomers got suckered into believing that they would get out of LBJ’s “Great Society” what they paid into it, or at least those who followed them would do what the boomers did, which would support the boomers.

However, as soon as the government got their money, it not only spent it on other things, but spent even more, going into debt.

So truthfully, the cupboard has long been bare, or rather, filled to overflowing with IOUs. But government was even sneakier and greedier. So for many years now, the generation X’ers don’t even get started without huge debts, the government exploiting them first.

So the generation X’ers will be lucky to just feed themselves, much less pay retirement luxury for the boomers. And the instant the “float” money runs out, and it will, it’s going to be “sorry boomers, but nobody is going to give you a dime.”

And boomers will stomp their aged feet and curse, but that is not going to get blood from a turnip. Meanwhile, the generation X’ers will be quietly building up their own, *non-monetary* semi-retirement.

Carefully squirreling away what the government would take if it could. And while they won’t have a luxurious retirement, they calculate they won’t have to work, either, mostly because they know their isn’t going to be any work for them anyway.

The government figures it will get out of this by offering easy suicide to the boomers, figuring that since they’ve already been fooled several times, might as well fool them out of the picture entirely.


23 posted on 04/16/2012 4:31:47 PM PDT by yefragetuwrabrumuy ("It is already like a government job," he said, "but with goats." -- Iranian goat smuggler)
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To: Cathy
I'm beginning to think we should change "Gen-Xer" into "Gen-Whiner." I never heard so much entitlement- pimping this side of the welfare line. And this from a bunch who never had to deal with the draft, or even the Cold War, thanks to their elders electing Ronald Reagan for them.
24 posted on 04/16/2012 4:34:52 PM PDT by hinckley buzzard
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To: freedumb2003

“As for the point of the article, I’ll be working to 70 or 75, even with as good planning as I can do.”

I retired at 62 and wish I had waited until 70,as my mother did.

Money isn’t the reason,but work is something I missed after about 6 months.


25 posted on 04/16/2012 4:37:02 PM PDT by Mears (Alcohol. Tobacco. Firearms. What's not to like?)
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To: Cathy

TIIFIIIWII


26 posted on 04/16/2012 4:37:15 PM PDT by newsbot (TIIFIIIWII)
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To: NormsRevenge

Well, as one of the more responsible members of this generation (born 1978), let me take a little exception to your statement. The article points out rightly that quite a few of the factors that have screwed Gen Xers over are completely outside of our control. It’s easy to blame people for running up credit card debt, buying houses they can’t afford, not saving, etc, but even people in this generation who avoided all of that, like myself, are still probably never going to be able to retire in any kind of comfort. It doesn’t matter how you run the numbers, most people living nowadays are going to have a standard of living lower than their parents, and it doesn’t look like that will improve anytime soon.


27 posted on 04/16/2012 4:37:46 PM PDT by Boogieman
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To: hinckley buzzard

If you think Gen’Xers are undisciplined, get to know people born after 1990. Were screwed..


28 posted on 04/16/2012 4:45:17 PM PDT by goseminoles
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To: NormsRevenge
I was born in 1956. My "kids" are still at home. My "retirement" is limited to the money I've been able to save in my 401k...an amount limited by the continued burden of supporting my "kids". Frankly, I don't think there will ever be enough in my retirement accounts to retire. I'll work until my wife calls the mortician to pull my body off the keyboard.
29 posted on 04/16/2012 4:48:49 PM PDT by Myrddin
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To: goseminoles

“If you think Gen’Xers are undisciplined, get to know people born after 1990. Were screwed..”

Oh you mean the folks who make up the bulk of our military? Yeah they’re definetly not doing our country any favors - rolls eyes -


30 posted on 04/16/2012 4:53:57 PM PDT by KantianBurke (Where was the Tea Party when Dubya was spending like a drunken sailor?)
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To: kosciusko51
And enjoy it along the way, instead of waiting for the 'Golden Years'.

There is a reason I ride a motorcycle to work. Not just to save money and aggravation. It is to have some part of my life that isn't total drudgery. I've had to live apart from my family (separated by 925 miles) to earn enough money to keep the household solvent. That has been going on since June 2009 with 3 trips home for a visit each year...a week in the home that I pay dearly too keep.

31 posted on 04/16/2012 4:55:42 PM PDT by Myrddin
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To: NormsRevenge

I’m Gen-X, and I plan on going out the way my Revolutionary War ancestors did: with a rifle in my hand.


32 posted on 04/16/2012 4:58:11 PM PDT by backwoods-engineer (I will vote against ANY presidential candidate who had non-citizen parents.)
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To: Sequoyah101

“The best plan is to work until you die.”

I’m working with a contract employee who appears to be in his late 80’s. He had to come out of retirement. He moved from California to Florida for a temporary job. Every step looks painful. I so much do not want to be him, but I’m 58 and every company I’ve worked for has gone belly-up or laid me off before I made the retirment criteria.


33 posted on 04/16/2012 4:59:38 PM PDT by Gen.Blather
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To: KantianBurke

No. The ones that are on food stamps, welfare, get free day care, bus passes, Medicaid, and don’t stop laying in bed making babies. If Obama had a generation, it would look like this.


34 posted on 04/16/2012 5:07:37 PM PDT by goseminoles
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To: Nervous Tick

“I have no debt”

Sorry, but you have about 15 Trillion worth not including your local debt.

Were all in the same boat. It sucks to be responsible in your own life and have others load this debt misery onto us...


35 posted on 04/16/2012 5:08:02 PM PDT by desertfreedom765
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To: freedumb2003

My dad worked at the Exxon Baton Rouge Refinery when I was a teen. Every evening he would take out a 5 gallon can from the back of his pickup and pour it into my car. It was a gas burner and I was a leadfooted road princess.


36 posted on 04/16/2012 5:17:30 PM PDT by sportutegrl
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To: Cathy

I had an interesting experience talking to a 19 year old college student, discussing Dave Ramsey, debt and student debt. My husband and I quoted him on the difference between a vocation and an advocation (job versus calling).
No one had given her the advice to pick a job she liked and was good at, instead of studying what she “loved” and expecting to get paid well for it.
Her father was grateful we discussed it with her, because she didn’t listen to him while expecting him to pay for tuition.
If we just keep her from going thousands of dollars into debt for a useless degree, we’ve done our good deed for the week.


37 posted on 04/16/2012 5:25:37 PM PDT by tbw2
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To: Nervous Tick

I’m Gen X, and I agree that there is a degree of entitlement in the group. Gen Y was just given a bigger dollop.
It’s the “I have a degree, pay me well” along with “you disagree with me, it’s hate speech” or “you’re critical, you’re mean or racist”.
But many of the expectations of the pension / high pay / job security of our parents have been dashed in our working lives, along with falling wages, greater debt and horrific cultural whiplash (eunuch for Miss Canada, for example).


38 posted on 04/16/2012 5:29:17 PM PDT by tbw2
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To: NormsRevenge

bump


39 posted on 04/16/2012 5:30:50 PM PDT by WashingtonSource
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To: the invisib1e hand

Not nearly as much as the boomers did.


40 posted on 04/16/2012 5:37:38 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: kosciusko51

No sacr. Boomers are the abortion generation. Screamed for roe v wade. Now their progeny they didn’t murder, discovers you can get rid of inconveniences when they are old, too.


41 posted on 04/16/2012 5:39:28 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: old and tired

“They both agreed they needed at least a million and that assumes their homes are paid off.”

Those are my assumptions too.


42 posted on 04/16/2012 5:45:00 PM PDT by Abigail Adams
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To: goseminoles

If you think Gen’Xers are undisciplined, get to know people born after 1990. Were screwed..

Is that even possible? Most of them have their nose buried in some electronic device, totally unaware of anything not in the screen they’re looking at.


43 posted on 04/16/2012 6:29:34 PM PDT by Joan Kerrey
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To: Joan Kerrey

Point made..


44 posted on 04/16/2012 6:45:35 PM PDT by goseminoles
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To: old and tired

That is what I am aiming for. I do not know if I will make it unless the economy grows and .gov quits raising taxes and taking control of my profession. I am a physician and have saved the max that was allowed in my IRA since age 26 and a 401K the past 10 years. But so far it does not look good to me.


45 posted on 04/16/2012 7:20:56 PM PDT by therut
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To: hinckley buzzard
I'm beginning to think we should change "Gen-Xer" into "Gen-Whiner." I never heard so much entitlement- pimping this side of the welfare line. And this from a bunch who never had to deal with the draft, or even the Cold War, thanks to their elders electing Ronald Reagan for them.

#1 Gen-X did have to deal with the cold war. #2 thanks for electing Reagan, and Carter, and Nixon, and Ford. Oh lets not forget the asshats in the "Greatest Generation" that spent untold blood and treasure fighting communists/socialists then elected one as their king for four terms........

They certainly carried their cradle to grave welfare programs on to their baby boomer generation.........

You're also welcome; we're footing the bill.

And I also suppose the baby boomers can't complain too much about the mush-for-brains Gen Xers.........the baby boomers are the ones utilizing their tenure to fill the party line in the universities and schools.

Oh and one more thing.....you're right we don't have the draft; we have all volunteers and have been fighting wars on two fronts for the last ten years (and living with the same BS ROEs the commiecrats in Kongress foisted upon the Nam vets). Talk about whiners...........all the spoon fed baby boomers whining about the draft and having to do one tour. Volunteer for 4 tours then come talk to me....and we're whining?

The only entitlement I want is the opportunity to enjoy the fruits of my own labor instead of having it taxed into oblivion to pay for the "Great Society," social security and all the other government tit programs that became all the rage before I was ever able to step up to the ballot box.

46 posted on 04/16/2012 7:27:18 PM PDT by Repeat Offender (While the wicked stand confounded, call me with Thy Saints surrounded)
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To: al baby

Born in 62, DH in 58. We hope to semi retire at some point and only work 1/2. Totally stop working? I don’t see it happening at least until our 70s. And we have been contributing heavily to 401ks and DH has a pension. So it’s not like we haven’t tried. With the loss we took in the housing market and putting 3 kids through private college/grad school there isn’t much left beyond what we have managed to save. Taxes have taken the rest. And I imagine we are better off than most our age. I fear for my children born in the early 90’s.


47 posted on 04/16/2012 7:32:10 PM PDT by Mom MD (The country needs Obamacare like Nancy Pelosi needs a Halloween mask)
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To: goseminoles

I have to agree. Gen X’rs are probably the last generation that was born with a sense of reasonable morality and family values. The new gen is clueless as well as classless for the most part. Each gen has sucked off the teat of the last one and its come to this. I am grateful that my parents are both retired and living comfortably, and as their son I do enjoy the benefits of their love for me. I have no kids and can honestly say its probably for the best as I wont have a damn thing to leave them when im in my 80;’s bagging groceries at the local wal mart.


48 posted on 04/16/2012 7:38:49 PM PDT by eak3
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To: Myrddin
an amount limited by the continued burden of supporting my "kids"

Do your kids a favor. Cut them loose. It is easily the best thing you can do for them.

49 posted on 04/16/2012 7:40:16 PM PDT by ladyjane
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To: Repeat Offender

Amen, brother.


50 posted on 04/16/2012 7:44:20 PM PDT by Vermont Lt (I just don't like anything about the President. And I don't think he's a nice guy.)
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