So we have endured a couple of the wildest weeks in the stock market. Down 400, up 300, down 180, up 220, down 500, up 170, etc., etc., etc.
What do we need to do for retirement since most of us are depending on our IRAs or 401(k)s? I don't know.....if you figure it out, let me know. Here are some stats I heard just this past week from a speech in Michigan.
82% of people now plan to work thru retirement. (Is that retirement?)
The average SSI check at retirement is $1100 and change. (Can you live on that?)
In 6 years we are out of money for SSI. (Planning on starting SSI after that? Really?)
Unemployment is 9.1% base rate.
1,500,000 people have now exhausted their unemployment benefits.
6,000 people per day are going on SSI. (That's 42,000 per week and we run out in 6 years).
If you tax all the income from every person (that's 100% of the income) making $1,000,000 + in yearly income....we only raise a few hundred billion dollars (that's a lot of money and I am not in that category but I wouldn't want to work all year and make nothing after taxes....would you?).
Plus 2011 will be our third year in a row with federal deficits above $1 trillion per year. So taking all the money from the rich won't even balance the budget.
The reason S&P downgraded us is most likely the two paragraphs directly above this sentence.
My guess is that they will have to tax all of us....because none of our leaders have the courage to change what we spend. Programs were created, then more programs and yet more programs so.....taxing the middle class (the largest group of people by far) is the only way to pay for the poor (the 47% who pay no taxes).
So when they say, "taxing only the rich" watch out on your bank statement, cable bill, cell phone bill, utilities, and anywhere else the government can assign a small hidden fee.....because they have to tax to pay and they will.