World Economic Collapse is imminent

[Astro14]

Originally Posted By: zpinch
You arrogant ignoramus! You tell everyone how the majority of the US population is supposed to own stock when they can barely feed a family of 3, when they are on food stamps, when their husband is thrown in fail for a petty crime because of racist police; or that wages are NOT keeping up with cost of living; all the jobs have been moved overseas; even ONE minor infraction/ticket to a poor family could mean no food, or a warrant for their arrest. The government doesn't help them get out of a hole, no, the system is designed to keep the little guy down, and kick them when they are down.



So....they should be buying gold then???

 

[bbhero]

Good, bad, or indifferent a majority of people in this country not only do not own stocks but really the top 10% gained the most "wealth" with this recent bull run.

I am very well aware that the government is losing money on social security. What people like you all may or may not be aware of is....... The Federal government will run low on money and they will have to come after retirement funds to fund the government. Part of the justification will be the quantitative easing. The wealth redistribution movement will only gain momentum. Again, I do believe that the amount the Federal reserve assisted in with quantitative easing should be paid back. That's all that should be reimbursed. But this will not please others. They will want much more to be paid in.

 

[Alfred_B]

Actually, government is not losing any money on Social Security. The same song of SS insolvency has been sung since the 80-s.

It all depends on how you model your forecast. A couple of tweaks here and there and you will have a sob story. It is primarily done to change peoples' thinking so that the young people think that it is insolvent and won't do anything when they actually scrap it in a couple of decades.

Also, how are you tying Social Security with Quantitative Easing?

 

[Vuflanovsky]

One of the greatest lines I've ever heard about successful investing that applies to everyone that has a dime to invest is: "Have faith in your future while you watch your back."

This line really encompasses the fact that people have to educate themselves on the basics of becoming an investor. I would hazard a guess that along with the top 10% making a disproportionate amount of the stock market wealth, the lowest 10% who have at least some money to invest, think that gold is a better investment since there's a real or imagined perceived wrong that's the reason they are where they are...they may be against "the man" or about class struggle or whatever...but they're not optimists when it comes to making money.

Social security and taxes on Roth IRAs are things that could potentially change in the future such that they'll be altered in less than draconian ways like pushing out the full retirement age by one month over the course of 12 years. It's not a zero sum game and the politichimps may not even need to make major changes to keep it alive another 25 years further and worry about their re-elections. To the extent it's "kicking the can down the road" is yet to be seen if it's multifaceted and the redistribution is part of the tax code as well as in the potential of some form of national sales tax.

 

[Bandito440]

Originally Posted By: bbhero
Good, bad, or indifferent a majority of people in this country not only do not own stocks but really the top 10% gained the most "wealth" with this recent bull run.

I am very well aware that the government is losing money on social security. What people like you all may or may not be aware of is....... The Federal government will run low on money and they will have to come after retirement funds to fund the government. Part of the justification will be the quantitative easing. The wealth redistribution movement will only gain momentum. Again, I do believe that the amount the Federal reserve assisted in with quantitative easing should be paid back. That's all that should be reimbursed. But this will not please others. They will want much more to be paid in.

The government is going to seize our 401k and IRA accounts? Lordy lordy! How about a citation for this one too?

 

[Bandito440]

Originally Posted By: Vuflanovsky
I would hazard a guess that along with the top 10% making a disproportionate amount of the stock market wealth, the lowest 10% who have at least some money to invest, think that gold is a better investment since there's a real or imagined perceived wrong that's the reason they are where they are...they may be against "the man" or about class struggle or whatever...but they're not optimists when it comes to making money.

This is obvious just from the thread we're on now. The few posters with no retirement savings themselves are preaching gold to those of us that have been successful. I see gold coins advertised as great investments on Fox News all day long. Facepalm.

It saddens me to see people not take advantage of employer-matched funds because they're worried about the Illumanti or Skynet. The fear-mongering from Info Wars and the like is causing them real harm.

 

[GiveMeAVowel]

Originally Posted By: Bandito440


It saddens me to see people not take advantage of employer-matched funds . The fear-mongering from Info Wars and the like is causing them real harm.


The days of matched funds at the majority of employers offering
401k packages are LONG GONE. They are the EXCEPTION NOT THE RULE at many companies.

 

[Bandito440]

Originally Posted By: GiveMeAVowel
Originally Posted By: Bandito440
It saddens me to see people not take advantage of employer-matched funds because they're worried about the Illumanti or Skynet. The fear-mongering from Info Wars and the like is causing them real harm.
The days of matched funds at the majority of employers offering 401k packages are LONG GONE. They are the EXCEPTION NOT THE RULE at many companies.

Citation? Have you looked into this, or is it just your feeling? I've had five jobs, and the only employer that didn't offer matched funds was a small family-owned business.

Family-owned butcher - no
Grocery store - yes
Retail home improvement - yes
Retail sporting goods - yes
Current employer - yes

 

[Bandito440]

Here's the most recent data that I found:

Originally Posted By: Fidelity
...according to Fidelity 401(k) data, 79 percent of workplace savings plans offer some type of employer contribution (such as a 401(k) match or profit sharing)...

This data covers only the plans managed by Fidelity, so it's by no means all-encompassing. In any case, it's real data and may provide an idea of the greater workforce.

www.fidelity.com/inside-fidelity/employer-services/higher-401k-match

If you've found some recent study showing that 51% or more ("the majority") of companies that offer retirement plans don't contribute, I'll certainly consider it.

I'm also still waiting for you to suggest an investment strategy where I can make bi-weekly deposits over the next 20 years and expect 7-8% annualized gains without "them" winning.

 

[Mr Nice]

Bandito,

Just wondering.... What is your occupation / career field ?

Lots of employers have a 401K plan, most no longer have a traditional pension unless you are a government employee.

 

[bbhero]

Yes. And your statement that SS is not losing money is funny. I get a notice that the benefit to be paid is less and less when I receive them. Its now 74%. Again, when the state runs out of money... retirement funds in the private sector will be very enticing. I am not saying this to make any point that saving for retirement should not be done. That is not it at all. Just once one gets close to retirement in 20, 30 years one had better find a way to protect that which they have accumulated.


Do you really beleive that this government is solvent ??????? $ 10,000,000,000,000 of debt added in the last seven years. Now 19 trillion soon to be 20. This does not account for future unfunded liabilities that are far higher than that. What happens when the whole circumstance hits instability ?? To think or believe that the government will not have to look into funding itself through private sector retirements is a very hopeful outlook at minimum

But hey, I would you all to be correct in our government becoming sustainable and able to do all this without massive tax increases, wealth redistibution, and going after retirements. Prove to me how this happens. I would honestly like to hear how this all takes place. I am open minded to listen to how this can work out .

 

[gman2304]

I paid my 30 year mortgage off 9 years early by paying an additional 10% EVERY month, which went toward paying the principal balance. Paying my mortgage off early has probably been my best 'investment' ever. I started working part time 4 years ago and still contribute to my company matched '5%' 401K. I haven't had to touch my investments yet, and don't obsess over the stock market ups and downs. My wife has 4 years before she retires so I will continue working one or two days a week until then. I bought my last new vehicle in 1995 and drove it for 19 years. I bought a 9 year old vehicle 18 months ago as an 'upgrade'. One of my favorite quotes...." when you're young, live like no other, so when you're old, you can live like no other'.

 

[Alfred_B]

bbhero, SS is funded by current taxes. It can not have a shortfall and cannot borrow. That's how the law is. As for reduced benefits, that's a decision by the Congress.

You also mention the government debt. It is a fallacy to think of government finances in the same way as the household finances. One simple difference is, can the household print money to pay its debts? The answer is no, and that is the fundamental difference that invalidates all the arguments about solvency. There would be a point for foreign debt but since this is the US, it does not apply to us.

You will mention the downgrade of the US credit rating. It was not so much about the size of the debt but the willingness for the Congress to be insane. The credit rating had to be affected if the Congress was acting stupid.

 

[OVERKILL]

Originally Posted By: Bandito440
Originally Posted By: GiveMeAVowel
Originally Posted By: Bandito440
It saddens me to see people not take advantage of employer-matched funds because they're worried about the Illumanti or Skynet. The fear-mongering from Info Wars and the like is causing them real harm.
The days of matched funds at the majority of employers offering 401k packages are LONG GONE. They are the EXCEPTION NOT THE RULE at many companies.

Citation? Have you looked into this, or is it just your feeling? I've had five jobs, and the only employer that didn't offer matched funds was a small family-owned business.

Family-owned butcher - no
Grocery store - yes
Retail home improvement - yes
Retail sporting goods - yes
Current employer - yes


Yup, it is offered at my work as well.

 

[bbhero]

The reduced benefit statement also clearly stated that this was due to money running short in the future. How so??? I honestly wonder what has been going on ? The current taxes are not going to be enough in the future to support the massive increases which are coming. Maybe there is a way for this to work out across the board. Sure hard to see this happening but maybe?? Only massive growth in the private sector with good paying jobs unlike the 60 to 70% of jobs in the past 6 six years which have been low paying service type positions in the $7.25 to $13 range. But how to bring this about is the question?? Our nation has gone from a production economy to a consumption driven economy. This imbalance is a big part of the problem in my opinion.

 

[eljefino]

How does this nearly retired generation intend to save its labor for twenty years from now? There will be a (comparative) labor shortage to take care of these millions of Boomers and those who retire on the "top half" will have first dibs on CNAs to take care of them.

Those retired, today, hire people, today, who work today and pay 15.3% back into the system, today. We'll either have to muck with that percentage going in or benefits coming out to reallocate labor as necessary. The way old people vote, meh, they'll do all right.

The only way to actually "save" labor is to invest it in durable infrastructure that will coast through the lean times. Roads, bridges, useful education for the next generation.

 

[Mr Nice]

Current administration in WH says it great news so many jobs created every month. What they don't say is that 70% are part-time McJobs, per diem, contract, seasonal positions with zero benefits.

ConocoPhilips announced 500 layoffs in Houston, TX this week.

www.dailyjobcuts.com

 

[Garak]

Originally Posted By: Astro14
So....they should be buying gold then???

Well, you know, you don't have to be rich to buy a boatload of gold, whereas no one is allowed to throw a few dollars at mutual funds, right?

 

[GiveMeAVowel]

Originally Posted By: Mr Nice
Current administration in WH says it great news so many jobs created every month. What they don't say is that 70% are part-time McJobs, per diem, contract, seasonal positions with zero benefits.



This is the news they don't ever tell you about in the
maime stream media.

 

[aquariuscsm]

Originally Posted By: Mr Nice
What they don't say is that 70% are part-time McJobs, per diem, contract, seasonal positions with zero benefits.


^^This