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SS was meant to be a supplement to a pension. People retiring in the future don't have pensions and most won't have enough savings or 401k.
Why not? The stock market still grants returns higher than any other investment vehicle. The middle class today spends more on entertainment as a percentage of income than ever in history, and is buying bigger houses today than ever before in history. Why aren't people making the choice to save more for retirement, instead of blowing that money on houses and entertainment?
Why not? The stock market still grants returns higher than any other investment vehicle. The middle class today spends more on entertainment as a percentage of income than ever in history, and is buying bigger houses today than ever before in history. Why aren't people making the choice to save more for retirement, instead of blowing that money on houses and entertainment?
The stock market is being artificially inflated by the Fed's endless currency devaluation. When QE ends, the whole house of cards crashes, and yet again the lowly citizen will lose big-time.
With interest rates being held at zero in order to support Washington's endless overspending and borrowing, forget trying to save enough to retire on. Banks have no need of your savings when the Fed is throwing hundreds of billions at them every month, and you'll be lucky not to be charged for them to hold your money.
As for spending so much on entertainment and big houses, we need a cite. High entertainment spending often reflects the need to escape harsh reality, while spending on a home (at least most times in the past) was a better investment than rent. And while it's true that modern Americans have little sense of frugality, the fact that retirement is increasingly a pipe dream, along with our government's generous support of the poor combined with heavily taxes on those who work hard and save, makes most people think that saving for the future is pointless.
Why not? The stock market still grants returns higher than any other investment vehicle. The middle class today spends more on entertainment as a percentage of income than ever in history, and is buying bigger houses today than ever before in history. Why aren't people making the choice to save more for retirement, instead of blowing that money on houses and entertainment?
Republican supply side tax cuts (tax cuts for the rich) are the biggest driver of our debt. 100% of the cost of these tax cuts gets added to our national debt (and they also raise interest payments on our debt as well.)
GW Bush did $2.5 trillion dollars of these tax cuts.
Mitt Romney tried to do $6.6 trillion dollars of supply side tax cuts.
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