[mmasters]

Well the guy is just saying the system is unsustainable. Doesn't take a lot of brain matter to realize that.

As far as the whole "rich thing" what do people with power want...? More power. It's human nature. Conspiracy has been built into the system to support the rich since day one. Anybody who tries to clamp down on that is libel to get shot.

The social programs will eventually fail and people will have to work until they die. The socialized heathcare will become minimal for the everyday person. Top of the line heathcare will only be for the rich.

The party will end for the common man but the man with balls and brains will always make it happen regardless of the circumstances. The future is bad for the collective but not for the individual. Be an individual and you don't have a lot to worry about.

[JohnRM]

Boomers, please "help" the youth by retiring so we can pay out tax dollars to keep you alive to 100 or even more. Thanks Boomers, for everything, you're such a noble generation!

I can't wait for adolescents to have a go with the boomers. They'll know what's up, those are the rich folks

The boomers can't afford to quit because they're kids are still at home sponging off them.

Their kids are still at home, because there aren't any jobs to be had, in part because the baby boomers aren't retiring and passing on their jobs to the next generation.

[JohnRM]

Moving the retirement age back just means that we'll have an increasing pool of unemployed young people. It will drive down wages and leave both those few with jobs and especially those without very angry. Futhermore, since competition for jobs will be even greater, it will put even more of an emphasis on college education, leaving poor families' children even more handicapped in the game of life. The only reasonable option is to cut services. Frankly, if the retirement age is 80, 8 refuse to pay those taxes. I can be fairly certain that I won't live that long.

[Plantagenet]

Democrats talk of “saving” Social Security. We should not “save” it but raise it.....If people are willing to pay more just to “save” Social Security, they should be glad to pay more to raise it.

You are having a fantasy if you think dems are going to raise taxes to support higher SS payments to the boomers .

Back here in the real world it isn't going down that way. Far from asking people to pay more to support social security, Obama and dems just cut the SS payroll tax by 15%, undermining the health of social security.


Obama's illegal alien uncle has a valid social security number--how'd that happen?

[SeaGypsy]

Reality is the retirement age will not go up or down, regardless of policy. The amount (in real terms) is only headed one way. The age at which payments start etc. is another question. (if you put in the wrong data you know what kind of answer you will get?)

[Sixstrings]

Reality is the retirement age will not go up or down, regardless of policy. The amount (in real terms) is only headed one way. The age at which payments start etc. is another question. (if you put in the wrong data you know what kind of answer you will get?)

Well that's true.

What I actually think will happen is inflation.. it's what Russia did to its pensioners after the collapse of the USSR. So, in the coming years look for the US gov to start redefining COLA increases to SS (inflation adjustments). I *think* they already did that and and old folks haven't gotten any raise for a few years.

That's the first step, unpeg the SS checks from inflation, either totally or partially. Next step, inflate the dollar a lot more.. and voila you've devalued pension payouts and most won't complain because they still get their pension check, yet a gallon milk will cost $15.

Still though.. if anyone out there has 401ks and IRAs, you've got to watch these congrescritters like a hawk and if there's talk about taking your money away from you then I suggest even Tea Partiers should trade in their tri corner hat for a pitch fork. (figuratively)

And Plant is right in his post above. Which is why I say if you want these bennies cut, you can just vote Democrat, we're only talking degrees of cuts here. And at least in the Democratic Party there's a constituency that will raise hell if they want to crank that age up to 75 or 80 -- age increase to 70 is already in the cards.. maybe I'm unfortunate to be working class, maybe none of you know anyone who is 63 and barely getting by with all kinds of health problems, but I do.

It's all relative I guess, how we see things depends on where we stand. But in my world, it's not just working and lower middle class, I know very wealthy people who have their parents on medicaid for poor elderly. What they do is transfer all the assets from the parent, so they qualify.

[SeaGypsy]

Do you have the right to self manage your 401k? In Australia, we have mandatory superannuation and are allowed to set up our own funds, according to the rules. This can make a huge difference to returns. I am with our biggest health industry fund, it has barely gotten better than bank interest over 15 years.

[Plantagenet]

Do you have the right to self manage your 401k? In Australia, we have mandatory superannuation and are allowed to set up our own funds, according to the rules. This can make a huge difference to returns. I am with our biggest health industry fund, it has barely gotten better than bank interest over 15 years.

Social Security is mandated by the US government. They tax all worker's salaries at 12.5% and use the money to pay a monthly benefit to all retirees till death. The ROI on the money can vary from 0% (if you die at retirement the goverment keeps all your taxes paid into the system) up to 12% or so if you live to be 90-100.

Many Americans also have a private 401k that they voluntarily donate to and then manage themselves to supplement social security.

Some Americans also have guaranteed pensions and also another 401k type account through their employers, especially if they work for government or a large private company.

In addition to these, Americans who were in the military have a separate generous plan.

Since military folks and others typically move to new careers or change jobs several times, and it only takes 5-7 years employment to "vest" most private and goverment retirement pension plans and get some retirement income from them, some folks may wind up ultimately vested in 3 or more different retirement plans all streaming retirement income to them

[ColossalContrarian]

It's amazing how many people all of the sudden become cornicopian when talking about SS and "The Golden Years". Peakoil, Climate Change, whatchama call it, everything is all the sudden revolving around your old age. It's like all the sudden logic stops and the imagination runs wild. You're old, and you're entitled!!! PEAK OIL WILL NOT RUIN YOUR RETIREMENT COME HELL OR HIGH WATER!!!

[vision-master]

'Life's been good so far........' - Employement ended for me in 03. lsol

xxx's & ooo's ........

[ColossalContrarian]

Some of us will take care of our own family and already have when they've needed help. Chances are my folks will move in with me and I will take care of them and this will be the same for a lot of families especially post peak oil. It's not unusual for kids to support their parents as they get older in fact it's the norm but you want to give that job to the government which is stupid IMO. We can have differences in view it's just some people don't want to be forced to participate in a ponzi or make things worse off for our own children (our parents grandchildren).

[mattduke]

Nothing like expending your life working all day from morning to night to provide for your family, only to check peakoil.com and find self-righteous people who claim your paycheck belongs to them.

[Livewire713]

Personally I hope most of us are dead in the next ten years and that includes myself. 50 years on this ball of dirt will be enough for me.

[Sixstrings]

Some of us will take care of our own family and already have when they've needed help. Chances are my folks will move in with me and I will take care of them and this will be the same for a lot of families especially post peak oil.

If the whole country decides to roll back to the 1930s then fine, that can work. Men folk need their wages doubled though. Because women will have to work in the home again, caring for the aged relatives.

Heaven forbid if your parents get alzheimers, unless you are a registered nurse you cannot care for them well enough to satisfy social services. If they are so much as technically dehydrated (which a non professional can't even tell), you could wind up in jail for elder neglect.

So many other ailments.. heart attacks, strokes, they at least need a home nurse checking in on them. You can't do all this work yourself and work for a living too Colossal, even if you do quit work you're still not a professional nurse.

[Sixstrings]

Nothing like expending your life working all day from morning to night to provide for your family, only to check peakoil.com and find self-righteous people who claim your paycheck belongs to them.

You don't believe in Social Security? What, are you 130 years old and you remember a time before it, and after 80 years you're still not quite convinced about this new fangled program from the government?

You don't want YOUR money back, that you paid into SS?

Have you told your parents, grandparents, and elderly family how wrong you think Social Security is?

What I really wonder about is IRA accounts and 401ks. If they raise SS age then age on those others will go up too -- and yet not even this prospect phases you guys, SS is one thing but you may lose your 401k too. If you can't get it until 80 and you die at 81 then it's not much use.

[Sixstrings]

Personally I hope most of us are dead in the next ten years and that includes myself. 50 years on this ball of dirt will be enough for me.

Oh goodness, I give up. The conservatives don't want gray hairs to have their pensions, and liberals don't even want to be alive past 50.

[Plantagenet]

The conservatives don't want gray hairs to have their pensions, and liberals don't even want to be alive past 50.

Wait a minute---that could work out for both sides. If the liberals get what they want then the conservatives can also have what they want. WIN-WIN!


SIX you've done it----the SS budget problem is solved!

[AgentR11]

LOL, I finally get it. Six believes Peak Oil will ravage the economy and cause doom; but only if a Republican is elected.

Six, there will be no retirement.
There will be no registered nurses caring for every alzheimer patient in the US.
There probably won't be enough "social service" agency officers to even take note of the names of 1/10th of a percent of those they should note, much less worrying about hydration levels in all alzheimers patients in the country.

Limits apply, whether its a Republican or a Democrat in the White House. Having a D after your name does not give you the power to create oil. And the limits on its availability and affordability will relentlessly beat down the economies of the developed world, step, by step, by impoverishing step.

There is no escape.
All the wishing and hoping in the name of your team will not change that.

[SeaGypsy]

Neither side is admitting the truth about where pension funds are likely to stand in 10 or 20 years. Both blather on about return to growth being more likely under them, without having a formula on how this is likely. Choosing one is like choosing a favorite clown. I prefer to follow my instinct, which is to heckle clowns and judge them on their acting ability, without ever taking anything they present too seriously.