Do you hear that rumble in the distance? That is the Baby Boomers – they are getting ready to retire. On January 1st, 2011 the very first Baby Boomers turn 65. Millions upon millions of them are rushing towards retirement age and they have been promised that the rest of us are going to take care of them. Only there is a huge problem. We don’t have the money. It simply isn’t there. But the millions of Baby Boomers getting ready to retire are counting on that money to be there. This all comes at a really bad time for a federal government that is already flat broke and for a national economy that is already teetering on the brink of disaster.
So just who are the Baby Boomers? Well, they are the most famous generation in American history. The U.S. Census Bureau defines the Baby Boomers as those born between January 1st, 1946 and December 31st, 1964. You see, after U.S. troops returned from World War II, they quickly settled down and everyone started having lots and lots of babies. This gigantic generations has transformed America as they have passed through every stage of life. Now they are getting ready to retire.
If you add 65 years to January 1st, 1946 you get January 1st, 2011.
The moment when the first Baby Boomers reach retirement age has arrived.
The day of reckoning that so many have talked about for so many years is here.
Today, America’s elderly are living longer and the cost of health care is rising dramatically. Those two factors are going to make it incredibly expensive to take care of all of these retiring Baby Boomers.
Meanwhile, the sad truth is that the vast majority of Baby Boomers have not adequately saved for retirement. For many of them, their home equity was destroyed by the recent financial crisis. For others, their 401ks were devastated when the stock market tanked.
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7 comments:
The Social Security Trust Fund only went red (takes in less than it pays out) THIS YEAR - for the first time since its inception. It was NOT established as a Ponzi Scheme. If the money had not been looted, it would have lasted for ever - without ever earning interest. It simply had to be saved for the purpose it was collected. The Boomers paid in for their entire lives.
You can't "borrow" money from a Trust Fund. You can only steal it.
TRUST FUND - it only had one purpose. Social Security.
The government didn't have any problem taxing that generation and taking FICA from them by the trillions...thats right, TRILLIONS. But instead of using that money the way it was intended (by LAW), they took (read: stole) that money and replaced it with "IOU'S", which were (and they KNEW it) worthless. Our leaders (don't laugh at that word!) also were neck deep in the real estate crash and still are. Get used to working until you are dead. Get used to going without food and medicine. And electricity. Just take comfort that our "leaders" are well taken care of (using OUR taxes) and THEY won't suffer at all. Someone has to, but it won't be them....
Obama, the DemocRATS and Socialist / Progressives want to spread the wealth, so I have and idea to start the process. Take away their income, retirement, investments, companies, benefits etc. and make them live like they want the Baby Boomers and elderly to live. Give this money evenly to the Elderly and Baby Boomers. Also all Politians that continue to rob SSI are automatiucally stripped of the same and live accordingly. Also all the ones that come into the US and start collecting SSI gets removed from SSI with no more benefits. All Illegal Aliens that are drawing SSI also removed with no more benefits. All the US Tax dollars going over Seas stops immediately until SSI and Medicare is fixed in the US. Take SSI back out of the General Budget, which was not supposed to be until Congress moved it to the General budget a few years ago. This might not solve the total problem but it will make a dent and a start.
11:45
Hear here. You are absolutely right on all accounts. Our government wont do any of it though because both political parties are corrupt and work for the corporations who run their elections. They get their easy money for being in office and the corporations put them in there to do their bidding. They have stolen our money by force. They are criminals each and every one of them. they will not give back the borrowed money from Social Security because they don't have it. Therefore they did not borrow it - they stole it.
Revolution IS brewing. It just takes a generation of armed AND angry people who haven't eaten in a few days, have their homes taken from them, their 401(k)'s stripped and stolen, and their SSI income looted by the same people who forcibly TOOK it from them. Just as I said before, the new crop of lying theiving & cheating politicians are no different from the batch they replaced. I submit they all need to go. By force. And guess what? It is INEVITABLE.
No one ask you to do anything.
I paid into my social secuity all my life.
No one ask your generation to have already have it spent.
You cant help anyone .
all you generation can do is sit on there ass and make fun of everyone else .
So lets see what you all have in 40 years.
I glad i will be dead by then.
How do you "rush" toward retirement?
I'm almost there and it's still taking one day at a time and slow as molasses!
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