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Jan 17 - Too Many Americans Will Never Be Able to Retire


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 1 month ago '17        #1
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Mr Scaramucci  topics gone triple plat - Number 1 spot x41
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Jan 17 - Too Many Americans Will Never Be Able to Retire
 

 
Traditionally, Americans could look forward to a comfortable retirement. After four decades in an office or a factory, sometime in their 60s they would lay down their burdens and enjoy a final couple of decades with time to relax, spend time with family and friends, and reflect on their life. But since the financial crisis, older Americans have been increasingly staying in the workplace:

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Some see this as a positive trend, because it adds to the economy. But others rightfully view it with trepidation, because thereís the distinct possibility that many of these elderly people just canít afford to retire. Whether their nest eggs were wiped out in the housing crash, or they just didnít save enough, or whether their kids donít make enough money to support them, the decline of retirement seems like an ominous development.

The pressures on older Americans to work will likely only become greater in the coming years. This is because the young, working population needed to support retirees will see slower growth, and possibly outright shrinkage.

As recently as 2009, the U.S. had unusually high fertility rates for a developed nation. The total fertility rate ó the number of children a woman can be expected to have over her lifetime ó was about 2.1 children per woman, which is the level required for long-term population stability. But since then, the rate has fallen to 1.8 in 2016, implying long-term population shrinkage:

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Much of this is due to a fall in fertility among Hispanics, whose birth rates are converging with those of other groups. The Great Recession was undoubtedly a trigger as well; permanently lower expectations of income and wealth made child-rearing seem like a more financially daunting prospect.

Fewer kids means, eventually, fewer young workers to support an increasing population of retirees. This will result in less money being paid into the Social Security and Medicare systems, requiring either cuts in benefits, a higher retirement age or ever-ballooning deficits. Past experience suggests that Americans will be asked to work longer.

The U.S. bounced back from falling fertility once before, in the late 1980s. But as economist Lyman Stone has written, there are reasons why history may not repeat itself. High and increasing costs of housing, child care and education show no sign of reversing. The need for ever-higher levels of education in order to thrive in the U.S. job market is causing families to delay childbirth, which results in fewer children. Stone projects that U.S. fertility rates could fall as low as 1.5 or 1.4 ó the levels that prevail in Japan and some European countries.

There is one more source of population growth that the U.S. has traditionally depended on ó immigration. Low-skilled immigrants make it easier to raise kids by providing cheap child-care services. High-skilled immigrants earn more and pay a lot of taxes, while using few government services themselves, meaning that their fiscal contribution is enormously positive:

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But low-skilled immigration to the U.S. has declined, meaning that more expensive child care is on the horizon. And high-skilled immigration may soon taper off, as President Donald Trumpís policies and rhetoric make the country less hospitable for the worldís best and brightest.

In other words, the U.S. may soon find itself without its two big long-term population boosters, and wind up as a graying, shrinking nation, with young people burdened with supporting ever-more old people, and the elderly themselves forced to work long into what used to be the golden years.

In this, the U.S. will be following in the footsteps of Japan. Japan has had low fertility for much longer than the U.S., and until recently had little immigration. Even now, although immigration has been increased, itís mostly of the low-skilled variety ó with uncompetitive low salaries and an ossified corporate culture, Japan has had great difficulty attracting high-skilled foreigners.

As a result, the countryís social security system has come under great strain. As the country grew older and older, Japan repeatedly raised the retirement age, cut benefits and raised taxes on the working population. It also created a wage subsidy for elderly employment, and allowed older people to claim higher total benefits if they delayed their retirements.

This combination of carrots and sticks successfully pushed older Japanese people to stay in the labor force. Both men and women aged 60 through 64 began working much more than before, while employment levels for people aged 65 through 69 recovered to the high levels that had prevailed before Japanís lost decade in the 1990s. People over 65 are estimated to have raised the countryís employment levels by about 2 million since the economic recovery began in 2012.

This is being hailed as a miracle or good news in some quarters. And itís true that putting armies of old people to work has helped Japan arrest its economic stagnation despite its lack of skilled immigration or young people. But is this really the solution that the U.S. should want? Is putting grandma and grandpa behind a store counter or in an office into their late 60s and 70s a victory, or a grim necessity?

If the U.S. wants to avoid Japanís fate, it needs to take steps to avoid Japanís population structure. Urgent measures to make housing cheaper, such as those suggested by Senator Elizabeth Warren, should be paired with generous child-tax credits and universal pre-K education, in order to bring down the costs of having children. And the U.S. should emphatically reverse course on Trumpís policies toward skilled immigrants, dramatically expanding the number of employment-based green cards and implementing a Canadian-style points-based system for letting in large numbers of skilled foreigners.

Keeping a healthy, stable population of productive young workers is better than working until we drop.

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 1 month ago '16        #2
Aztlan 
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Cut military spending, k*ll social security.

M4A, wealth tax, free public university and trade school, and tax the crapout of companies stashing profits overseas.
+27   

 1 month ago '19        #3
Gold Face  topics gone triple plat - Number 1 spot x2
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 Aztlan said
Cut military spending, k*ll social security.

M4A, wealth tax, free public university and trade school, and tax the crapout of companies stashing profits overseas.
fu*king commie sh*t




How bout teach your kids to be financially responsible at an early age
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 1 month ago '18        #4
DUCEDUCE 
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How home construction is higher then expected and stock market is at its highest.....

The fact is wages are stagnant, tax isnt being paid by corporations, our defense budget is ballooning, and nothing is trickling down to the average american.
+39   

 1 month ago '19        #5
Gold Face  topics gone triple plat - Number 1 spot x2
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 DUCEDUCE said
How home construction is higher then expected and stock market is at its highest.....

The fact is wages are stagnant, tax isnt being paid by corporations, our defense budget is ballooning, and nothing is trickling down to the average american.
You ever thought about a culture shift from conservative to liberalism is the reason

Teach your kids to be financially responsible and I promise you they won’t be crying poor like y’all



Last edited by Gold Face; 01-17-2020 at 01:29 PM..
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 1 month ago '17        #6
Ymmot 
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 DUCEDUCE said
How home construction is higher then expected and stock market is at its highest.....

The fact is wages are stagnant, tax isnt being paid by corporations, our defense budget is ballooning, and nothing is trickling down to the average american.
I'm sure you're already aware of this, but people like Wilbur Ross and Mnuchin are the people who caused the financial crisis in 2008 by doing this exact same thing: Lying to the public and propping up certain areas of the market to make it seem like things are better than they are. They've managed to keep gas prices pretty low, which most people notice, because they can manipulate things like that. It builds a false sense of stability. Just ask @, he's very aware of all this because he really knows what he's talking about. Trump basically appointed a bunch of currency manipulators.
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 1 month ago '19        #7
Gold Face  topics gone triple plat - Number 1 spot x2
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 Ymmot said
I'm sure you're already aware of this, but people like Wilbur Ross and Mnuchin are the people who caused the financial crisis in 2008 by doing this exact same thing: Lying to the public and propping up certain areas of the market to make it seem like things are better than they are. They've managed to keep gas prices pretty low, which most people notice, because they can manipulate things like that. It builds a false sense of stability. Just ask @, he's very aware of all this because he really knows what he's talking about. Trump basically appointed a bunch of currency manipulators.
This is all crybaby talk if you need a handout or rule changes to be successful in the USA in 2020 and your not disabled

You suck at life

You guys have all the excuses in the world

But someone who refuses to be denied won’t be denied in this lifetime
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 1 month ago '17        #8
Ymmot 
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 Gold Face said
You ever thought about a culture shift from conservative to liberalism is the reason

Teach your kids to be financially responsible and I promise you they won’t be crying poor like y’all

The poorest states are pretty much all conservative and the richest states are mostly all liberal. Without cities like NYC, LA, San Fran, Chicago... America would NOT have the economic strength it does. California is the 5th largest economy by itself. But you already knew that because you have such a strong knowledge of economics.
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 1 month ago '19        #9
Gold Face  topics gone triple plat - Number 1 spot x2
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 Ymmot said
The poorest states are pretty much all conservative and the richest states are mostly all liberal. Without cities like NYC, LA, San Fran, Chicago... America would NOT have the economic strength it does. California is the 5th largest economy by itself. But you already knew that because you have such a strong knowledge of economics.
The country was built on conservatism it’s recent shift to liberalism coincides with the economic decline

Conservative Family structure was backbone of middle class

Now divorce and single parents are weighing down economy
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 1 month ago '17        #10
Ymmot 
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 Gold Face said
This is all crybaby talk if you need a handout or rule changes to be successful in the USA in 2020 and your not disabled

You suck at life

You guys have all the excuses in the world

But someone who refuses to be denied wonít be denied in this lifetime
I'm sure you have proof of all your claims....

 1 month ago '19        #11
Gold Face  topics gone triple plat - Number 1 spot x2
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 Ymmot said
I'm sure you have proof of all your claims....
My kids are straight and that’s all the proof I need

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 1 month ago '17        #12
Ymmot 
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 Gold Face said
The country was built on conservatism
No, no it was not.
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 1 month ago '17        #13
Ymmot 
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 Gold Face said
My kids are straight and thatís all the proof I need

What's their healthcare plan look like?
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 1 month ago '19        #14
Gold Face  topics gone triple plat - Number 1 spot x2
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 Ymmot said
What's their healthcare plan look like?
I can type any kind of healthcare whats your point?
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 1 month ago '19        #15
Gold Face  topics gone triple plat - Number 1 spot x2
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 Ymmot said
No, no it was not.
Religious conservatives built this country you fool
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 1 month ago '18        #16
DUCEDUCE 
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 Gold Face said
You ever thought about a culture shift from conservative to liberalism is the reason

Teach your kids to be financially responsible and I promise you they wonít be crying poor like yíall

Ok....
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 1 month ago '17        #17
Ymmot 
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 Gold Face said
Religious conservatives built this country you fool
People seeking to escape religious oppression built this country on the backs of slaves and poor people who are todays' republicans. I bet you don't even know what the civil war was really about.
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 1 month ago '14        #18
titans7 
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A recent survey found that 40 percent of Americans and nearly 60 percent of millennials think winning the lottery is their only prayer of retiring from work one day in America.


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Last edited by titans7; 01-17-2020 at 01:52 PM..
+12   

 1 month ago '07        #19
yolaboy  topics gone triple plat - Number 1 spot x2
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dying at work will become a thing
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 1 month ago '17        #20
Naga Sadow  topics gone triple plat - Number 1 spot x2
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Trickle down economics at work.

+4   

 1 month ago '17        #21
Naga Sadow  topics gone triple plat - Number 1 spot x2
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 Ymmot said
People seeking to escape religious oppression built this country on the backs of slaves and poor people who are todays' republicans. I bet you don't even know what the civil war was really about.
Like he said, religious conservatism built this country.

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 1 month ago '12        #22
Boo The Fool 
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Man that’s why I been preaching to everyone I know about knowing and investing in their 401k’s if they have them. My sh*t set at 10% and it increases a % every year, ... I’ve had it since I started working at 18. When I retire at 70( I’m working a extra 5 years) I should have close to 2m in there. My mom in law just turned 62 and I set hers up for her last year. It’s crazy how many elderly people have no funds to fall back on when they retire.
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 1 month ago '16        #23
Soo Special OG 
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give me my social security now dumbass bi*ches and companies need to add more to your 401k
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 1 month ago '06        #24
imthatinfamous 
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I know one reason older Americans continue working well into retirement age is because they need the extra loot to help/support the dumb a*s children they raised...My old OPS Manager, someone making well over $200K a year is still working into his mid 70s because his son (only child) has student loan totals comparable to a mortgage. He has 3 masters degrees, none of which are something useful that can help you get a job....so yeah, this example is far too common now-a-days...
+13   

 1 month ago '16        #25
Freddy Highmore 
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Sell drugs on the side
+10   



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