What's driving America over the cliff

Discussion in 'Economy' started by Chris, Apr 16, 2009.

  1. Chris
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    Chris Gold Member

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    In 1910, the average retirement age in the United States was 74. In 2002, however, the average retirement age was 62. Average life expectancy in 1910 was around 55, while in 2002 it was 77.

    Throughout most of our nation's history, people were expected to work regardless of their age. Only over the last several decades has that changed.

    Now it is assumed even if you are completely able-bodied and able-minded, you don't need to work and indeed you shouldn't be required to do so if you reach a certain age and certain number of years at one job. But that is crazy. We can't afford it. As people live longer, they should work longer, be productive longer, pay taxes longer, and be full participants in our nation's economy longer.

    Commentary: What's driving the U.S. over a cliff? - CNN.com
     
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  2. Truthmatters
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    Truthmatters BANNED

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    Agreed and I think you will see many do so.
     
  3. editec
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    editec Mr. Forgot-it-All

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    Yeah, I think that the aging population coupled with lower retirement age is definitely straining the economy.

    Retired persons still depend on working people to provide the good and services they use.

    Even if they have the money themselves, they're still dependent on the remaining workers for what they use.

    As long as our productivity was increasing, and working people were getting their share of those productivity increases, it probably didn't matter all that much.

    But depite enormous productivity increases in the last thirty years, workers haven't been keeping that same share of the money that they once got.

    Throw in the enormous amounts of money leaves our shores, and throw in the corporations which moved their HQs offshore to gain tax advantages and we've got problems in the economy.

    Well when I say we have problems, I really mean the working classes have problems.

    The investment class (that about 1% or less of Americans) is doing better than ever.
     
  4. auditor0007
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    auditor0007 Gold Member

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    This is why I have been saying, for such a long time, that the age to collect on SS and Medicare must be raised to 70 or 71. It really isn't rocket science. My father is turning 72 this year. He still works 40 hours most every week.
     
  5. Iriemon
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    Iriemon VIP Member

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    Yes and it should be means tested too. We can't afford to be paying the Warren Buffets of the world social security benefits.
     
  6. Toro
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    Toro Diamond Member

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    Here is how we reform Social Security

    1. Make it into a real pension fund that invests in stocks, bonds, real estate, private equity, etc. Currently, the social security trust fund compounds at about 3% per year. Making it a modern pension fund like every state in America currently operates, as do countries such as Canada and Norway, would increase returns to about 7% per year. Compounded, this is enormous.

    2. Increase the age of qualifying for social security to 70 or 72. Or give people less if they want to retire earlier. Or make them contribute more with the option to retire earlier.

    3. Give people the opportunity to invest themselves but do not make it mandatory.
     
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  7. Iriemon
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    Iriemon VIP Member

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    I agree, and even before that, stop the fucking government from stealing our pension money for its damned deficits!

    Probably necessary.

    They already have that. 401ks IRAs etc.

    And why is the Govt be paying Warren Buffet SS benefits when the system is broke!
     
  8. Chris
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    Chris Gold Member

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    Americans are getting fatter all the time, so many may not live to see retirement.

    Twinkies could save Social Security.
     
  9. dilloduck
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    dilloduck Diamond Member

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    Well tax those fat fuckers quickly before they die on us ! :lol:
     
  10. RetiredGySgt
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    RetiredGySgt Platinum Member

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    Actually it gets NO compound interest since the Government spends it and replaces it with Government backed bonds that will be worthless when they come due because we will be bankrupt.
     

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