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Old 06-29-2011, 04:00 PM
 
12,201 posts, read 11,531,675 times
Reputation: 4920

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Sheds some light on it.

Page 2: Defending Public Pensions - ABC News


Consider this: By 2020, one-fourth of the U.S. population will be over the age of 65. The Employee Benefit Research Institute reports that the average balance in a DC plan will be only about $35,000, not enough to live on through retirement.

Having so many people without adequate income will have a devastating impact on the economy. This is the real looming crisis you don't hear much about: a growing segment of the population slipping into poverty.

If we don't have some form of serious conversation about America's retirement systems, one that puts retirement security in a more positive light, then in another decade we'll be wondering what we were thinking attacking a mostly healthy system that has served millions of Americans for decades.
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Old 06-29-2011, 04:04 PM
 
Location: Houston, Tx
3,644 posts, read 5,807,145 times
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Pensions are long gone in the private sector and they need to be removed from government workers as well. Taxpayers should not be forced to pay for other people's pensions. What to replace them with??? How about a little thing called "Personal Responsibility". If people knew they would have to provide for themselves in the future maybe they could figure out they need to set asside some money to invest and not blow it all on partying and eating out. Don't count on government programs like social security to be there for you when you retire. Only count on yourself and MAYBE your family.
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Old 06-29-2011, 04:09 PM
 
1,432 posts, read 979,114 times
Reputation: 333
Quote:
Originally Posted by Versatile View Post
Sheds some light on it.

Page 2: Defending Public Pensions - ABC News


Consider this: By 2020, one-fourth of the U.S. population will be over the age of 65. The Employee Benefit Research Institute reports that the average balance in a DC plan will be only about $35,000, not enough to live on through retirement.

Having so many people without adequate income will have a devastating impact on the economy. This is the real looming crisis you don't hear much about: a growing segment of the population slipping into poverty.

If we don't have some form of serious conversation about America's retirement systems, one that puts retirement security in a more positive light, then in another decade we'll be wondering what we were thinking attacking a mostly healthy system that has served millions of Americans for decades.
Its called a 401K or IRA....if people are not putting money back it is their fault for being short sided....there are low risks ways to invest to keep mkt fluctuations for those who are risk averse
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Old 06-29-2011, 04:14 PM
 
2,409 posts, read 2,795,964 times
Reputation: 2031
The pension has been thrown out and replaced by the 401K. The middle class hourly wage has been thrown out and replaced by the "salary". Both have given immense power to the corporation. These are two fundamental changes that have wreaked havoc on the working middle class American and our country. Corporations are working their employees harder and harder for less and less. A stable, livable income after retirement has been replaced by a casino like racket called WallStreet. Americans are too stupid to see what is going on right under their noses. When the last vestiges of worker rights and worker power and have been whittled away it will be too late to realize the price we paid for this indoctrination and brainwashed thinking that we can all be "business" owners and if we just invest our money wisely one day we too will be part of the millionaires club. After all, who needs teachers, nurses, police, janitors, engineers, and those crappy lazy administrative personnel who don't do anything all day. Businesses after all can run themselves as long as the CEO at the top makes multimillions right? LOL........Capitalism is becoming a joke..........as big of a failure as any other man made economic system and Americans are following it off a cliff like good stupid little lemmings.
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Old 06-29-2011, 04:19 PM
 
2,409 posts, read 2,795,964 times
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Quote:
Originally Posted by rogerbacon View Post
Pensions are long gone in the private sector and they need to be removed from government workers as well. Taxpayers should not be forced to pay for other people's pensions. What to replace them with??? How about a little thing called "Personal Responsibility". If people knew they would have to provide for themselves in the future maybe they could figure out they need to set asside some money to invest and not blow it all on partying and eating out. Don't count on government programs like social security to be there for you when you retire. Only count on yourself and MAYBE your family.
Personal responsibility.....hmm that's funny......the entire point of the Federal Reserve was to bring stability to the nation's economy, our currency etc. It was supposed to end depressions and minimize the economic impact of recessions therefore ending the business cycle of boom and busts. How are them apples working? There is no personal responsibility when you keep your head down, do what your told, work hard your whole life and STILL everything can be pulled right out from under you. You know how many hardworking middle class Americans that have saved and have been financially responsible are now unemployed, homeless, and have empty 401ks??????????????? Don't count on government programs sure...............well hey genius you can't even count on your employer anymore. They will fire you and otherwise kick you to the curb like an old worn out dog.

the Federal Reserve has been bankrupting this country for 100 years. Millions of loyal hard working Americans are losing their jobs, our currency is being debased as we speak, our 401ks are being siphoned off, our homes are being devalued and gobbled up by the banks............and you want to talk about personal responsibility while the bondholding financier class in America is wealthier than ever? Gimme a break.........have your glass of kool aid and go back to sleep.

The US dollar has lost 70% of it's value in the past 30 years. There is no such thing as business cycles or inflation.....it's all controlled by a select few powerbroker banks and elite families. The middle class has been bailing out both the rich and the poor for a long long time.

Last edited by CaseyB; 06-29-2011 at 06:56 PM.. Reason: rude/language
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Old 06-29-2011, 04:48 PM
 
147 posts, read 334,274 times
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I think the expectation of "retirement" is an idea that will soon expire. The reality of the situation is that unless the US enacts a plan to drastically reduce the life expectancy of the average worker, expect to see 401ks disappear from feasible retirement instruments as well. The reality of the situation is we are coming to a point where growth can not be assumed to be infinite and therefore the whole pyramid scheme of the younger working class supporting the elderly via economic growth and taxes collapses. Retirement ages and eligibility for Social security should increase to a minimum of 70-75 years to account for the increased life expectancy of 2011. Even better, do away with SS now for everyone. That might stink if you're 65 and were expecting to get something out of the system, but the truth of the matter is if you're not working or incapable of working, you are just a burden on society. As wealth becomes scarcer and scarcer, expect to be the first one on the chopping block. Same goes for public pensions. Counting on the state to invest your money properly? Too bad, go back to work. And on that note, if you really want to fix the health care problem in this country, eliminate medicare and medicaid. They extend the life expectancy for non-working individuals. Is this the "moral" way to fix the problem? no, but it is the inevitable way forward for a time of diminishing returns.
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Old 06-29-2011, 04:51 PM
 
Location: Holly Springs
3,954 posts, read 10,020,545 times
Reputation: 3162
Why should a company have to pay someone a salary (pension) that is no longer working there? Why should the taxpayers? It was an idiotic idea that was unsustainable from the beginning.
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Old 06-29-2011, 05:28 PM
 
4,711 posts, read 11,509,684 times
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I'm a now retired electrical engineer that chose Federal service for my career.

For my entire career I had to listen to my peers tell me what a sucker I was for working for Uncle...they particularly delighted in telling my about their lavish private sector junkets....golfing in Scotland....jetting off to Cancun in a chartered plane...you name it.

Now I'm collecting a comfortable CSRS pension and they're still working (or looking for a job!) and they're jealous. That's all it is, sour grapes.

Instead of railing against my pension, they should be asking where the hell theirs' went...
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Old 06-29-2011, 06:12 PM
 
Location: Great State of Texas
86,068 posts, read 76,905,739 times
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Quote:
Originally Posted by SoCalCroozer View Post
Personal responsibility.....hmm that's funny......the entire point of the Federal Reserve was to bring stability to the nation's economy, our currency etc. It was supposed to end depressions and minimize the economic impact of recessions therefore ending the business cycle of boom and busts.
In less than 100 years, the Federal Reserve has been able to devalue the currency about 95-97%.
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Old 06-29-2011, 07:10 PM
 
33,415 posts, read 29,640,864 times
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i have no problem with public workers having a pension. where i do have a problem though is that they think they shouldnt have to pay their fair share into that pension program.
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