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I don't blame the politicians for this one ... I blame the greedy corporate bosses who are focused solely on maximizing their profits and shareholder dividends.
The greedy corporate bosses who are focused solely on maximizing their profits could have never sent any jobs outside the US without the politicians at the federal level paving the way by opening the doors and encouraging trade with countries who hate us, and by making trade agreements with countries who don't play fair. China did not trade with anyone until Richard Nixon visited China and opened them to world trade in the early 1970s.
And don't forget the politicians at the state and local levels who never met a law or tax they didn't like to pass, so keeping even a very small business open meant a nightmare of nuisance laws and fees.
Interestingly one of my sons lives in a very nice neighborhood with a lot of professionals from India and Pakistan. Many have parents living with them and taking care of the children
And I know several recent immigrants who have three generations including twelve people in a 2 BR apartment and consider it spacious.
And I know several recent immigrants who have three generations including twelve people in a 2 BR apartment and consider it spacious.
That is hardly typical of many American families.
Yes currently it isn't but historically it has much been much more common. Perhaps it is the social network that has enabled us to move from that lifestyle and it may well be the unwinding of the social network that will make it more common. That is why the question what will the future hold?
In many countries especially European nations provide a more secure retirement by means of higher taxes. I am not saying that it is better. It is what it is.
No they don't. My husband best friend, an enginee will get about GBP 400 a month from UK state pension, same as our SS, which is about $600 a month here. I think his sister gets something similar. They will be older than 65. http://www.thisismoney.co.uk/money/p...expecting.html
Last edited by NewbieHere; 12-20-2016 at 07:29 PM..
The problem is not lack of government sponsored retirement plans; we have too many confusing plans (IRA, Roth IRA, SEP IRA, Simple IRA, Keogh, 401k, etc.) as it is. The real problem is low and moderate income Americans finding enough money to contribute to a plan. The rotten politicians sending the jobs overseas created that problem.
If the government wanted to help, they should consolidate the plans and simplify the rules, or better yet, get rid of all the plans and tax breaks that are a joke and let people save money on their own.
The existence of the 401k (that my employer also contributed to) and Social Security (that my employer also contributed to) programs are the ONLY reason that I will be able to support myself in my senior years. Were it not for that, I'd be saving up coupons for cat food so I could eat.
Women are the ones who mainly need plans and programs, because of the fact that they are paid less than men. And the older ones like myself, we were paid much less. This comes home to roost in our senior years, when the final result is much lower money available in our retirement, since it was based on legally-lower wages for decades.
It's interesting to consider how the rest of the world deals with aging parents.
In most cases, they have multi-generation homes. They would never consider throwing granny to the curb. I have several neighbors who are doing this now. Granny makes a great baby sitter.
In my own family, because my father died at 49, my mother ended up with just SS which was not enough for her to comfortably retire.
So we 7 kids bought a small house where she could live rent free and we each pitched in every month to help with her expenses. When she died, handling her estate was simple: If you had given her the item it was yours if you wanted it. Otherwise, it went to Goodwill. Charity begins at home.
Your mama raised you kids right, as the sayin' goes.
Most people don't have the advantage of having a bunch of kids, and some have no kids.
Americans haven't for years had the society where multiple generations live together. We have a huge country where people move to different locations for education or work. Americans are also, IMO, somewhat more egocentric than we have been in other centuries. Many Americans seem concerned mainly with themselves and not so much others, even family members.
The problem is not lack of government sponsored retirement plans; we have too many confusing plans (IRA, Roth IRA, SEP IRA, Simple IRA, Keogh, 401k, etc.) as it is. The real problem is low and moderate income Americans finding enough money to contribute to a plan. The rotten politicians sending the jobs overseas created that problem.
If the government wanted to help, they should consolidate the plans and simplify the rules, or better yet, get rid of all the plans and tax breaks that are a joke and let people save money on their own.
They're not confusing. A person doesn't have all of those. They're set up differently because they apply to different people and situations, and so have different rules and regulations that apply to those people and situations. Nothing complicated about it.
There's nothing wrong with Obama seeking to do something but it shows he and his staff don't really understand economics very much. You have to expand jobs and incomes for people to save for retirement....this is where our government has failed over the last 10 years.
I don't know where you've been for the last 10 years, but we experienced the Great Recession in 2008 [mod cut]...deregulation and a huge tax cut for the wealthy, decreasing revenues, and two expensive wars costing over $1 Trillion Dollars. We were on the brink of a Great Depression II, complete with bread lines. Millions lost their jobs in just a few months in 2008, as I recall.
It has taken years for us to claw our way back to a humming economy, and we are there. 3.2% GDP, 4.6% unemployment (unemployment has DECREASED every year since 2009), and a federal deficit that has also decreased every year.
The country has ALWAYS had a low paid working class, and will always have that. Maids, janitors, laborers at construction companies, machine workers in small shops, retail workers, waittresses and waiters.
Most people will do the passive thing. That's what we found out with 401ks. Most employees won't participate, if they have to opt in. Most will, if they have to opt OUT.
One reason people aren't participating is because I'm pretty sure they've never heard of the program. This post is the first I've heard of it, and I read the news every day.
The govt should ADVERTISE the program. Advertising works.
But don't underestimate the importance of the program for those who are participating.
It's true that many don't have the money to save for retirement. Many live hand to mouth and need every dollar for current necessities. I know that many poor people buy some things they don't need, but I think it's part of human nature for one who lives on a low income to want to experience a little something extra, something fun, something nice, once in a while. I totally understand buying, for example, a little beef for once, instead of canned tuna. Or $20 to take the kids to the movies.
Last edited by volosong; 12-20-2016 at 09:54 PM..
Reason: deleted inflammatory partisian political comment
Yes currently it isn't but historically it has much been much more common. Perhaps it is the social network that has enabled us to move from that lifestyle and it may well be the unwinding of the social network that will make it more common. That is why the question what will the future hold?
What I see more commonly is the tacit threat that if a grandparent is not willing to watch their grandchildren that they will be cut off from any further visits. That does not occur in my family BUT some of my friends have heard that. "Mom, we want you to give up your retirement home and move in with us ... that way we don't have to hire (and pay) for a sitter and can travel when we want."
I don't know where you've been for the last 10 years, but we experienced the Great Recession in 2008 [mod cut]...deregulation and a huge tax cut for the wealthy, decreasing revenues, and two expensive wars costing over $1 Trillion Dollars. We were on the brink of a Great Depression II, complete with bread lines. Millions lost their jobs in just a few months in 2008, as I recall.
It has taken years for us to claw our way back to a humming economy, and we are there. 3.2% GDP, 4.6% unemployment (unemployment has DECREASED every year since 2009), and a federal deficit that has also decreased every year.
The country has ALWAYS had a low paid working class, and will always have that. Maids, janitors, laborers at construction companies, machine workers in small shops, retail workers, waittresses and waiters.
Most people will do the passive thing. That's what we found out with 401ks. Most employees won't participate, if they have to opt in. Most will, if they have to opt OUT.
One reason people aren't participating is because I'm pretty sure they've never heard of the program. This post is the first I've heard of it, and I read the news every day.
The govt should ADVERTISE the program. Advertising works.
But don't underestimate the importance of the program for those who are participating.
It's true that many don't have the money to save for retirement. Many live hand to mouth and need every dollar for current necessities. I know that many poor people buy some things they don't need, but I think it's part of human nature for one who lives on a low income to want to experience a little something extra, something fun, something nice, once in a while. I totally understand buying, for example, a little beef for once, instead of canned tuna. Or $20 to take the kids to the movies.
I agree with basically your entire post here.
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