I had to post this. I think most people in the US are not actually aware of where all this is going. I have thought a lot about it and Robert Reich's article is basically my thoughts, but I would expand it further. As more and more people become unemployed and fewer and fewer jobs are available what do you think happens besides the obvious consequences? Think about taxes, in particular FICA (Federal Insurance Contributions Act), which is Social Security and Medicare. The wealthy pay little to nothing into this. The cap is $184,500 this year. Medicare is subject to tax above this amount, if they are taking any kind of salary. The thing is, folks, the extremely wealthy don't get their money through a salary. They may have some salary, but it's still cut off at 184,500. Less paid into FICA, less is in the trust fund. Less in the trust fund means smaller payments which eventually leads to us being told SS doesn't work. Poof! There are many, many consequences to this oligarchic system, this is one of them and one that will affect many of you reading this in one way or another. If you don't need SS to live on I do believe at some point the lack of Medicare will definitely have negative consequences. Medical bills can wipe out a comfortable retirement account very quickly. Think about it.
1 comment:
I have and that is a grim thing to know. I worry for everyone. And to think that we are the only country that doesn't have a good medical system for all. I don't know how other countries handle retirement.
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