The news below that 57% of Americans have less than $25,000 in savings and investments may portend that we have already passed a point of no return. Is the United States the wealthiest country in the world? Not based on this information. People may draw their own conclusions on what this means. I believe that the government’s plan to make people secure by giving up their freedom has succeeded. A majority of the people want a government to take care of their needs from cradle to grave. Why work and save if the government will always provide (at the expense of someone else)?
As long as your vote can be bought, our Liberty has been sold. Notice the use of “our”. The portion of the population living on government assistance or working for the government has sold our Liberty for their own security. What recourse do we have? Resist or submit? Or wait until it collapses under its own incompetence and arrogance. Are you patient enough to wait?
The average US worker remains concerned about their retirement even as the stock market reaches new all-time highs. The WSJ reports new data that shows the impact of stagnating wage growth and aging demographics is combining to squeeze individuals as a depressing 57% of Americans reported less than $25,000 in household savings and investments. On the bright side, the latest and greatest ‘Cyprus’ tax limit appears to be €20,000, or roughly the $25K threshold in the US, freeing those ‘un’-wealthy citizens to keep their hard-earned private property.
On the dark side, 28% have no confidence they will have enough money to retire comfortably – the highest level in 23 years.
Americans are living longer and their extended life spans are putting additional strains of pension plans as the percentage of workers who have saved enough for retirement plunged to 66% (from 75% in 2009). What is perhaps more worrisome is the fact that when asked if they could come up with $2,000 for an unexpected need, only about half were sure as the paycheck-to-paycheck lifestyle persists.