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More Bad News For Millennials, Who Face "Great Depression" In Retirement
Americans in their 20s and 30s are facing a retirement crisis that could plunge them back into the Great Depression, Blackstone President and COO Tony James said Wednesday. Appearing on CNBC's Squawk Box, James exclaimed "Social Security alone cannot provide enough for these people to retain their standard of living in retirement, and if we don't do something, we're going to have tens of millions of poor people and poverty rates not seen since the Great Depression." According to James, the solution is simple - government-imposed mandatory savings through a Guaranteed Retirement Account which employers are mandated to match (whose assets would be managed by?).
Blackstone COO James explains...
As CNBC details, the solution is to help young people save more by mandating savings through a Guaranteed Retirement Account system, he said.
Right now, young people cannot save enough on their own because they face stagnant incomes and heavy student-debt burdens.
The Guaranteed Retirement Account was proposed by labor economist Teresa Ghilarducci in 2007 as a solution to the problem of retirement shortfalls that inevitably arise when contributions are voluntary.
A GSA system would require workers to make recurring retirement contributions, which would be deducted from paychecks. Employers would be mandated to match the contribution, and the federal government would administer the plan through the Social Security Administration.
Ghilarducci has proposed a mandatory 5 percent contribution, but James said a 3 percent requirement rolled into GRAs could outperform retirement savings vehicles like IRAs and 401(k)s.
He noted that a 401(k) typically earns 3 to 4 percent, while a pension plan yields 7 to 8 percent. The average American pension plan has a 25 percent allocation to alternative investments — including real estate, private equity and hedge funds — with the remainder invested in markets, he said.
"The trick is to have these accounts invested like pension plans, so the money compounds over decades at 7 to 8 percent, not at 3 to 4," he said.
A 25-year-old who earns 3 to 4 percent per year would retire with $75,000, not nearly enough to annuitize and live on, James said. A 7-percent-per-year investment would yield $200,000 at retirement, he said.
Under the plan James is proposing, the government would offer a 2 percent guarantee on GRAs.
"The key to it is taking that capital, setting up the Guaranteed Retirement Accounts and investing it well for the very long term," he said. "We have to do that and we have to do that professionally."
And of course, who will that "professional" be? Why we assume Blackstone of course... And of course, with cash being banned by the time they retire, spending from a government-mandated savings account will be entirely free of oversight, we are sure.
Except, 2 things - Millennials don't trust financial service providers OR The Government...
While Blackstone claims Millennials will retire into a Great Depression without his and the government's help, it is student loans that are Millennials' biggest concerns...
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Retirement for millenials is the least of society's worries.
This guy is an asshat.
The only solution to any problem is to address the cause.
Therefore, remove the monopoly on the banking system.
We already have a mandatory "lockbox" system in place, and it is deeply stupid and harmful. Centrally planned solutions generally are.
This is a joke right?
I'm afraid that the power mad freaks who are roaming the earth are quite serious.
lets give all these mandatory savings to a bank that'll co-mingle the accounts, claim to lose the money and have absolutely no-one go to jail for it
YEAA CMON FUKKRZ CASH SIGNS IN OUR EYEBALLZ LULZZZ!!!!
Mandatory payment = Tax
Doesn't matter what they call it, or how they say they will spend it or use it. If you don't have control over your property, it is not really yours.
7-8% per year return means nothing if you can't control it. What will inflation will be then? What rights do you have over it?
Sounds like social security tax 2.0
They can't just come out and say, look, we are actually taxing 80% of your income. That would be too obvious. So they break it down in pieces. Call it different things, force employer to match, which is also your money too - money they would be paying you otherwise, or the difference in lower prices for their goods and services. So you pay more for products, which results in paying higher sales taxes too. By the end, you are 100% taxed, you just think you aren't a slave. Slavery is just more efficient now...FYI, Civil War wasn't about slavery it was about central banking control...and freedom on a whole different level. Not free anymore. ...led to the federal reserve. ...led to what is happening today. The goal is Slavery of the entire planet, a one world slave master. The whole world enslaved.
>>>Mandatory payment = Tax
True, but this time they promise not to steal it.
You stooopid humans are soon going to discover time travel. Yes Einstein was wrong.
Hadron proved that travel > speed of light is possible. When you finally figure it out and apply theory to reality your working prototype will provide you an interesting choice once you pass through the threshold.
Do you want to go forward in time or back in time? You can fix all of your wrong doing. Life is short, get focused!
All you have to do is get a gubmint job. Then, after 20 - 30 years of harassing the very people who pay your salary you get to retire with more or less full pay plus health care. You are the 1%. You are the wealthy elite, not having to work from the age of between 38 and 48, until death. So maybe FIFTY years of not having to work because you most of the time showed up to sit at a desk, harassing tax payers for 20-30 years. And... to top it off the gubmint will continue to make everyone bigger debt slaves in order to fund your retirement!
it's worse than that. Often, at the State Level at least, there are abilities for a govt employee to shift into a different role/dept, just prior to retirement. It's a reward granted by a superior for prior favors, etc. the new role is higher paying and understood to be very short term....but it raises the high water mark of comp to new levels, boosting retirement payout (you pay) and benefits levels to something not forecast (or deserved).
happens all the time.
dimensional transitions & visions & journeying is indeed possible today ... with proper nutrients in the tryptamines, for one, yields immense insight & "bigger picture / finer detail" leading to more intelligent, critical thinking ... the trend is clear, so clear now ... the GMOs / glyphosate (roundup sprays & roundup ready crops), the aerial spraying !, forced flu shots, forced vaxx shots, - folks, the off-shored business-jobs, the ever increasing Chinese manufacturing dominance ... they seem like a tsunami approaching - i say that because i've noticed a few, 3 maybe 5, large Chinese distributors just recently announced US based warehouse shipping options, meaning business was so good from other channels, maybe ebay being one, that they are expanding now. Jim Willie has said that he has heard that Chinese may have actually bought municipalities, like, maybe London ...iirc
That further makes it hard on the "american" businesses ...TTIP ? wow, they got 10 Asian countries to sign onto this Treaty that no Americans were allowed to read before they passed it .
Does GS Squid own it all by now?
Great post, I always get a kick out of people who think the civil war was about slavery when the emancipation proclamation wasn't signed till the fighting had been going on for over a year.
Fixed your post.
Ass Hat MF'ing WS Fucketer Banksters cannot earn clients so they want them mandated.
Hang'em high.
I don't know what they are talking about. Millenials are so rich, they are retiring before they ever even got a job. If they wanted a job, they'd be unemployed, and the government says they aren't, so they must be retired.
My head hurts.
If the number of people unemployed are as great as we believe them to be, they are either being subsidized by taxpayers or working off the books. Otherwise they would be protesting in the streets right now....as they should be.
Americans produce enough so that everyone can live a comfortable life and retire nicely. Unfortunately there is a giant cancerous drain on everyone that is pushing everyone into poverty.
Millenials supported the "Yes we can" fellow, didn't they? This is simply some Blowback for them; that's all.
anyone having close personal experience with millenials will have no pity on the arraogant entitled pricks in their misery.
Take your retirement while you are young and can still enjoy it.
--Useless Eater
Like voting for the other guy would have made a difference? Aren't the bills written by a secret group that is then passed into law regardless. We need to abolish political parties altogether.
Yeah, those other establishment candidates were the same policies with a different label. Ron Paul was extremely popular among Millennials and if the GOP didn't sabotage their best candidate, he would be president right now.
People not working are not producing anything but shit.
As not being an avowed socialist/communist/collectivist, it is not my responsibility to feed them, even if I am able to "produce enough" to do so.
Bernie Sanders personally logged into Zero Hedge to down vote you.
Standard Disclaimer: We should all take heart in the fact that a doddering old socialist will rue the day when capitalism is gone and he no longer has any Depends.
None of us likes seeing our money stolen from our incomes, especially when we perceive it being wasted, but really worries me is that besides all of that, the real damage is that it is being used to create a massive herd of dependency voters who through the tyranny of brain dead democracy, will be coming for us remaining "producers" like hungry zombies, the disease of redistribution having turned their brains to mush. And like zombies, there will no recovery possible. This virus of redistribution feeds on our natural attraction for "something for nothing" and once initiated does not appear to be able to be turned back.
My dad used to tell me that on the farm, once a dog had killed chickens or sheep, they would NEVER stop and ultimately had to be killed or they would kill everything. I know it is easy to over generalize and analogize, but I really think is what we face.....internationally, all over the entire world. A world wide infection, a plague really. And it seems highly transmittable, contagious, as once bitten by economic setback combined with the ever present promise of the "helping hand", the virus's hook is set, and only the strongest will resist.
There are so many analogies for this and surely some are an exaggeration, but this is a very real threat that has been well understood to exist for generations. Of course those sounding these warning were, and are, all crackpots and extremists, but it doesn't take much reading to understand that what they were warning us of has already happened. That that we would resist in the name of socialism or communism will be readily adopted and instituted in the name of liberalism and progressivism.
We are there.
Prepare.
I would like to clarify that none of these zombies want Communism as everyone in a Communist society is expected to work for the collective. Socialist, liberal, progressives strive for a perverted form of slavery where the producer class has their earnings confiscated for the "good" of all the non producers.
The vast majority of people don't give a damn what ideology they live under as long as they are getting something for nothing. The semi intelligent and rational person understands that something for nothing is not even close to being sustainable, which is why there has generally been resistance to socialism/communism. Once it becomes apparent that regardless of your wishes, your wealth WILL BE redistributed, its not a far leap to get on the redistributionist wagon.
What's mine is yours, if.....you have considerably more than me to share. I grew up with guys who would give me the shirt off their back and had no problem expecting the same from me, only they never had a shirt to share.
Oldwood - as to your avatar, the spraying - here in Colorado we've been sprayed HEAVILY the past couple months and escalating up the last 3, 4 weeks most days of the week. Our local paper put up a big article saying " it was just CON trails, nothing to worry about , normal - they say .... nothing to see, (it just stays in the air, indefinitely eventually fading streamers)- nothing to see folks, go back to your regularly scheduled program "
as to this in your above:
"None of us likes seeing our money stolen from our incomes, especially when we perceive it being wasted, but really worries me is that besides all of that, the real damage is that it is being used to create a massive herd of dependency voters who through the tyranny of brain dead democracy, will be coming for us remaining "producers" like hungry zombies, the disease of redistribution having turned their brains to mush. And like zombies, there will no recovery possible. This virus of redistribution feeds on our natural attraction for "something for nothing" and once initiated does not appear to be able to be turned back.
My dad used to tell me that on the farm, once a dog had killed chickens or sheep, they would NEVER stop and ultimately had to be killed or they would kill everything. I know it is easy to over generalize and analogize, but I really think is what we face.....internationally, all over the entire world. A world wide infection, a plague really. And it seems highly transmittable, contagious, as once bitten by economic setback combined with the ever present promise of the "helping hand", the virus's hook is set, and only the strongest will resist."
You're onto something there ... that virus your mention can actually be treated by medicines known as psychedelics/entheogens - and specifically a new one which is a dmt/ketamine combination. This combination I have mentioned before, which you can't be expected to have seen necessarily - but this is unique in the medicine can be effective in a duration of ONE HOUR. The experience is indeed a dimensional visionary teaching journey that can prevent outbreaks of fundamentalism, tyrannical desires, return to true misguided notions and correct a personal path toward one which is more and more in tune with nature and our surroundings and people.
Oldwood the virus you speak about is the splinter in your mind as Morpheus confers to Neo ... with Music & Medicines we can see Miracles such that we can extinguish the flame of psychopathy, as that will be obvious for all to see the folly of continuing on such a path ...
Forced healthcare and now forced retirement contributions.
Hamilton E. "Tony" James is described as a “mastermind”
As of October 2015, he had a net worth of US$ ~2 billion.
In May 2012, James, a Democrat, hosted a fundraiser at his home in New York for President Barack Obama, raised more than $2 million for the President’s reelection campaign.
James also serves on the board of the Center for American Progress (think of John Podesta=Hillary Clinton).
the Zuckerberg was just announced as being the 13th MOST GENEROUS person in the world.
the World was most generous with Zuck wasn't it, some $40 billions in paper money ... still some work to do ...
as it has been since FDR and his social security ponzi
Their best investment may be in learning to shoot.
Leave it to the dumb asses who have fucked everything up to come up with a solution. One that lays more on the employer's back making sure the cost of employment is so high only those well connected with crony government largess can survive.
Competition takes many forms but principally you either out work or out smart your competition. The really smart ones have figured out the best way to win is to either buy out or destroy their competition and the best way to destroy them is by controlling the rules of the game...winning by default or deFRAUD.
It's basically a form of mandatory bail-in to offset the inbound declines in AUM when the big whale mutual fund/etf's are forced to unload/mark down. No shock that the largest purveyor of Real Estate and special event debt is calling for a mandatory new Pension program (fixed benifit) so they can sell Yield Chasing products to clueless CIO's. Defined benifit is a ponzi which requires large AUM inflows to offset redemptions and NIRP means inflation speculation (PE) will never make the hurdles required without significant fresh liquidity + forced ROE's. This comes largely in the form of recaps & buybacks, which as all ZH's know, is rapidly crowding out every other form of non-delta neutral asset allocation. This does however signal that we are reaching the twilight years of "big money" and returning to the era of high-speed low-drag value investing (real Hedge Fund's).
If you read your economic history, you come over the sad story of Warburg and a few other guys who blew up in the 1930's (and 1820's). Steve Schwartzman and Tony James would best be served to read that case study. Every form of nationalized savings since the Latin American crisis has led to only more pronounced secular decline, largely attributed to a tightening in discretionary purchasing and compounding risk adversity by said-retails you so "desperately" wish to "save" (sic).
I have no mercy for the smart phone generation but I will tell you this.
Any idiot falling for another government sponsored anything- is a moron. If the bankers and the government are selling you snake oil- run for the hills. This ain't your grandparents America.
And your grandparent's America was already a nation of criminals.
Everyone talks like Generation X doesn't even exist, at least give us a chance to straighten up this shit show before you kill yourselves. Or just fucking snuff it, I don't care.
Perhaps you can engineer a solution to pay back the 19.2 trillion dollar debt or the 100 trillion off balance sheet debt or wrestle our currency from the stranglehold of the bankers and rid us of the FED.
If you can solve all those riddles genius- then I will indeed snuff it.
Hang the banksters.....Debt repudiation.....Shoot the socialists........everyone earns their keep.......Burn the politicians.....Personal liberties reign........DONE!!
Be happy no one talks about you...no broad generalizations anymore...you're essentially the closest thing to an innocent party as it gets in the clashes of generations.
that's right, as long as babyboomers can enjoy cozy retirements fuck everyone after them...
Have you ever done an 80+ hour workweek in your life? Worked three part time jobs to make ends meet?
Get back to me when you turn 50 and get laid off from your six figure job.
Standard Disclaimer: I don't owe you jack shit.
you made a funny comment. six figure job when he turns 50. as if the ussa economy will last that long.
unless you're talking nominal dollars, then, yes, he will be a starving billionaire, zimbabwe style.
No grandpa, we just play videogames all day, take selfies, smoke weed because of that we all deserve to pay many times more for college education, housing, health care and because of that we deserve to get taxed until the day we die for entitlements your generation will be the last one to enjoy.... it is all just fair and square because on the eyes of your generation everyone after you is worthless
Not once did I ever authorize this rogue government to whore our country out to the bankers.
You are blaming the wrong crowd Mr. Connor. You should identify your friends first.
I'm sorry, but pensions NEED 7-8% per year and they're not getting it.
And yes, retirement for millennials is 30+ years down the road.
This assclown is just looking ahead to after he's done siphoning off all the cash from the current generation.
Why not it's working for Chicago isn't it?
Have you met my friend, MyRA...?
She may look like a pig wearing lipstick, but she's got a great heart....
Tell the millennials to get some assets, problem solved. Jesus, do I have to think of EVERYTHING?
Most are too financially illiterate to know even what an asset is. And many "assets" they are told to buy into, are already so leveraged, they are too risky or too expensive to buy into without going into debt.
Assets are only valuable if there is demand for the assets. I am still trying to figure out who will buy all of the stocks being purchased by the boomers today when they need to sell them in retirement???
Tablets are an asset and you can resell them when you want a new one.
--Your Kid
401k plans are just a huge ponzi scheme, no thanks!
Investing in gold, silver, and land are better long term investments.
Imagine if some banker went on CNBC and told millenials that they had better start stacking if they ever want to retire.
Another tax. I may be sixty but I'll never live to see a dime of social security or any other gov bullshit deducted from my paycheck.
It makes me sick, but I'd bet anything it passes.
"According to James, the solution is simple - government-imposed mandatory savings through a Guaranteed Retirement Account which employers are mandated to match?
Excuse me, but isn't FICA mandated 8% of salary retirement savings with an 8% company match? How the f*ck much more mandated retirement savings is required?
Just the mandatory parts.
FICA 'savings'
The problem is that the FICA 'savings' are being spent. Otherwise if the 15% was really invested, everyone would have enough to live on in retirement (calculate 15% of your salary for 40 years invested at 6% and see what you get); but since the government is spending that and more, they need 'another' savings program so people will be able to retire.
Also to stop the storm that will happen once people realize that the 15% that had been put in for years is 'gone'.
When I was in my twenties the banks were advertising 'Freedom 55' Retirement Plans on 'Dave TV'. Today, thirty years later, there are no commercials for retirement advertised on TV except for Retirement Homes. Banksters will never allow the millennials to retire, ever.
They make more on the interest...plus when grandma's house gets reclaimed by that handy reverse mortgage, then they can buy it back again!
Its a win/win
Somebody please add him to the naughty list. Forcing people to give more money to the government to save for retirement??? WTF!? really? Fuck you Tony, you thieving piece of shit.
and it's gone...
just think of all the extra rothschild bank notes one could save for old age if one did not have to pay USURY on jew confetti...
Problem-Reaction-Solution.
So what else is new? The fascists have a plan!
Generational warfare. The baby boomers want to dump their overpriced stocks, by force, onto the younger generations.
Don't look at me. I don't own any of it. Never will.
It is set up, like it always has been, to suck people in and feed off of them.
Parasites.
The real "takers" are those at the top of the pyramid
Well, it's for the children.
Yeah, looks like someone at Blackstone has been running the numbers on boomer equity holdings and it doesn't look good.
Boomers survived 70's fashion, give them some break.
no breaks since they also created it
Pretty snotty response from someone the Boomers also created and let live.
Not our fault they couldn't keep their "free love" in their pants.
Walmart greeter. There is your fucking retirement plan. Now stop bitching and go back to taking selfies.
iGreeter
Jobs that pay enough to save for retirement already do this. I pay 5% of my gross income into pension and the company pays 5%. That means I'm forced by the company to save 10% of my wage.
Good luck with that: no income === no possibility of savings.
And for those ever-fewer, of all ages, with income:
3%-4%, 7%-8%, doesn't make one iota of difference when 100% of your income is needed to cover basic nondiscretionary purchases - food, water, clothing, shelter.
Remind me again what is the percentage of global households with negative net worth and/or $0 savings. In an overoptimistic scenario, 35 years from now, $200,000 will be monthly rent for an unfurnished shipping container apartment. In a more realistic scenario, the number of people who will be making it to retirement age will be low enough to render it a non-issue.
Translation: Wall Street needs Moar moola.
I guess what really sickens me is the financialization of every aspect of life. Slice it, dice it, package it, leverage it, rehypothocate it. Every fucking thing from a simple pencil to a god damn space program is monitized and sold on Fraud Street. Like so many worthless skin suits plucking at a hen from the brood nest to the dinner plate and by the time it's served middle america gets a dry ass fucking wishbone and told by the MSM "ain't it grand" and the guy looking at the wishbone raised the fucking bird in the first place.
Just think, if everyone who was living from financialization had to actually go out and do something for their money rather than sit on their ass trying to figure out another way of slicing another piece off of my income, just how cheap our lives would be. How many roads and buildings and pipelines and infrastructure projects would be done effectively free, rather than supporting a parasitical over class that wants us to believe they MUST exist and MUST prosper lest we all perish in a prehistoric jungle. When we factor in the dependency class that they subsidize with OUR money, and think about their lost productivity on top of the grifters and gamblers, well my god, I think I can see Utopia ahead!! Well at least something far better than we face now anyway.
Depression will be around long before millenials hit retirement age
Advice to the Millenians:
Buy some Gold Bullion in small denominations.
When you bury it to keep it safe, don't take your Mobile Phone,
and don't put all your eggs in one basket,
and watch your back.
Ho hum
Use a bimodal PM distribution, some silver/gold in coin and possibly junk silver. If you have enough buy bullion for ease of buggin out....
Lead is the only universal PM.
I would rather read this headline, "Billionaire Bankers Face Crisis In Retirement". A new law just enacted has confiscated all the ill-gotten gains stolen from the middle class since and prior to the financial crisis and placed them in the Social Security Trust Fund to provide for the retirements of the victims.
When Newt Gingrich handed out copies of Strauss and Howe's "Millenials Rising" to members of Congress, the fix was in. The propaganda about this next "greatest generation" was to come hot and heavy for the next 20 years. The Establishmentarians sang hallelujah because their prayers were answered: A generation of cradle-to-grave institutional true believers was born, and theirs to command.
Reality has a funny way of fucking all your stupid dreams up.
Social Security Trust Fund 2: The Secret of the Ooze.
I would line up and pay to watch this film
We all already might be in line already.
Fuck the vanguard
Fuck the cops
Burn the prisons
Loot the shops
The US will be like India and China.
Isn't that what the multinationals wanted? Arbitraged labor.
Welcome the 3rd world everyone!
When it gets bad enough they'll just start taking asset like this guy's kid's assets.
OMG i've like worked for evar! give me a vacation-ah!
https://www.nbc.com/saturday-night-live/video/millennials/2916016
lets juts skip the jobs part,..and go straight to mandatory income please.
"government-imposed mandatory savings through a Guaranteed Retirement Account which employers are mandated to match"
That is what Social Security is... They pull 6.2% from your earnings and your employer pays 6.2%.
What the hell are they talking about....Heck they'll figure a way to rob that just as they robbed SS for 2.7 trillion.
Insanity!
It's about Wall Street today...NOT about struggling millennials tomorrow.
What they REALLY want, are mandatory customers, and nothing less.
If the bastards on the Street gave one shit about Americans, they'd be decrying the state of the decimated middle class.
They'd be talking about JOBS, not another government-mandated welfare benefit for their rackets.
People get wise, and stop putting up with the insanity already.
It won't end until you do.
m
they want the same thing Obama did for private healthcare providers: force you to buy "retirement insurance", if you don't participate on your 401K, uncle SAM will fine you and take legal action
Yep.
And it'll be for our own good too...
m
it is for the children...
Ummmm. Doooooooooode. Ummmm. Like....don't we have a program like that already called social security.
Here. Pull my finger.
We spent all your money, so give us more money. We won't blow it I promise
Buy gold!
Damn, I'm smart. I read ZH, and that's what they say. Every GOD DAMN day.
haha fuck these old goads
im a millenial and my plan to retire is to save ALL of my fucking money. i have no debt and will only spend $$ on living expenses. being a renter is a better idea than being a home owner unless you're rich and can afford to lose $$ on a house
fuck this economy, most of my peers will wind up destitue and homeless in 20 years.
If being a renter is better, you're living in the wrong part of the country.
As a landlord, I guess I should say, hey just keep on a rentin'.
Ultimately though, buying is based on the notion of being "long" the region you are in. What if all the decent jobs dry up? Even if you're in a useful trade, what if everyone starts moving away?
You're still paying property tax, you still have to pay to maintain the building, pay for insurance, the difference between "owning" and "renting" is truly just semantical.
For an even more confusing way of looking at the owning vs. renting decision matrix, look at how real estate often gets handled in the UK, where you "buy" into a long term lease in many cases, as in, 100+ year term leases, but as these lease agreements vary depending on how much is left of that original lease, you have to try to do valuations based on what remains of the lease. What is the sale price of an identical house with a 30 year term remaining versus a 50 year term remaining?
F-D
That's why all my rentals are Free-hold, not lease-hold.
no job is "forever" today and anyone with any sense of their surroundings would realize that having a house is a career killer and an anchor.
Sounds like Blackstone wants the government to supply them with mandatory customers...
What is it going to take already for the march toward revolution to get underway?
No generation has more at stake than the youth of the country, and no more reason get it going.
The nerve of these people to even suggest yet another government program as a solution.
What about good JOBS for Americans?
We need INCOME before we need ANYTHING else.
What is so goddamned hard to understand about that???
m
its isctually a lot simpler than that.
if every american citizen is given a "lifetime bond" of 50000 dollars carrying a 5% interest rate at birth they will have a nice nest egg when they retire. the condition for collection is paying back the original capital. if you pay it back and blow all the money on hookers and blow then scout out a comfortable outdoor venue while you're at it, where you can turn to dust.....or go back to work.
In order to have a "mandatory" savings program, you have to have a job that makes money that can then be put into a savings account. It is liberal a**hats like this that are ensuring that millions of illegal aliens flood our country vacumning up entitelements, school classroom seats, and all manner of the low end jobs and cheap skilled labor via the H1B program finiahes off the rest of us. All so this rich f*ck can save a few bucks on getting his toilets cleaned, his lawn cut and his ashes hauled.
Meanwhile, 51% of the American workers make less than $30k (of course, that doesn't count the 100 million or so that would have a job if there were any to be had)! For those that work, all pay 15.3% of the income to FICA before they ever see a dime of their paychecks. On average, another 15% goes to federal and state income tax. So, already, 30% of the paycheck is eaten up by "mandatory" government programs. Since the "great" recession, housing costs have tripled while food costs have doubled. Wages on the other hand have actually gone donwn when adjusted for inflation.
Do you see a problem anywhere in the above? Yeah, thought so . . .
Go hump yourself. You callous dumb f*ck.
Trouble is, they WON'T hump themselves.
They WILL campaign-contribute their way into legislative action that mandatorily lines their pockets...
...just as they did with all the "free trade" anathemas that destroyed the opportunity to earn our retirements (and much else) the old-fashioned way: with a good-paying, middle class J-O-B.
They got away with it too.
m
A high level nationwide slum lord posing as a CEO is calling for government confiscation of your funds due to the wild west housing "market"?
Few markets are full of more shit than the rental and housing markets.
The snake has been eating it's own tail and now it's running out of snake.
Bwahahaha...
Bwahahahahahahahahahahahahahahahahahaha....
Wahahahahahahaha...!!! WHOAAAAA.. oh so..... FUNNYYY!!!
Communist SSN of USA.
https://www.ssa.gov/policy/docs/chartbooks/disability_trends/sect06.html
And the solutions ISSSSSS..... (DRUMROLLS..)
ANOTHER FEDERAL'S MANDATORY (GOVERN BY THE SAME GOVT THAT DEPLETES SSN) SAVING..!!!
BWAAAAAAA.......HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA...
Can't even make more COMEDY SCRIPT BETTER THAN THIS!!
Bwaaaaaaaa....hahahahahahahahahahahahahahahaha...
Oh! The land of KARDHASIANS ASS...
We should just start another big fucking stupid war and kill off 70 or 80 million 'muricans. Problem solved.
that's a very irresponsible comment.
why should other people around the world have to die just to kill off some americans?
Not unless they kill off the boomers. They owe us too much money and with healthcare costs to the moon....we got to die to make their scheme work. War kills too many young and hopefully productive. Kill all us greedy working boomers and there might be enough jobs then. But of course none that young folks want. They just want their parents house, not the mortgage. Work cuts into their Facebook and phone fuck time.
Ughhhhh. I wish you weren't mostly correct in that statement, but you damn sure seem to be.
Most of the "working boomers" I've encountered have long since stopped being truly productive additions to most places I've worked. They come in, bitch about politics (choose your flavour), preform their job at the base minimum required amount of work, and go home as soon as possible never volunteering to stay on later than the exact second of quitting time.
Not that I can blame them too much, I'd be tired of this shit too at their age. Essentially they've had their retirements wiped out and just need something to keep them in the black. Then when they do finally retire the company chooses to "disapear" the cushy position they once held cutting the rungs from the ladder off on the way out.
It's not an age thing folks, its a "you're getting fucked in the ass by the money-grubbing bastards at the top" thing.
It's funny how Social Security was meant to help people stay afloat after retirement and yet it is now useless. Just like how Government subsidized loans are supposed to make college affordable and how the FED is supposed to prevent Depressions and Great recessions.
Funny how all of these centrally planned programs never work the way they are supposed to. It's almost like history is trying to tell us something about Socialism. You know, as if the Mass Starvation, Deaths, and total government collapse weren't enough evidence.
Social Security was meant to reduce uncertainty which would lower labor costs. It was also meant to reduce competition for NOW assets among economic participants which also lower cost structures of producers.
Social Security was not just about retirement or it NEVER would have been allowed to pass.
Sorry, but that does not make sense. How the hell did SS reduce uncertainty that would in any way benefit employers? The problem as stated, was that people were incapable of saving for their old age. Obviously they were not too concerned about it or otherwise government would not have perceived the need. Any uncertainty for the worker would have resulted in working longer or harder to retain the job. Perceived security does not enhance productivity, unless it is the insecurity that someone is gunning for them. Employers have instituted benefits largely to attract employees and make them difficult to transfer thereby holding their employees in place. The security is all for the employer not the employee, and all of it builds dependency....on the employer, but even more so on the government as it is they who makes sure the evil employer performs. Good cop bad cop. Meanwhile financial types have worked overtime to find ways to capture any savings not prior claimed by government, making damned sure there is NOTHING left on the table. But SS did nothing for the employers as a group. If it had they would have never instituted their own benefits. Both business and government have been striving to create dependencies to keep their minions in place.
If an employee does not have to worry about saving for when they are old, they will ask for less in pay. That is how it benefits employers. The employer also gets more out of the devaluation of the dollar than the puny SS payment they have to make which is incidentally offset by the lower labor asking price.
Buy some blockchain stock, problem solved.
Because the USA is following in Japan's footsteps it needs to load up on its gigantic piles of steaming debt shit and force every entity in the nation to participate so the Ponzi rewarding the 0.1% does not collapse.
Go ask the Russians what that did to their economy near the end of the Cold War. Go ask the younger Japanese what they have to look forward to and they will answer "nothing".
Any government that enables this type of cannibalism of the young in such a manner has lost all legitimacy and is no different from terrorists.
Last time I checked there was a war on terror...
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So what happens when a sclub like me, graduates into 1987 and then faces 1989-92?
Where am I getting any money to stash away to retire?
Then build a nest egg up and watch it wiped out in 2001?
Rinse and repeat 2008?
And then the ßå$†å??$ bring in ZIRP so the people who don’t want to ‘play’ the market, get ƒµç?¡?? wiped out before they begin?
Add to that bullshit inflation numbers and we’re blowing bubbles, go’in under.
•?•
V-V
So you were stupid enough to play in the stock market? How many times will it take before you learn your lesson?
The money is worthless unless you can double it.
And even then.
Sometimes I look at my stocks and I am like "so fucking what if it goes up 30% today or not" ^^.... was thinking of just pulling it all out and going to casino and playing Baccarat atleast you get free drinks.
What do most people have in their brokerage account 10? 20k?
If 20K turns into 40k
Wtf does 40k buy? Nothing..., its only worth it to leave it in there if you think that 20k will somehow turn into 150k over the next 2 years, anything less and its a waste of time to even bother.
I started a very small three person business in 1986. I invested in myself, not the casino. Since then, in the last thirty years I have blossomed into a prosperous five person business making tens of thousands of dollars a year (before taxes of course). America is full of success stories like this. Buck up!
Yeah I think I remember my grandpappy telling me some of those stories...sounded really nice.
Tony - great idea! I'll manage your grandkids assets - just sign over their inheritance from you to me and I'll take it from there!
You ever heard of those Reverse Mortgage plans? Yea everyone ages between 20 and 30 are on a reverse retirement plan.
That is... they aren't going to start working till they are 65, with any luck Age will qualify as a major disability and get you benefits.
I have a feeling that euthanasia is going to become fashionable with the government offering incentives such as "Two years of trips and spending money if you agree to be " deleted" at the end of the period.
"Savings" are practically meaningless inside of the MAD Money As Debt systems, which are only backed by the even more MAD Mutual Assured Destruction systems, which are also undergoing psychotic breakdowns:
Putin Just Warned Global War Is Increasingly More Likely: Here's WhyAgain, Putin makes sense.
However, NATO is INSANE.
After all, NATO countries are almost totally dominated by the international banksters, who have invested Centuries in capturing control of all aspects of the sociopolitical processes, in order that governments would ENFORCE FRAUDS by privately controlled banks. The majority of people in NATO countries have been mostly brainwashed to believe in bullshit, which includes the ways that almost all publicly significant politicians are able to get away with blatant lies about geopolitics in general. Overall, NATO countries are "leading" the way towards civilization being so controlled by triumphant organized crime that it has become runaway criminal insanities.
POLITICAL FUNDING,
ENFORCING FRAUDS!
That is the LEVERAGE SOURCE of those sorts of political problems, The more one learns about THAT, the worse THAT gets. I am not aware of anyone who is publicly significant who proposes any politically possible ways to stop the runaway criminal insanities, due to nobody having any possibly successful career who does not agree to operate within the bullshit world views promoted by the mass media, at the bidding of the international banksters, which are collectively a group of trillionaire mass murderers, whose morbid psychological and political habits are due to their long history of social successfulness based upon ENFORCED FRAUDS.
A bunch of recent Zero Hedge articles have been worrying about conditions getting way worse, which is an entirely reasonable thing to do for someone with enough education, intelligence, imagination and information about the geopolitical and domestic situations we are finding ourselves within at the present time.
I REPEAT my perspective:
The biggest bullies' bullshit becomes triumphant, because their FRAUDS ARE ENFORCED, for generation after generation. I.e., the banksters become the most wealthy and powerful people, and so, others are rewarded for agreeing with their bullshit, or would be punished for not agreeing. After the banksters successfully applied the methods of organized crime, through the political processes, to end up that governments ENFORCE FRAUDS by those privately controlled banks, then everything else grows up around that being the SOURCE of the public "money" supplies.
The existing death controls developed to be most successfully done through the maximum possible deceits about themselves. Around that achievement developed the controlled opposition groups, who agree to stay within the same frame of reference of deceits regarding the death controls. Hence, there is no rational public discussion about the death controls, but rather, attitudes of deliberate ignorance, along with the promotion of impossible ideals, that actually cause the opposite to happen in the real world.
Since all of the dominate religions and ideologies developed as controlled opposition groups surrounding the core of organized crime, there is practically never any better militarism, as the ideology of the murder system, which can be publicly promoted. The vicious spirals of the most successful death controls having been the most deceitful, while the controlled opposition stays within the same bullshit world view that the best killers originally promoted to become better killers, has made better killing systems politically impossible. Hence, the development of weapons of mass destruction, and their MADNESS that could theoretically kill hundreds of billions of people, while nothing else appears to be actually possible, because nobody could trust anybody else not to continue to be deceitful regarding their death controls ...
Personally, I like to try to understand how things really work, and attempt to develop better mental models, and ways of describing what is actually happening. Mainly I attempt to apply the ideas that developed in evolutionary biology to human beings, along with then extrapolating the thermodynamics of that through the relevant information theory aspects of cultural evolution. Doing so has driven me to the conclusions that I have outlined above, and have attempted to articulate using the English language.
After there is life, then the death controls direct the evolution of that life, which applies to both biological and cultural evolution. Note that includes the differentials regarding reproductive rates, if one attempts to use language more scientifically. What we call "birth controls" are almost all actually "death controls," which have ended up being discussed in the most euphemistic ways possible, because AGAIN THE ACTUAL DEATH CONTROLS ARE BEING ROUTINELY DONE THROUGH THE MAXIMUM POSSIBLE DECEITS ABOUT THEMSELVES.
Ironically, militarism is the supreme ideology, as the ideology of the murder systems. Furthermore, things like weapons developments have always been a priority for civilizations. Enormous efforts were made to develop militarism, as better murder systems. However, throughout all of that, the paradoxical ways that the best murder systems were done through the maximum possible deceits and treacheries drove the public discussions about that to be utterly entangled in rampant absurdities, where everything was presented in the most backward ways possible, compared to what was really going on, behind the layers of deceits and treacheries.
Political economy developed inside of civilizations selected by the history of successful warfare, to become financial success based upon enforcing frauds, where those who were the most successful at that most got away with maximizing the misrepresentations regarding what they were really doing. Within that context, where the biggest bullies' bullshit reigned supreme, almost everyone else adapted, and hence, the vast majority of people, for generation after generation, gradually more and more became Zombie Sheeple.
Inside that context, I promote the ideals of "better militarism," as better murder systems, which is more and more made theoretically imperative by the development of globalized electronic frauds, backed by atomic bombs. However, pretty well nobody within the currently existing combined money/murder systems wants to go through those sorts of profound paradigm shifts, in order to perceive what they were really doing. Hence, not only do we live in a Wonderland Matrix Bizarro Mirror World with respect to the "problems," but also, we suffer the same fate with respect to the bogus "solutions."
RETIREMENT SAVINGS PRESUME PRODUCTIVITY.
However, within a civilization whose political economy is ACTUALLY BASED ON ENFORCING FRAUDS, those notions of "saving" or "productivity" are DELUSIONAL! Rather, the existing political economy is based on automatically increasing "financialization" of that political economy. Moreover, regarding the underlying causes beyond merely financialization, there are the deeper reasons, which are the diminishing returns from being able to strip-mine the natural resources of a fresh planet. Financialization was the excessive success of governments ENFORCING FRAUDS by privately controlled banks. The public "money" supply was being made out of nothing as debts in order to "pay" for strip-mining natural resources as fast as possible. Real "wealth" was being destroyed, while being replaced by tokens of fraudulent "wealth," by a plutocracy whose "wealth" was based upon being able to make the public "money" supplies out of nothing, as frauds enforced by governments, which were almost completely corrupted and driven crazy by the history of feedback loops through the funding of all aspects of the political processes.
That kind of financialization is a fundamentally fraudulent financial accounting system, based on the history of civilization being made and maintained by the ability to back up lies with violence, which developed to become more sophisticated and integrated systems of legalized lies, backed by legalized violence. However, the social successfulness of those strategies and tactics has intensely paradoxical longer term consequences. Meanwhile, people who expected to be able to "retire" based upon their "savings" within fundamentally fraudulent financial accounting systems were delusional, and anyone who promotes similar notions regarding the future are even MOAR DELUSIONAL!
In each short to medium term increment, society is successfully dominated by its biggest bullies' bullshit stories, which are able to publicly present everything as being the opposite to what it actually is, more and more manifesting as Wonderland Matrix Bizarro Worlds.
Financialization, based upon governments ENFORCING FRAUDS by privately controlled banks, becomes the runaway excessive successfulness of applying the methods of organized crime through the political processes. OF COURSE, that drives social polarization, and that polarization repeats its patterns through the different layers of social systems. However, all of that is trumped by the destruction of the natural world, due to civilization being controlled by runaway systems based upon being able to back up lies with violence.
The paradoxes in the human predicament are particularly intense because human beings and civilizations must necessarily operate as entropic pumps of environmental energy flows, however, natural selection pressures drive the human artificial selection systems to become based upon the maximum possible deceits and frauds, so that all the dominate sociopolitical systems become dominated by the best available professional liars and immaculate hypocrites. Those are the people recommending to millennials that they should prepare for their retirement. What a cruel joke!
Financialization, since it is based upon ENFORCING FRAUDS, requires that everyone inside of those systems deliberately ignore the principle of the conservation of energy as much as possible, and also deliberately misunderstand the concept of entropy in the most absurdly backward ways possible.
ENFORCING FRAUD ABILITIES NEVER STOP
THOSE FRAUDS FROM STILL BEING FALSE!
Civilization is running into issues arising as:
FINAL FAILURE FROM TOO MUCH SUCCESS.
Exponential progress in physical science has been channeled through sociopolitical systems based upon being able to back up lies with violence. Financialization in more recent times was the manifestation of those systems based on ENFORCED FRAUDS DOUBLING DOWN. ZIRP, then NIRP, is destroying the capacity to retire, while those trends are headed towards destroying the ability to even survive.
Since there is nothing that exists but the dynamic equilibria between different systems of organized lies operating robberies, there can not be any real resolutions of problems that are not based upon changes in the dynamic equilibria of changing systems of organized lies operating robberies. However, what makes that extremely difficult, to the point of being politically impossible, is the degree to which all of the biggest and best organized systems of lies operating robberies were able to publicly present themselves as NOT being those.
Economics was always a subset of warfare. However, there then developed sets of consistent contradictions, which were totally bullshit ways to discuss economics, that became increasingly paradoxical, since there was better and better understanding and application of basic sciences like thermodynamics and information theory, while that was NOT allowed to feedback through transforming the paradigms being promoted in political science, since those were all based upon the biggest bullies' bullshit world views, which were deliberately made and maintained to become as absurdly opposite to what was really happening as those could possibly become.
Civilization necessarily operates as fractal patterns of the principles and methods of organized crime. (Put that in the "retirement" pipe, and try to smoke it.) Guys like the Blackstone CEO are professional hypocrites, who are NOT willing and able to recognize that. Since the biggest and best organized gangs of criminals were able to promote their bullshit as false fundamental dichotomies regarding practically everything, along with the related bullshit of impossible ideals, we more and more have ended up living inside Wonderland Matrix Bizarro Worlds, where everything increasingly manifests in ways that become absurdly backwards, through the PARADOXES OF FINAL FAILURES FROM TOO MUCH SUCCESS.
At the present time, it is politically impossible to develop better integrated human, industrial and natural ecologies, due to the existing artificial selection systems being driven by natural selection pressures to become based upon runaway triumphs of backing up lies with violence, e.g., financialization as ENFORCED FRAUDS. "Saving money" within MAD systems based upon making that "money" out of nothing as debts, in order to pay for strip-mining the planet's natural resources, is a criminally insane way to think.
However, it now appears to be politically impossible to have any rational debates about those issues, due to the degree that would require profound paradigm shifts in order to be able to perceive and discuss how and why governments became the biggest forms of organized crime, controlled by the best organized gangs of criminals, in ways can NOT be changed other than by changing the dynamic equilibria between different systems of organized lies operating robberies, because that is the way that human beings and civilization must necessarily exist and continue to do, IF those survive ...
Millennials, and even more so future generations, have NO other reasonable hopes than those based upon real, radical, revolutions.However, mere violence does NOT make a revolution. Rather, real revolutions are creative convergences of previously adaptive radiants that had become widely separated from each other. There are various possible metaphors one could use to describe things, and one of those are that the social pyramids were always actually toroidal vortices. I.e., the bottom and top were always connected. Furthermore, the human social pyramid systems were always within environmental toroidal vortices too. Moreover, the industrial revolutions have developed the potential for new Kingdom of Life, to emerge, which could develop its own industrial ecologies, along with some sort of relationships to the natural ecologies, which previously developed for billions of years.
Human beings and civilization were always operating as gangs of robbers in their environments, as soon as they perceived themselves as separate from their environment and each other. The history of successful warfare based upon backing up deceits with destruction morphed to become the history of successful finance based upon enforcing frauds. That was always on more or less exponential growth curves, with the phenomena of financialization making that appear to become more blatant in relatively recent times ... In that context, "retirement" became more and more bullshit based upon fundamentally fraudulent financial accounting systems.
All the established systems are becoming more and more UNBALANCED, because they are all based upon the excessive successes of ENFORCING FRAUDS, which never stops those FRAUDS from still being FALSE. However, it is extremely difficult to perceive whatever may be "the truth" underneath or within a society which is almost totally dominated by integrated systems of backing up lies with violence, which is, therefore, almost totally dominated by professional liars and immaculate hypocrites, who are operating those sociopolitical systems.
The current political problems are stacked up on top of each other, as resulting patterns of social polarizations, that are fractally repeating, again and again at different levels. Moreover, and more importantly, there is basic destruction of the natural world, along with having built industrialization on the basis of being able to strip-mine the natural resources of a fresh planet, which kind of industrialization has, so far, barely had to develop any better industrial ecology ...
Of course, the development of any such better industrial ecology is politically impossible while using fundamentally fraudulent financial accounting systems, which are like using bent rubber rulers to measure everything, while deliberately disregarding that the current public "money" supply is those kinds of measurements, backed by using the public murder systems, in ways which are not admitted nor publicly addressed, (& certainly NOT by somebody who is the CEO OF Blackstone) since the social successfulness of political economy based on ENFORCING FRAUDS demands that the vast majority of people do not understand THAT, because they have been conditioned to feel like they do not want to understand THAT. Indeed, few of the professional hypocrites who were socially successful inside those systems want to actually understand what they were actually doing!
IF, IF, IF there are going to be successful, real, radical revolutions, then some of the ruling classes are going to have to join those revolutions. Those should be based upon intellectual scientific revolutions, which enable profound paradigm shifts to occur in the ways that political science perceives itself, which then enables changes in the combined money/murder systems.
The currently established systems of financialization, based upon ENFORCING FRAUDS, are more and more obviously suffering their paradoxical final failures from too much success. That monetary system was always based upon the triumphs of organized crime, whose excessive successfulness manifests more and more as runaway criminal insanities. The established monetary systems have become like parasites killing their hosts, or like totally metastasized cancers.
GOOD LUCK "RETIRING" ON THAT BASIS ... ONE WOULD BE LUCKY EVEN TO SURVIVE ON THAT BASIS. Overall, that MAD society, based upon Money As Debt, backed by MAD Mutual Assured Destruction, appears to have become terminally sick and insane ... One way or another, sooner or later, there must be some rebellions and revolutions ... There are NO solutions within the established sociopolitical systems, and certainly NOT by forcing younger people to "save money," that was made out of nothing as debts, in order to pay for strip-mining the planet's natural resources, as we thereby high-graded ourselves to hell.
However, in my view, merely violent rebellions will NOT make things better, but rather, only worse. The only successful revolutions require that some of the ruling classes join them, because some of the ruling classes also recognize that the established systems are not working for them anymore either. Younger people are seriously screwed. Without some of the older, richer people, assisting them to radically transform the sociopolitical systems, then youths and future generations have no reasonable hopes for the foreseeable futures. From a more relatively objective point of view, I would NOT count on that!
I'm sure they figure everyone is going to die in the end anyway, so why not make a buck on it. It's difficult to not see the world that way once you have a little perspective. So many people really do behave with the same intelligence to their own well-being as to be equivalent to livestock, so its not all that unreasonable that many see them that way.
Of course many others do not and are appauled by it, but their battle is never ending as they cannot build appreciable awareness within the livestock class themselves to actually drive a change in perspectives and outcomes, so they instead seek power to force change, both on the livestock and the wolves. Unfortunately many of these well meaning folks developed a taste for livestock themselves justifying it as the means justifying the ends, and of course the wolves find it fortunate indeed that these social engineers have seen fit to herd their prey into tight and convenient pens for easy pickings.
It is as it has always been. Figure out how to change people or you have changed nothing at all.
I see a role here for Planned Parenthood. Not only do they provide 'parenthood planning' for even the most stupid and short-sighted millenials, but they could also give gramps a good, politically-correct send-off.
Take gramps in for an age 62 'check up' at the govt-funded and mandated PP Clinic to get his 'sunset payout' options catalog, covering his eligible multi-year travel packages. Based on his health and harvestable organs, he might qualify for a two-year pacific rim cruise with an unlimited 'hookers and blow' excursion!
It could hit all the places where hookers and blow are cheap and accessible: Jamaica, (maybe Cuba if they want to re-establish good relations), Costa Rica, Columbia, Ecuador, Chile, and an Antarctic-Pacific Crossing ending up in the South Pacifc for the Philippines, Thailand, Cambodia, and Vietnam! What a trip it would be!
Of course, regular medical checkups will be provided to keep the STDs in check and his heart, liver, kidneys, bone marrow, and other transplantable pieces in condition for 'reallocation'. That's equity, boy!
Whatever's left, along with the dead from disease, famine, and war, goes to Soylent Green, the new hot commodity!
Securitize the whole thing (with various risk levels, of course, to encourage the young to keep grandpa healthy!) and offer the paper for citizen portfolios in the new cabinet-level government bureaucracy called the Aging Social Services--Retirement Assistance Planning Entity (ASS-RAPE) headed by presidentially appointed Director of Early Aging Travel and Health (DEATH) czar.
What a brilliant idea; gotta call my congressman!
Btw, I'm not mocking Rad 420 or OldWood, but agreeing with them.
Gov has sloppy, irrational, ego-and-sentiment-driven, psychotic, shallow, political authoritarian control over absolutely everything; the entire human life cycle. They will mismanage it into destruction for at least a great many. As the debacles escalate, they'll do whatever they believe must be done to hide/rationalize/legitimize/scapegoat the courses-of-action that will be pursued in reaction to civilization's disintigration.
Humanity--we ain't seen nothin' yet.
So what you are suggesting is a VERY late term abortion?? Say 65 or seventy? Hell, we would probably go for it if it was 25% off.
I always think of Edward G Robinson in Soylent Green, where he goes in and gets a really sweet send off in exchange for killing him off and recycling his body to Triskets. Any idea can be sold if done properly.
Ummm.
Triskets and gubbmint cheese.
Of course they will... Wall Street will need the money now that the baby boomers have to pull out.
Also, watch the tax rate on reitirement distributions go up dramatically. There's $25T sitting there, you think Congress hasn't noticed? They'll get they're hands on as much as they can.
I will explain-
-2% inflation (negative 2%) is the answer.
-and raising the pension age.
-and a tax on all short term stock market investments
-and a break up of the banking system so no bank has greater than 5% market share in any of the financial sectors.
-then your money might work a little harder and better
Negative interest to devalue retirees savings so fewer can afford to retire, check.
Raise the pension age so fewer will live to retirement, check.
Put a tax in any investment savings earnings, so again, no one can afford to retire, check.
And break up the banks without changing the fundamental rules that create incentives for gambling over productive investments, check.
Who's side are you on again?
Here is a message from an European to all Americans: DON'T DO IT!
Please!
I warned you.
We don't take warnings kindly, especially from foreigners, because we are exceptional, and exceptional people succeed at doing things that everyone else has tried and failed at.
The key, you see, is that we don't give up. If we try and fail, we don't look at other alternatives or question as to if we are doing the wrong thing. NO! We instead just double down. And if someone suggests...such as you, that we are doing the wrong thing...then hell! We triple or quadruple down on our initial (if not original) agenda. And the best part is if other nations have tried and not just failed but self destructed, well then, we feel extra obligated to jump in and give it our all.
It's something like "hold my beer and watch this!"
Don't be jealous, we're just Americans and we're exceptional.
A lucrative “solution” looking for a problem.
Personally, I think the USSA will be gone before those in their 20’s and 30’s retire.
Nah, there's always another ponzi, another scheme that "sells" hope in something for nothing. It's what we live for. We may need to change the name of our country like so many African nations have done in order to inspire a new round of false hope in utopia without (self) sacrifice, but we will still be here, a little worse for wear. Sure we may swear off from drinking the koolaid but we will be back at it in no time at all. If hangovers were a cure, there would be no alcoholics.
We are at the end of growth. The only way the Ponzi works is to bring more suckers into the game. That is why the globalists have destroyed all the borders in the west. The sad fact is at the end of growth, all the suckers with any resources are already in. The final option is to back fill the Ponzi with conjured money. That will continue until the currency is destroyed. In between now and then we will have all kinds of wild gyrations in the political sphere as people seek a political solution to a resource problem.
Yes you need more willing victims, but if the last ten years have proven much, it is that few ever learn. The more they have been raped, the more it seems they believe in love at first sight.
As people become more impoverished, the more apt they are to jump at any chance for something for nothing. Look at who buys lotto tickets. It ain't Jamie Dimon. As long as people are capable of any production, whether they are actually willing to produce or not, they will be lined up for shearing. Bringing in more poor only empowers "democracy" to redistribute the labors of the few still working.
All of the casinos around here are full of old people. It's an act of quiet desperation on their part. It'd be a safe bet that many of them play the lottery as well.
The act of opening borders is also an act of desperation as the "leaders" know that the ponzi scheme in place can't function without more warm bodies. They'd willingly sacrifice the culture to continue a scam. Merkle is doing it. Our government is doing it. The problem is, the immigrants they let in will neither be net taxable contributors, nor culturally assimilate. A German work ethic (with the technical and educational background that a German worker would bring to the table) won't be found in a Syrian/African/Central Asian immigrant. Similarly, the Mexican/Central American (mostly illegal) immigrants here don't work the types of jobs that would allow for taxation at all, and end up being a new drain on the economy (one emergency room visit pretty much wipes out any other contribution they may have produced).
The world leaders are sold on the idea of continuous growth, with the exception of Japan and South Korea (and maybe Russia). Declining populations aren't anything to fear, in fact it's natural. With the rise of automation, a declining population growth rate shouldn't, and probably wouldn't adversely affect employment rates.
I spent some time consulting with a few millennial's yesterday -Hipster types with Conor McGreggor beards etc. about this very subject i.e saving, specifically in Gold Bullion. They understood exactly the reasons for funding their retirement but their overriding question was - Will The Government Know about it.?? Their trust in the establishment was absolute zero. to the point of serious loathing and contempt for the model. Also absent was any penchant for traditional methods... they hated banks, 40 year pension plans, 401ks Social Security etc . The did however like the idea of a self administered savings plan with gold. Acquire an amount of gold online, take procession to do with it what they want... One lesson I learned was don't let the beard and the daft hair cut fool you.. because these guys were well clued up... the only thing they lacked was a decent income, most were working service industry jobs with poor pay... they compensated by having a less (no cars, no expensive hobbies/habits, and no children)
www.teamramgold.com/about-us
Let me get this straight, They're going to make you pay into a system for your retirement then give it back to you when you retire. Ummm think I've heard this before. You'd have to be a spectacular kind of stupid to believe that.
that kind of stupid is abundant
r
we could get rid of heathcare tax...That would save middle income thousands.