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Related: About this forumSenator Elizabeth Warren: Floor Speech on the Retirement Crisis
Last edited Mon Nov 18, 2013, 08:22 PM - Edit history (1)
Warren slams WaPo Social Security editorial
http://www.politico.com/story/2013/11/warren-slams-wapo-social-security-editorial-100010.html#ixzz2l2vDIAfY
Scuba
(53,475 posts)Thinkingabout
(30,058 posts)Pushed and kicked out of existence. I remember several years ago when Louisiana became a right-to-work state LABI declared if this was allowed to happen Louisiana would be over run with jobs. The jobs did not come through a the wages went down. If a person on minimum wages saved 10% of their salary it would not be enough to establish a pension at the end of their working career.
We also had corporate raiders who came in and raided the pensions. Enron employees had invested through their years ilof working to have the executives steal it from them. This is a crisis, our young people are barely getting from paycheck to paycheck and surely don't have enough wages to save for a pension.
mdbl
(4,973 posts)If a person on minimum wages saved 10% of their salary it would not be enough to establish a pension at the end of their working career.
This would be if someone on minimum wage "could" save, which they can't - unless they live rent free with their parents until they are 66 years old.
Thinkingabout
(30,058 posts)Retire with. I know many people and they are not living home with their parents and just to have a job works for minimum wage. I currently work on a minimum wage job while on pension and social security.
cantbeserious
(13,039 posts)eom
Grey
(1,581 posts)polynomial
(750 posts)Being in the system and near retirement as one of we the people, I do here by affirm that retirement for the working class person is not what it is thought to be. In fact many could say it is another American political blunder.
Social Security benefits need to be twice what they are now. Actually all political persons that receive pensions should be shifted to Social Security to help cut the deficit then likely realize what a horrible safety net all Americans have to endure. Social Security is projected to last for such a long time because the benefit pay-out is not what it should be. Like any banking system we the people the electorate are being punked out of interest earned through the years.
Dont you think it appears absolutely insane that through any-ones working career that being told as many retire to have their pay-out cut. All the while sending trillions to secret accounts to bail out big business and watch while the upper-crust of the one percent get bonus money, while a retiree gets a cut in pay-out. This is the most dysfunctional leadership actions ever taken in a modern society. These actions are more like eighteenth century tyrannies. This is a new modern time for the political person, especially those career types that let this happen need to think clearly to get with it or get out of politics.
For the business, and banking community in general if those in business and banking entities cannot prove that they are community minded in a living wage or a retirement wage they should not be able to buy into the public treasury. In other words those simple good deals to be able to buy American treasury notes, or have bailouts will not happen any more if there is no real fair living wage to the community, worker, citizen. That includes a fair share of tax distribution in that large urban areas have to do with the so called chain index system towards states that take more taxes out then they put in, as exampled by most of the red states. There is no room for debate when leadership in southern, or northern states decade after decade cannot manage to make a balanced state economy. Its jail time not a free ticket to get around the monopoly board.
mdbl
(4,973 posts)We were on this path until St Ronald Reagan screwed it all up for 98% of us so his rich friends could get richer.