The Motley Fool Discussion Boards

Previous Page

Politics & Current Events / Retire Early Liberal Edition

URL:  https://boards.fool.com/actually-its-a-good-example-of-promise-them-all-30363497.aspx

Subject:  Re: George W. Bush Killed Retirement Date:  11/6/2012  9:00 AM
Author:  telegraph Number:  46108 of 122105

Actually, it's a good example of 'promise them all sorts of benefits' you have no way of paying for - for the last 80 years. Including SS and Medicare. Hey, it works for the first 30-40-50 years..then the programs implode!...the 'progressive way'. Set up programs designed to self implode down the road!

--------


"The economic downturn is pressing more employers to reduce pension benefits and significantly delaying when people launch their careers, darkening the already bleak picture that young workers face in saving for retirement."


Heck, that started in 1990 when the government changed the tax rules on pensions. Duh!.....and that is when my pension disappeared at MCI and I missed the 'cut off date' for a pension by a year. Instead, I got my former pension money (cash value - not much) stuffed into a new 401K. Those under the 'magic number' no longer had a pension. Those over the magic number (years of service plus age) still were in the pension system.

Unless intercst lives in a parallel universe, Bush wasn't president in 1990!

(he's just like Obama - now 4 years in office and every one of his failure is 'blame BUsh' not me!......

--------



"Corporations have been slashing pensions for decades,"


Correct!

=======

" such cuts are common now in the public sector,"

about time where unions have bleed tax payers dry, and the promises are so unrealistic that tax rates would have to triple to pay them and pensions would eat up 80% of municipal/state/fed budgets.

Folks like Obama 'protected' them for as long as possible. Now reality has set it - but too late. These folks should have been converted, en masse, to 401Ks back in 1990!

It's 20 years too late!

------






"where retirement benefits were traditionally much better."

Says who? If you changed jobs a few times, you wound up with no or piddling pensions. YOu had to work at least 5, sometimes 10 years, with the same employer to get a pension. Leave early, and you got ZIP. Not even your 'money'. Gone.

You were locked in, maybe to a dead end job, for 20-30 years, to collect 'that pensions'.

If you got 'fired' at 50 or 55, you got screwed since most of the pension benefit happened the last 10-15 years - or your pension was based upon your highest salary...so you'd really miss out.


-------------



" In both cases, employers frequently reach for the same tool — preserve benefits for current employees but make severe cuts for new ones"

That's the only thing that current employees would buy into. So?

-------






"As Washington turns in the coming weeks from the presidential election to the long-term debt issues facing the nation, the discussions will center on whether the country can afford programs such as Social Security and Medicare in their current form."


It's not really a discussion. It can't. The government says so itself.

--------



" a massive burden for the country that will not be fully evident until the next generation approaches retirement."

Duh! It's obvious they are going to have to SAVE for retirement. What else is new? That's why we have 401Ks and IRAs. THey better use them

-------




“How the hell do I get ahead?” said Sandra Conchar, 27, director of community relations at Potomac Pizza, a local restaurant chain. “And retirement? Oh, God.”

Try buying a few less Starbucks a week....to start......


Geez.....folks think they are entitled to a Nanny State.

---------





"Adding to the challenge, the recession forced many young workers to launch their careers later, which reduces their earnings — and their ability to save for retirement — in ways many are unlikely to overcome, analysts say."

No problem for engineering, math, science majors....but I guess Womyn's Gender Study graduates are going to just have to work till the new retirement age of 70 or 72. or even 75 if folks routinely live to 95 or 100.

--------

" More than half of recent high school graduates are underemployed, as are nearly one in five recent college graduates, according to the Economic Policy Institute."


Which is why you better hope Romney wins today.

t


http://www.washingtonpost.com/business/economy/young-workers...
.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us