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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 63143  
Subject: Re: George W. Bush Killed Retirement Date: 11/6/2012 1:01 PM
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PF:"Employee pensions have all but been eliminated replaced by the failed 401, 403, 457, IRA morass for full-time workers and nothing for part-timers."

You probably needed even more coffee!

Most 401Ks,where the folks actually contributed at least 6 or 8%, are doing just fine. Remember, Obama bragged about how the stock market has recovered..and if you invest at LOWER cost, you did even better, right? Big gains?

And part time workers always have the option of the IRA......

Dems keep telling us 'taxes don't matter'. Well, DUH! - it was a change in tax policy around 1990 that convinced most companies to end traditional pension plans!.......and start 401Ks! Taxes do matter.


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"Now Romney & Ryan want to destroy the Social Security leg too. "

NO..they want to make it sustainable. Obama believes in the money fairy. Already horrendous debt per person and you think that a 'bankrupt country' is going to pay SS?

Debt for everyone - borrowed by Obama - is what, $50,000 per person? And you think they can borrow 20 trillion more to pay the benefits 10-20-30 years out?

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"Combine that with what globalization and anti-union laws and policies have done to wages and the only thing left of that three-legged stool is the seat."

anti-union laws? Oh, you mean the right to work laws that don't coerce 'free people' from having to contribute to the gold plated salaries of their half million a year union bosses, and fund candidates they may not agree with via MANDATORY sucking of 5% of their pay?

Globalization? That's happening regardless of who is in the WH. Learn to embrace it and PROFIT from it.

Yes, folks would rather have their Starbucks today and not save. So?

Company pensions disappeared for most in 1990 when the tax code was changed and rules changed by the Congress. The public sector hung on because the 'time bomb' had not gone off and they were not held to the same accounting standards. They could use 'money fairy' math. Now, reality has set in. PUblic pensions will be gone in a decade.




"It looks to me like the plan is to do away with retirement and just make it so people work until they can't and then let their over-strapped families and charities take care of them. That worked so well in the past."

Actual, going back 200 and 100 years, it did. Nearly every community had 'social organizations'. The Slovenian Clubs and old folks homes. By the tens of thousands throughout the country. There were unions that took care of the 'poor' and where the wage earner died. Almost every family belonged to one, or to a church that supported through major charity.

You're going to have SS for the next 80 years. It's just got to operate differently. It's not going to be as generous to the middle class as it won't have the money.

You've been warned for the last 20 years.

Why is this news now, other than YOU and the PROGRESSIVES are trying to preserve a 20th century model that is failing all over Europe in the 21st century? Where Greek pensions, where they have LESS debt per person than the USA, were cut 90% (their state SS system)? Where the UK has 'unsustainable' benefit levels? Where taxes are 50% of income or more to pay for it all? And it's not enough?


t.
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