Does anyone else feel our country is in big trouble financially?

[mikkiwikki]

Me too. My latest issue of "Money" says that taxes have to go up in the future because Social Security and Medicare will take 75% of all taxes if they don't. Great, just want I want for my childrens' future...onerous tax rates to pay for SS and Medicare UGH! I really hope that SS vaporizes by then instead of getting put heavily on our childrens' shoulders.

Basically its going to take a revolution.

Im p$ssed that Ive paid for 20+years and Ill probably never see a dime. I cant imagine how mad I would be if I was a 20 something fresh out of college who cant even find work in this fine economy.

Its going to take a revolution of young people standing up and saying HEY, I dont want your crappy SS and I'm NOT paying for it either. There are many out ther ethat rely on SS but there are also many many many that ABUSE the system. The entitlement attitude is definitely alive and well with the AARP crowd. Most dont get that SS isnt a private bank account that the govt put XXX dollars in for every dollar you paid into it.

Of course this would take the American people coming together and CARING about our children's futures.

I can't count the number of current *seniors* that say welp - YEP I'M set financially but Ill take my SS too. Forget the generation behind me. I have a problem with that. Thats the attitude.

 

[LoveBWVVBR]

SS was never meant to be primary means of support after retirement. There are a few folks, such as those with medical problems, who legitimately cannot save. But for the majority of folks living paycheck to paycheck is the result of poor lifestyle choices. As a PP stated, we have lost the ability to do without.

Bingo!

 

[JonS99]

I can't count the number of current *seniors* that say welp - YEP I set financially but Ill take my SS too. Forget the generation behind me. I have a problem with that. Thats the attitude.

They paid in for 40 years, why shouldn't they be able to collect???? Or should they be penalized for being responsible???

 

[mikkiwikki]

They paid in for 40 years, why shouldn't they be able to collect???? Or should they be penalized for being responsible???

I Rest my case.

 

[Ticket Man]

More and more people in this country wants to live in a glorified nanny state. Whether it is making sure the younger generations pay for our retirement, or making sure the government bans smoking in restaurants, or trans fat from our foods. We want the government to do everything for us. This is a very dangerous mentality.

When President Bush proposed changes to SS, changes that allowed for younger Americans to take control of their own funds, the AARP and Democrats went beserk. That type of fear-mongering keeps us from finding a real solution. Any changes to the system are immediately challenged by the lobbyists and near socialist liberals. The changes that Bush proposed weren't nearly radical enough, but they were certainly better than letting the system run into the ground. But the left was so vehemently opposed to changing the system that Bush abandoned these ideas, and then became a huge part of the nanny system himself. He, along with our wreckless congress, spend like drunken sailors, with no regard for Americans under 40.

 

[JonS99]

I Rest my case.

Your case is to implement a system that penalizes people for being successful, that is NOT something this country needs.. My opinion is that we need a system that has no SS, but thats another topic..

A few months back I was talking to a customer of mine, he had just reached 65 and sold his business for around $500 million and he was complaining about the hassles of signing up for SS.. I told him that I was suprised he was collecting and he said "hell yes I am, thats MY money and I will do with it as I see fit" and then went on about how much he paid in and how many people he employed for so many years... Now each month, when drops off a check at a local charity... I will NEVER fault a person with that logic..

 

[eliza61]

could our country handle a depresssion like the 1930's??? I do not know. Times were REALLY hard back then, but people were not used to having nearly as many entitlements as we are. They really scrimped, saved and used everything... I remember my great-grandmother carefully unwrapping her presents and folding the wrapping paper so that she could use it to wrap anothe present. Who does that anymore??? Just some rambling thoughts for a Saturday afternoon.


Christine

Of course we can Christine,
One thing I will say about us Yanks, is that we are a hardy lot. This is not the first time, we thought the country was on the road to ruin. I'm a little older, I remember the Cuban missile crisis. Heck we all thought we were about to DIE. Does any one remember having drills where you had to hid under your school desk? Remember the Carter administration when you had to ration gas? I had an even # license plate so I could only buy gas on Mondays and Wednesday. Not only did we survive, we then went out and started buying gas guzzling SUV's.

We'll take our bumps and bruises in the next couple of years and maybe we will have to adjust our attitude but I think we'll find a way to prosper. We always have.

 

[mickeyfan2]

Of course we can Christine,
One thing I will say about us Yanks, is that we are a hardy lot. This is not the first time, we thought the country was on the road to ruin. I'm a little older, I remember the Cuban missile crisis. Heck we all thought we were about to DIE. Does any one remember having drills where you had to hid under your school desk? Remember the Carter administration when you had to ration gas? I had an even # license plate so I could only buy gas on Mondays and Wednesday. Not only did we survive, we then went out and started buying gas guzzling SUV's.

We'll take our bumps and bruises in the next couple of years and maybe we will have to adjust our attitude but I think we'll find a way to prosper. We always have.

I am 46 and I remember hiding under our desk or in the hall with our hands over our head. I did not drive but I remember gas rationing. I graduated college in 1983, most consider it the worst year since the depression to graduate in. Most of my classmates, including DH, did not find work. I was lucky and did.

Because of all of this I know that one needs to live in the present and the future.

 

[eliza61]

I vote for Dave Ramsey.

Please no, not Dave Ramsey. Then I'd have to be the first female assasinator.

 

[Tink561]

Please no, not Dave Ramsey. Then I'd have to be the first female assinator.

 

[luvsJack]

You know, I used to think the same way in my early 20's. Then, I just started to do without. You only really need food, clothing, shelter, and medical care. Everything else is a want. Amazingly, we went from living paycheck to paycheck to maxing out our 401k's and then paying off all of our debt. It's a matter of priorities, and a lot of baby boomers (and Gen X'ers too for that matter) have messed up priorities because they really do think that the government will take care of them.

I completely agree with the fact that most Amerians have messed up priorities. We tend to think that we "need" that huge, gas guzzleing suv or the huge house, or the latest electronic gadget. But, I used to live paycheck to paycheck. And I was only paying for the needs: food, clothing, shelter and medical care for myself and my two sons. There was nothing left over to save. I have come a long way--but I was lucky, I had help getting here. What I am saying is that its not always about bad choices or screwed up priorities, sometimes its about survival. Those that are just surviving, what will they do? Or the ones that do make a bad decision or have a tragedy in their family and their retirement savings is wiped out?

I have a question--there are a lot of people that get disability checks from the government. Is this part of what is depleting Social Security or is that different money?

 

[mickeyfan2]

I have a question--there are a lot of people that get disability checks from the government. Is this part of what is depleting Social Security or is that different money?

Yes it is the same money and is depleting SS faster.

 

[corndog]

Please no, not Dave Ramsey. Then I'd have to be the first female assinator.

Assinator? I'm not touching that one!

 

[dvcgirl]

Please no, not Dave Ramsey. Then I'd have to be the first female assinator.

lol! I was thinking the same thing. Perhaps he could run with Dr Phil as his VP.... We thought we had a good ole boy in there now....heh.

Well, if Ramsey was the president we'd all be guaranteed that 12% ROI he's always talking about.....

 

[WDWMagicNic]

Very interesting and timely thread. One of the things my DH and I have talked about lately is how I think we need to have more classes in high schools to prepare students for the real financial world or ask parents to let their kids into their finances. Can these kids balance a checkbook? Understand credit cards (the annual fees, high interest rate, late fees, consequences of getting in too deep)? Can they get out and compare costs for those cell phone packages? Etc., etc.? Sometimes the kids just want the newest technology, and they don't understand how to, or want to take the time, to shop around.

I know so many people who are not honest with their teens about finances. How are these kids going to know what to do when they are out on their own with student loans, car loans, living expenses, etc. if they don't start learning early? When our son became a senior, we started sitting him down with us when we paid bills. He had no idea what the costs of things were - cable, car insurance, health insurance, utilities, mortgage, and some of the dozens of other things that need to be paid. We pay for water?! Anyway, I guess I just think that unless our next generation starts learning ot handle their money, our country may well continue into financial decline.

 

[eliza61]

Very interesting and timely thread. One of the things my DH and I have talked about lately is how I think we need to have more classes in high schools to prepare students for the real financial world or ask parents to let their kids into their finances. Can these kids balance a checkbook? Understand credit cards (the annual fees, high interest rate, late fees, consequences of getting in too deep)? Can they get out and compare costs for those cell phone packages? Etc., etc.? Sometimes the kids just want the newest technology, and they don't understand how to, or want to take the time, to shop around.

.

The scarier thing is that on almost every college campus, a college student with no job can get a cc. I read a report that said this years college students will not only graduate with big student loans but most of them will have ~2,000 in credit card bills. How the heck does a person with no job qualify for a credit card? This is one of the times when I think cc companies are just out to exploit the public. Why would you give a unemployed student a visa?
My son is a typical 16 year old, he has just developed a bad case of the "I want it and think I should have it". but in my neighborhood I have tons of moms who will complain about not being able to afford college for their kids and in the next breathe talk about buying little susy or Johnny a car for graduation. I love the ole excuse "it's for safety" yeah right.

 

[corndog]

This is one of the times when I think cc companies are just out to exploit the public.

How is this exploiting the public? If the kid can't pay it back, isn't it the kid that's explointing the cc company's willingness (and stupidity) to extend credit to an unemployed college kid?

 

[mrsklamc]

How is this exploiting the public? If the kid can't pay it back, isn't it the kid that's explointing the cc company's willingness (and stupidity) to extend credit to an unemployed college kid?

No. The kids have every intention of paying the cards back, they just don't understand how difficult compound interest is going to make repayment.Very few 18 year olds have a good grasp of financial concepts or the consequences of their actions.
The credit card companies hit these kids hoping to either screw them w/ interest, or hoping mom and dad will pony up to bail their kids out.

 

[mickeyfan2]

I am 46 years old and I had a student Visa in college. My dad insisted on it since that would build my credit before I graduated.

 

[maggiew]

I guess I've just been thinking alot after watching the national news about the country heading for a recession and I think... could our country handle a depresssion like the 1930's??? I do not know. Times were REALLY hard back then, but people were not used to having nearly as many entitlements as we are. They really scrimped, saved and used everything... I remember my great-grandmother carefully unwrapping her presents and folding the wrapping paper so that she could use it to wrap anothe present. Who does that anymore??? Just some rambling thoughts for a Saturday afternoon.


Christine

Yeah. My dad's toys used to be the cardboard tube from the toilet paper. They called them "Toot-a-loos" or something like that. (You can blow in them like a whistle to make them make a sound.) Can you imagine kids today being happy with that!!

Maggie