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JDPriestly

(57,936 posts)
66. There is some truth in your post.
Wed Dec 3, 2014, 06:18 PM
Dec 2014

But so many people now in their 50s and 60s lost their jobs and homes and lived on the savings they had accumulated prior to the recession that they are particularly unprepared for their elder years.

And in our changing, ever more computerized. ever more import-dependent society, they are unable to save enough now. Many are barely surviving. They have taken jobs that paid less than they had before the crash. It's pretty depressing for them. And people who had businesses that went under in the recession and are in that age group have also lost out. One friend of mine who did well before 2008 with a family business now rents rooms in her house. She at least has a house (mortgaged) so she has some hope.

Whether the young will be able to save and buy homes and own property, stocks, etc. will depend on whether our economy stays healthy. I'm very pessimistic about that. And mostly because the recovery from the recession is mostly going to the very rich. Maybe it will "trickle down," but I am more and more dubious about that trickle down stuff. It is not working well. It has not worked well for most Americans.

The "best and brightest" among American youth are saddled with oppressive student loan debt. That will make it harder for them to save.

We need some new solutions.

The biggest concern is that at this time when our inventors have great ideas some of which could solve huge problems and make life better for everyone, because of the tremendous disparity in wealth, the markets that can reward invention, that foster more inventions, will not be there in the future, a nearer future than we would like to contemplate.

Can ordinary people afford to benefit from the wonderful breakthroughs in medicine? New medications, new methods of communicating with doctors, new systems in hospitals and medicine, etc. All wonderful. But how to pay for them when patients' wages are not high enough to cover all that innovation.

Obamacare is a way to spread the risk and to encourage innovation by making sure the costs can be covered. But Obamacare can only achieve those goals if wealthier people pay some of the cost for care for those who have less. And Republicans, with their ape-like, chest-beating mentality of "I'll show that sucker who doesn't have what I have and doesn't deserve what I have. He should'a made better decisions" of course, don't understand that broadening the market for health care technology will ultimately save their own lives.

The disparity in wealth will ultimately slow down our technological development. Countries in which there is less disparity can absorb and deal with the changes better than we will. Just watch and see.

The lack of savings of ordinary Americans is just a symptom. It is not a character flaw.

I have to say that we lived in Austria many years ago. That country had a Bausparkasse system that encouraged people with little money to save. If you saved part of your income, the government matched your savings. That was a great system. Helped the banks as well as low-income people who wanted to save but whose accounts only grew slowly. That's a good idea. And Austria did quite well even in the recent recession.

Yup bigwillq Dec 2014 #1
Maybe they should save more? taught_me_patience Dec 2014 #2
How do you save more Drale Dec 2014 #3
exactly. wages stagnent for over 30 years now. TheNutcracker Dec 2014 #6
Real wages are stagnant taught_me_patience Dec 2014 #13
Your right, nominal wages are increasing ... aggiesal Dec 2014 #37
You are correct. The last five years have sucked for wages taught_me_patience Dec 2014 #53
Hmm, the .01% seems to have recovered X 1000 from all the charts I have seen. Live and Learn Dec 2014 #90
Not correct, in 40 years workers as an average have LOST $, bigtime...look it up. drynberg Dec 2014 #99
Sort of Both, Patience ProfessorGAC Dec 2014 #107
THIS ^^^^ volstork Dec 2014 #20
is THAT really true of 50% of the population hfojvt Dec 2014 #48
Thank you. SheilaT Dec 2014 #86
your perspective on students loans is wildly unrealistic. redruddyred Dec 2014 #104
I don't think my perspective on student loans is wildly unrealistic. SheilaT Dec 2014 #110
I think that you are wrong. in fact I know it. redruddyred Dec 2014 #111
Dear Lord, how could I've been so blind..... daleanime Dec 2014 #92
who has "less"? hfojvt Dec 2014 #108
American CEOs make 475 times what the average employee makes. Initech Dec 2014 #4
You just forgot the "sarcasm" smilie, right? MANative Dec 2014 #5
Save more? HappyMe Dec 2014 #9
All they need is a little bootstrapping Orrex Dec 2014 #10
Probably creating a budget taught_me_patience Dec 2014 #15
Ah, yes. The old "you should simply have more money" strategy. Orrex Dec 2014 #17
I think you need to review the TBF Dec 2014 #18
I think I'll fast 1 day a week and put the $ not spent on food into savings. Oops, a tooth went bad, uppityperson Dec 2014 #22
+1000 silverweb Dec 2014 #56
Why do I get the feeling that you have never endured real Jackpine Radical Dec 2014 #25
Or conservative ideology. louis-t Dec 2014 #41
Hey, why don't the poors just get a loan from dad? Marr Dec 2014 #45
Or, heck, make some speeches at Goldman Sachs? They pay well, don't they? closeupready Dec 2014 #59
They are proud azmom Dec 2014 #100
This can only reflect astonishing naivete hifiguy Dec 2014 #26
I know someone who is one of those irritating types that saved from their first job.... Spitfire of ATJ Dec 2014 #31
cost of rent, groceries, natural gas for heating, education, taxes, health care, liberal_at_heart Dec 2014 #43
hey, maybe they can do that in their car before clocking into their third job.. frylock Dec 2014 #47
You gotta be kidding right? abelenkpe Dec 2014 #24
Completely serious taught_me_patience Dec 2014 #33
60 yrs old nurse and never made 90k a yr. uppityperson Dec 2014 #57
You're really stuck on that 90k aren't you? taught_me_patience Dec 2014 #60
uh. huh. I am sorry you miss the point that saying "budget, save" is rather condescending to most of uppityperson Dec 2014 #64
Median household income in the US is 52k - You are wrong. taught_me_patience Dec 2014 #79
This message was self-deleted by its author uppityperson Dec 2014 #82
you aren't worth is. eom uppityperson Dec 2014 #83
Median household income isn't comparable to personal income. NutmegYankee Dec 2014 #112
oh, my god. How oblivious can you be? Do you not comprehend that 95% of Americans liberal_at_heart Dec 2014 #67
99.4% /nt Ash_F Dec 2014 #75
Oh yeah, the old I'm making $90k a year so everyone must be draa Dec 2014 #69
17 posts in five years and this is what you comment on? taught_me_patience Dec 2014 #78
Hey draa, don't mind posers here. You understood perfectly RiverLover Dec 2014 #87
I have a PhD and a good job and I'll never make that. a la izquierda Dec 2014 #98
You are truly special Ash_F Dec 2014 #34
So you disagree that there are millions of Americans who could be saving taught_me_patience Dec 2014 #35
There are roughly 1.5 million people out of 250 million wage earners who make over 90k. Ash_F Dec 2014 #36
My husband was fortunate enough to make it to that point at one point during his career. liberal_at_heart Dec 2014 #49
Thank you for sharing your experience. /nt Ash_F Dec 2014 #74
Oh, there you go again with your numbers and statistics. uppityperson Dec 2014 #58
Why are you calling this a "fact" when it seems to be your opinion? RadiationTherapy Dec 2014 #55
We saved. The interest rate is far less than the inflation rate and that's in this time of low JDPriestly Dec 2014 #40
You may have heard of Elizabeth Warren? Or do you think she is lying when she points out that jtuck004 Dec 2014 #50
Or be part of the lucky sperm club? NoJusticeNoPeace Dec 2014 #51
Are you out of you mind .. step into reality. People don't have any money to put away .. get it? YOHABLO Dec 2014 #68
Median household income in the US is 52k taught_me_patience Dec 2014 #80
I am sure you are well aware that median income is basically meaningless since living costs Live and Learn Dec 2014 #91
Personal responsibility... LawDeeDah Dec 2014 #73
But what if there is no money to save? Just go get another job right? Rex Dec 2014 #76
save more? demigoddess Dec 2014 #77
Yeah. If they are out of bread let them eat cake. GoneFishin Dec 2014 #84
that's right, I posted before reading the replies eShirl Dec 2014 #94
One of my fb friends featured a local ad for arikara Dec 2014 #89
Don't get a 1bd taught_me_patience Dec 2014 #105
"Until you are making more money" Wow. You really just don't get it. liberal_at_heart Dec 2014 #106
And if they have no bread, maybe they should eat cake? eShirl Dec 2014 #93
When has this ever NOT been the case? Indydem Dec 2014 #7
My grandparents were farmers. They did not have "savings" sitting around, but they owned JDPriestly Dec 2014 #46
Good post LiberalLovinLug Dec 2014 #109
And the last 15 years the billionaires extreme greed has reached catastrophic levels. Initech Dec 2014 #8
31 years, the Reagan revolution ruined the New Deal intentionally. Dont call me Shirley Dec 2014 #11
I agree, but many on DU seem to think Reagan economics were not so bad, currently many DUers Bluenorthwest Dec 2014 #23
Sit down for this statistic. hifiguy Dec 2014 #12
Whaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaat?????? Initech Dec 2014 #16
They are begging for the guillotine at this point. hifiguy Dec 2014 #19
When the revolution happens I don't want to be them. Initech Dec 2014 #21
They should reflect on the fates of the Ceaucescus, hifiguy Dec 2014 #28
Neither did the French Revolution, former9thward Dec 2014 #38
"Poor people will rise up and take what's theirs" Tracy Chapman Dont call me Shirley Dec 2014 #30
We have no retirement. We are trying to pay off our house before retirement so we have a roof over Dont call me Shirley Dec 2014 #14
Kick,kick,kicked&Recommended! butterfly77 Dec 2014 #27
I'm surprised it's even anywhere near 50%. Erich Bloodaxe BSN Dec 2014 #29
Especially because 23% of the population is below 18 and not even working taught_me_patience Dec 2014 #44
There is some truth in your post. JDPriestly Dec 2014 #66
Great post covering a lot of matters. truedelphi Dec 2014 #71
Great post, you were so babylonsister Dec 2014 #85
yes, impressive nt steve2470 Dec 2014 #97
The average American 401(k) has around $80,000 in it. liberal_at_heart Dec 2014 #70
Those of us who understand what the disparity in wealth could do not just to individuals who lose JDPriestly Dec 2014 #88
K&R. JDPriestly Dec 2014 #32
kick for Bernie. 840high Dec 2014 #39
Imagine the country we'd have if even a third of our leaders were on the same page as Sanders. k&r polichick Dec 2014 #42
'Cause we're poor shenmue Dec 2014 #52
Ten thousand? TEN THOUSAND?? In SAVINGS!? BAAAAAAAAAAHAHAHAHAHAHAHAHAHAHAHA RadiationTherapy Dec 2014 #54
The text is too small to read, but let me hazard a guess: Quantess Dec 2014 #61
Bernie is right to a point......... RationalMan Dec 2014 #62
Sorry but just like white people will never be able to understand being black, those liberal_at_heart Dec 2014 #65
You missed the point of my post..... RationalMan Dec 2014 #96
My husband made a good living for a while and made some friends that have a good liberal_at_heart Dec 2014 #101
Because.. mvd Dec 2014 #63
One of the most revealing quotes ever: hifiguy Dec 2014 #72
K&R! This post deserves hundreds of recommendations! Enthusiast Dec 2014 #81
WE THE PEOPLE, not I the people aspirant Dec 2014 #95
I know why millions of OUR people are "stressed out" ... 1StrongBlackMan Dec 2014 #102
K & R! lonestarnot Dec 2014 #103
K&R A representative of the people woo me with science Dec 2014 #113
It's a reality that interferes with the illusion of being middle class...nt Jesus Malverde Dec 2014 #114
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