It used to be that the plan for getting old comfortably in America had three pillars -- your pension, your savings and Social Security.
Pensions: As Rachel explained last night on the show, pensions are on their way out. They're being replaced by 401k's, in which ordinary workers get tax breaks for gambling their money on Wall Street, to Wall Street's advantage.
Savings: Americans have essentially stopped saving money. With interest rates so low, you can't grow money by leaving it in the bank; the incentive is to gamble it on Wall Street.
Social Security: Republicans continue talking about overhauling Social Security, sometimes as personal investment accounts that mean more gambling on Wall Street, sometimes just as a Ponzi scheme that can't be counted on.
Discuss this post
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Quote: Nelda Dee
"I still can't get over how much 'pension extinction' looks like 'penis extension.'
Quote: M. Fehrman
"You may be confusing the chart with the "dicks" that did this to us".
Quote: HungryHerbert
"I have to say as a member of the younger generation I am not seeing any bright comfortable future. never have since I got my reality check (graduated high school, lost my father, uncle, brother, grandparents, best friend, etc. etc.) All I hope is that if I end up having children that they can invision a future for their children, Thats the only comfort we get in life is our childhood. I am taking my money out of the banks, Refusing to use a 401k, And am going to put it all in a box under my mattress.... at least there it won't shrink on me like it does in the bank...."
Quote: Bob in Texas -1456380
"If you are a 1%'er you can be assured your kids will do fine."
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