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I don't know about other people's investments but in 2008 while Bush, Bernanke and Paulson were worrying about bailing out the banks with taxpayer's money our IRA's(my wife and I) dropped about 1/3 in value and still as we speak have not gotten back even close to that. Thank goodness we have other means and can leave it alone a while longer.
As far as real estate...ROTFL!!
My money was in a Mutual fund. It dropped 1/3 in value. Even with that it was worth MORE than what I had invested.
You are willfully, or perhaps unknowingly to be fair, ignoring the notion of time horizon when it comes to investing.
For example, I am 45 and still have a ways to go until I retire. Thus the vast majority of my retirement savings are in the stock market. Yes, there has been volatility but I have at least 20 years so I can deal with it. As my retirement date approaches I will move it to safer investments that suffer little or no gyrations.
As for wisdom of investors or lack thereof, yes, you have a point. That is what professional advisors are there.
And if the goverment is running a retirement program that is bankrupt, what does that say about their understanding?
The government is not running a program that is bankrupt. Not in your wildest wingnut dreams is it bankrupt.....So what does that say about YOUR level of understanding?
One wonders why you bother saving anything at all.
Well...have to keep gas in my boat and our cars. I love casino gambling and the lottery. I used to vacation at popular beaches but as we've aged and my muscles have begun to sag I like to visit the more private beaches. I've been retired 16 years next month and it's been a ball.
If there's anything left my wife can decide who to leave it to. Part of the equation can be my three children, eight grandchildren or presently only one great grandchild, born last December. My dad worked all his life and after his bills were settled left about $8,000. I was glad I didn't need anything he had anyway. They gave my part to my youngest brother and his wife. He's an artist...starving I guess one might say. Anyway they're definitely not well off.
Social security would be fine, if the funds for it were taken out of the general fund. Of course, then we couldn't fund our huge military, that we don't need.
Also both programs secure a good place to do business. Ever wonder why corporations don't set up shop in third world countries where there are virtually no taxes? its because the social instability of the region would threaten their business. Thats why the most stable countries offer the best solution of placement to corporations.
I am sorry, but your statement is a nonstarter. Social Security, Military Spending- it is not an either/or situation. Indeed, Social Security began when military spending was a pittance. It also began when people drew on it for year or so and then were "good enough" to die. Now, life expectancy has put that arrangement under immense strain. There was never any caveat that should such a strain happen, we would gut defense.
Europe has the same problem and indeed some countries there have worse fiscal strain. Yet they have low defense spending and even more taxes.
Examine this issue enough and you may trip over an epiphany.
Stephen Roach, former chief economist at Morgan Stanley (and no one's idea of a socialist) was on Charlie Rose the other night (Charlie Rose - China's Economy). Charlie asked him what China needed to do take its economy to the next level. Roach's answer? Establish a Chinese version of Social Security and Medicare.
The rationale? It is the only way to create a consumer economy. Despite being a nominally communist county, China has no safely net. Thus people are forced to hoard large sums of cash and gold. Money that is put to no productive use. People won't spend money, or even invest it in shares, it they think they're going to bankrupt if they get sick.
To Roach, Social Security and Medicare promote capitalism by allowing consumers to spend and invest.
I am sorry, but your statement is a nonstarter. Social Security, Military Spending- it is not an either/or situation. Indeed, Social Security began when military spending was a pittance. It also began when people drew on it for year or so and then were "good enough" to die. Now, life expectancy has put that arrangement under immense strain. There was never any caveat that should such a strain happen, we would gut defense.
Europe has the same problem and indeed some countries there have worse fiscal strain. Yet they have low defense spending and even more taxes.
Examine this issue enough and you may trip over an epiphany.
Where did I say I oppose raising the retirement age. Your statement was to let it die completely. I am offering solutions to that.
Raise retirement age to 70, lower military spending to counter any debt that we are having, that isn't really caused by social security, as I said, it'd be fine if the money was taken out of the general budget and put into a trust fund.
Yeah...that $800 billion a year is the only thing which exceeds the interest on the national debt which was quadrupled by Reagan and Bush 41 and then doubled again by George. 80% of all the debt accrued by this great republic in 232 years borrowed by those three so the wealthy and corporations in this country could have low tax rates.
Well...have to keep gas in my boat and our cars. I love casino gambling and the lottery. I used to vacation at popular beaches but as we've aged and my muscles have begun to sag I like to visit the more private beaches. I've been retired 16 years next month and it's been a ball.
If there's anything left my wife can decide who to leave it to. Part of the equation can be my three children, eight grandchildren or presently only one great grandchild, born last December. My dad worked all his life and after his bills were settled left about $8,000. I was glad I didn't need anything he had anyway. They gave my part to my youngest brother and his wife. He's an artist...starving I guess one might say. Anyway they're definitely not well off.
Boats, cars, casinos, beaches? Sounds like you are the people you disdain.
There will be nothing left once it is time to retire. SS was not supposed to be a permanet thing to begin with. Having the government have control of our money means that WE will never see it again. The money that the government has, all comes from us.
They run both very poorly, and yet they want to control more and more. We should be able to do what we want with our own money. So we can take care of ourselves when we retire. Medicare is an absolute joke.
I think we should have an opt out at the very least, same with Obamacare.
Yeah...that $800 billion a year is only matched by the interest on the national debt which was quadrupled by Reagan and Bush 41 and then doubled again by George. 80% of all the debt accrued by this great republic in 232 years borrowed by those three so the wealthy and corporations in this country could have low tax rates.
Equal to the entire rest of the World's military spending combined!
When these right wingers gripe and moan about Federal spending 99% never mention the this elephant in the room.
Their FOX brainwashing doesn't include learning about how outrageous defense spending is.
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