You are absolutely correct Graham. And I am ages older than you. Had it not been for teaching school and paying a modest 7% of my income into a pension plan, followed by more years working for a County Government and paying into that pension plan I would be destitute now. My Social Security payment is penalized because I had the gall to work for two government agencies. It doesn't matter that I have nearly 60 quarters working in and paying into the Social Security System, in order to prevent widows from gaining income from their husband's working years we have a Windfall Elimination Penalty (WEP) and Government Offset Penalty (GPO) so I get less in Social Security than someone who only worked 40 quarters in the system - despite the fact that all the jobs and payments were mine.
My grandchildren too, face a bleak future. I gave them each their share of my savings when I finally retired. But work places no longer supply pension plans for their employees. And since the 1980's I know of a least two corporations who stole all the money their employees had paid into their pension plans plus the interest and equity earned on those plans.
Until we end supply side economics and return to the tried and true demand side, set taxes on wealthy corporations and individuals to pay their fair share of the cost of running the country in which they are located. I see no safe future for people your age.
It's clear this is not a problem that arises in pockets or individual cases. It's widespread enough to be of concern across the board, across countries, across generations. The wealth is there to provide for all. It is simply its distribution that has failed.
Thanks for your words--I'm shocked at your own story from someone who worked in the public sector, let alone riding the vagaries of the private sector.
Thank you Graham. I totally agree it is the distribution that has failed. The problem is, at least in the United States, that since the 1970's greed has risen to the point where our wealth is so lopsided the whole Country could cave inwards. From what I have read, Europe is not in such dire straights as we are. We (including me) were stupid not to do something when it started. I do blame myself because I recognized the beginning in October 1973, but I didn't dig deep enough to discover the origins. I was doing ok financially, so I didn't stop to think what others were facing.
You are absolutely correct Graham. And I am ages older than you. Had it not been for teaching school and paying a modest 7% of my income into a pension plan, followed by more years working for a County Government and paying into that pension plan I would be destitute now. My Social Security payment is penalized because I had the gall to work for two government agencies. It doesn't matter that I have nearly 60 quarters working in and paying into the Social Security System, in order to prevent widows from gaining income from their husband's working years we have a Windfall Elimination Penalty (WEP) and Government Offset Penalty (GPO) so I get less in Social Security than someone who only worked 40 quarters in the system - despite the fact that all the jobs and payments were mine.
My grandchildren too, face a bleak future. I gave them each their share of my savings when I finally retired. But work places no longer supply pension plans for their employees. And since the 1980's I know of a least two corporations who stole all the money their employees had paid into their pension plans plus the interest and equity earned on those plans.
Until we end supply side economics and return to the tried and true demand side, set taxes on wealthy corporations and individuals to pay their fair share of the cost of running the country in which they are located. I see no safe future for people your age.
PS I retired at 88 not 65.
It's clear this is not a problem that arises in pockets or individual cases. It's widespread enough to be of concern across the board, across countries, across generations. The wealth is there to provide for all. It is simply its distribution that has failed.
Thanks for your words--I'm shocked at your own story from someone who worked in the public sector, let alone riding the vagaries of the private sector.
Thank you Graham. I totally agree it is the distribution that has failed. The problem is, at least in the United States, that since the 1970's greed has risen to the point where our wealth is so lopsided the whole Country could cave inwards. From what I have read, Europe is not in such dire straights as we are. We (including me) were stupid not to do something when it started. I do blame myself because I recognized the beginning in October 1973, but I didn't dig deep enough to discover the origins. I was doing ok financially, so I didn't stop to think what others were facing.