Quote:
Originally Posted by ShaniFaye
um how does it make it any better that the money the are living on is profit from 25 years ago? Its still money they live on and its still disappearing. The fact that it was invested 25 years ago doesnt really change the fact that their retirement accounts are being depleted at a horrible rate.
|
No it doesn't make it any easier. And we may have to take our parents in.
To me the Baby Boomer generation was the biggest self centered narcissistic generation since the Jazz Age.
During their watch this country became extremely greedy, more corrupt and for the past 20 years the generation that retired before them cried how they barely had enough to eat, had to take part time jobs at places like Wal Mart as greeters or work at McDonald's {because they could not afford to live... yet if they worked full time they would lose their benefits from Social Security}.
That generation made EVERYTHING possible for the Boomers and my generation. In the end when it came time for them to enjoy their retirement, many had to sell their houses, get those part time jobs and worry about finances. Meanwhile, the Boomers kept pushing greed and sayings like "he who dies with the most toys wins". The Boomers went from free love to divorce to "I spilt coffee on me, I'm suing, because I can't admit I fucked up and tried to drive with a cup of fucking hot coffee between my legs."
The Boomer generation was in it for "what can you give ME." And now, nw we are paying for it.
Am I sour? No. IMHO, the Boomers had over the past 20 years to figure out a retirement that worked. Instead they chose to keep playing games, push greed and "what's in it for me". They did nothing to help the generation before them, they stole from generations after them and it is catching up to them.
Karma for the generation is a bitch.
Unfortunately, there are many innocents in that generation that bought into what they were told and they invested in stocks for their retirements and maybe bought rentals.... but they also took out second mortgages and in the past 10 years when everyone could see financial troubles coming, they continued to elect greedy assed people who promised them everything. f people stood up and said "hey our infrastructure is falling apart because there is no money being invested into building new bridges and fixing the inner cities" they were ignored by the Boomers. "WE NEED TAX CUTS."
When people said, "hey, where's our manufacturing base? How are we going to afford shit without a manufacturing base and people working for a living wage?" They were ignored by the boomers. "WE NEED TAX CUTS."
When people were saying 20, 10 and even 5 years ago..... retirees are having to reverse mortgage, are having to work part time jobs to make it, are eating cat food...... the Boomers ignored it. "WE NEED TAX CUTS".
30+ years ago..... "we need to invest in alternative fuels"..... "Screw you WE NEED TAX BREAKS AND DON'T EVEN THINK OF DRILLING OFFSHORE BECAUSE WE DON'T WANT OUR BEACHES RUINED...."
Now, the Boomers are ready to retire and that big balloon they kept pumping up but never took time to see if it could hold all the air, is exploding.... they are still wanting everything and wanting to give nothing back.
The truth is the income tax rate {especially for the wealthy} is at one of the lowest points ever. BUT, there is no manufacturing base, no good paying jobs to pick up the slack. So government goes more into debt. Without good paying jobs and a busted, unaffordable educational system here, people look for the cheapest items to buy. We lose manufacturing more tax flow more good paying jobs.... so the Leaders said, "we're fucked. SubPrime lending, open up equity loans on homes, and so on." So they did.... but we continued to not do a damned thing to rebuild a strong manufacturing base, rebuild our infrastructure, or find ways to get good paying jobs back.....
In turn, people lost more jobs, people got paid less.... loans were made to people who could not afford the payments.... defaults and foreclosures resulted.
Banks don't want to take the hit, the leaders don't want to tell he Boomers they were a selfish bunch.... so bailouts hoping that that will keep all this from happening.... but it didn't because we still lack the necessary tools for correction.... a solid tax base from manufacturing and decent waged jobs.
Do the innocent deserve this? What did the innocent do to prevent this? To say you didn't see it coming when people have been yelling this was going to happen for the past 2 decades and you chose to buy Japanese cars, invest in the stock market but have no idea how it works, buy buy buy, run up your credit, don't save, buy every nice little toy out there, and so on...... then how innocent are you, really?
I's time to pay the piper and no one wants to because they don't want to give up all the nice toys and greed they lived for. They knew someone would have to pay for it eventually, they just never truly thought it would be them.