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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Re: Workers undermine own retirement Date: 11/11/2003 9:26 PM
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"The truly scary part is ..."

Participation in 401K and IRAs has always been lower than it should be. But plenty of people out there do not have 401K plans or pension plans. They are destined to be completely dependent on Social Security (if it survives), working in retirement, or on various forms of welfare.

The big problem with this scenario and the really scary part is that wide scale poverty--especially in the working class--poses a threat to our society.

Remember the bonus riots in the Depression when vets from World War I marched on Washington demanding that their promised war bonus be paid early. Multiply that by about a million fold.

There is considerable potential for extremism driven by jeolousy or outside activists. The result can be Civil War.

Lets hope the Congress is savy enough to keep this from happening.
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