Why are the OWS/iberals crowd AGAINST ordinary worker becoming a millionaire???

Discussion in 'Politics' started by healthmyths, Oct 10, 2011.

  1. healthmyths
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    healthmyths Gold Member Supporting Member

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    Liberals/progressives/michaelMoores/OWS crowd loudly complain about "sharing" the wealth that 1% supposedly have ....

    YET they are either ignorant or have another reason to be against the ordinary worker becoming a millionaire!

    A 23 year old entering work force at $30,000 a year and having salary increases every ten years along with employer pays in "mandatory" i.e. Govt. taxes from paycheck.. payroll taxes over $300,000.
    If the worker does NOTHING but INSTRUCTS his payroll taxes are put into a FDIC guaranteed, insured savings account for 47 years (age 70 for math challenged!) that compound interest over 47 years of 4.5% grows
    to $1 million! Let me repeat the 23 year old can ACCUMULATE through compound interest in guaranteed savings $1,000,000!
    The OWS crowd WANTS to STEAL from the 1% rather then WORK for 47 years and accumulate $1 million!

    Now The majority of privatizing SS detractors use the premise it is buying stocks and they naively use the term "gambling"!

    BUT over 40 years the "market" has grown at 8% and if a logical plan i.e. stocks when young, switching to bonds when older..
    the individual would have $3.2 million!

    So why are the OWS supporters against the ordinary American saving and having millions at retirement?

    Again.. those of you that support liberal/progressive/OWS please just once use some thinking and see what the power of compound interest does!
    Putting $300,000 over 47 years accumulates $1 million at guaranteed rate!

    So why are you people against the ordinary American becoming a millionaire?
     
  2. healthmyths
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    healthmyths Gold Member Supporting Member

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    In case some of you are spreadsheet challenged go to this web site
    Compound Interest Calculator

    Enter $6,000 ($3,000/year employee,$3,000/year employer) average over 47 years
    at rate of 4.5% equals $1,011,000 !
    Forced savings of a 23 year old worker accumulates via compound interest in a simple savings account...
     
  3. Mr. Shaman
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    Mr. Shaman Senior Member

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    That's what Porky Limbaugh says, huh??

    [​IMG]
     
  4. healthmyths
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    healthmyths Gold Member Supporting Member

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    It doesn't take any effort to go to this web site:
    Compound Interest Calculator
    prove me wrong!

    Why do you totally ignore the FACT.. compound interest works!
    Plug in what the ordinary worker and employer pays over 47 years which
    averages $6,000 year. At a rate of 4.5% the money compounds to $1 million!
    Why are you against the ordinary worker accumulating $1 million?
     
  5. healthmyths
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    healthmyths Gold Member Supporting Member

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    *Not another herd o' Tea Partying Koch-Suckers*

    How come you can't retort with FACTS and resort to name calling?
     
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  6. eflatminor
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    eflatminor Classical Liberal

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    Did you expect anything other than ad hominem attacks and emotionally based arguments? You're not going to get logic and reason from central planners and their recipient class.
     
  7. DontBeStupid
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    DontBeStupid Look it up!

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    Couple of things.

    1) Show me a savings account in this country with a 4.5% rate. Most of the "good" accounts have a minimum balance and offer a 1% return.

    2) While the stock market has gone up over time, it has not done so in a straight line. There are ups and downs. It's still not up past it's high of 14,000 which it achieved before the financial crisis. In other words, you're talking about perfectly timing the market, which is impossible. It's entirely possible that there could be a major down swing in the market that would hurt retirement accounts and force people to delay retirement. Kind of like what is happening right now.

    3) If you privatize SS, who chooses the stocks? If it's the government, and you think there won't be corruption or favoritism, then you're kidding yourself. If it's the individual, and you think people won't take risk and won't wipe out their money, you're kidding yourself.

    Social Security is not the end all be all retirement plan. No one thinks they will retire and live happily on just SS. But that's not what it's intended for. It's intended to be something if you lost everything. A generation of poor seniors is not good for our country. If you privatize SS you could very well get that.
     
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  8. healthmyths
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    healthmyths Gold Member Supporting Member

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    You wrote:
    "1) Show me a savings account in this country with a 4.5% rate. Most of the "good" "
    Over the past 40 years the LOWEST CD rates have been in the last 2 years.
    Using the below site,the median long term interest rate has been from 1970 to 2010
    has been 7.9%! And I used 4.5%!
    Using 7.9% for long term savings rate: over 40 years: $3.1 million ACCUMULATION
    Measuring Worth - Measures of worth, inflation rates, saving calculator, relative value, worth of a dollar, worth of a pound, purchasing power, gold prices, GDP, history of wages, average wage

    2) While the stock market has gone up over time, it has not done so in a straight line. There are ups and downs. " Again YES that is correct BUT over 40 years again facts NOT suppositions...
    "Thats a growth of about 25 times your money over 40 years or 8.4% compounded annual growth rate. That doesn't include dividends - which were about 4-5%
    Dow Jones History

    3)" If you privatize SS, who chooses the stocks? "
    WHO SAYS You have to invest in "stocks"????
    Again.. I used simple compound interest over 47 years at 4.5%! If I had used average savings rate over the past 47 years it would have been NO STOCKS guaranteed CDs ok,
    over $1 million! That's it! Who even said anything about stocks?


    "Social Security is not the end all be all retirement plan. "
    CORRECT but that's NOT reality! If every worker/employer who is FORCED to pay the 12.4% or over 47 years $300,000 and RIGHT now it's being spent on waste like this:
    $2.6 million training Chinese prostitutes to drink more responsibly on the job
    The (NIH) spent nearly $442,340 to study male prostitutes in Vietnam and their
    social setting.

    don't you just think it is STUPID not to let the individual at least KEEP the $300,000 that is being dumped into the general expenditures of the Government?
     
  9. healthmyths
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    healthmyths Gold Member Supporting Member

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    So.. are the 99% against the 99% becoming millionaires?
    Just to refresh.. someone 23 years old starting work can with the forced savings of payroll taxes can accumulate thanks to power of compound interest $1 million to retire on!
    If the retired worker doesn't touch the principal of $1 million and live just on the interest at 5% that $4,167 per month and never touch the principal.
    Then if there are health needs paid out of the principal or health insurance but nothing will be required of the government!
     
  10. PoliticalChic
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    PoliticalChic Diamond Member

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    [​IMG]


    "...Bitter Women's Studies..."!!!!
    I love it!
     
    Last edited: Oct 10, 2011

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