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.
22 comments:
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.
I worry that everything that is our country is going to implode. Our leader(s) don't seem to think about unintended consequences of their decisions.
We have to get out of this.......
It is terrifying
I knew about the cap on social security.
Wow, I just read a proposal to sign any senior who reaches Medicare age up for Medicare Advantage ---> one of the most difficult insurance programs to negotiate through when a senior is ill.
The limits and the difficulty for getting procedures approved are enormous.
I do think about it. As they layoff more and more people, I wonder who will be able to purchase the things to keep the economy rolling along.
Val Ewing: In Britain health and nursing care for those who are retired is largely privatised and very expensive. Paying for long-term health care can wipe out someone's life savings very quickly. I'm amazed the US medical system has still not been turned into a national health service.
I've always seen the gaping flaws in our system but never, ever saw this happening, Val.
I was unaware of this, nick. It surprises me. I seem to think GB had the first national health services.
I think for many of them the consequences are intended. For others, they don't care, Dreaming.
Our opposing party is flaccid, Lori.
You know, Miss Merry, it is. I'm really worried.
Yes, it raises yearly, Dora.
It's also expensive, Val.
You got it, AC. Extreme wealth seems to form a psychosis, if it wasn't already there. It's all about money and power. They don't think farther ahead than the next dollar. We pay for that.
It is frightening and maddening. SS would work just fine if the wealthy paid into in the same proportions the rest of us do.
Absolutely, Sue.
Sandra: Yes, Britain still has a national health service, but it's severely underfunded and understaffed and on its knees. Social care should be part of the NHS but successive governments have been too timid to make that happen.
You know, our countries have pretty much mirrored one another, nick. Sandra
Yes, I've done a lot of think about this Sandra. It gives me a feeling of dread.
There is a legitimate reason for dread, Denise.
Post a Comment