Have we reached 'Peak Retirement'?

[harlinchi]

I was emailing my mom and thinking of her post-nine-to-five lifestyle and considering, with her pension and that of my pop, since they both retired from the same defined benefit pension providing organization, in conjunction with Social Security and their small investments, that happily, they do well. Since I've got over 12 years in the same organization, I had high hopes, too. I think, though, that it's a facade, that this particular little house of cards is facing a very stiff breeze at least if not a full-blown gale.

If I'm not mistaken, I heard some administration mouthpiece begin talking about the need to 'reform' teacher pensions, which are fairly secure (to my knowledge) in PA. Notwithstanding that the word 'reform' coming out of the mouth of ANY republican office holder should be cause for that officeholder to be summarily removed from office, but considering management-created troubles experienced by the other defined benefit pension providing organizations and the 'don't worry about it, you ain't gotta pay' solutions allowed by this administration and the subsequent 'race to the pension-providing bottom', and it becomes very clear that what is, ain't gonna continue.

I am sure we will look back with fond memories at our current pension situation.

The point is that the will of the American people means nothing to this administration. We had no desire to allow this group to 'reform' Social Security yet money is allocated in the budget under discussion to begin the process. The president just put it there in spite of the will of the people.

We're focusing on The Cheney Incident and now the port transfer of control. We fell into the prestidigitational trap again, watching the left hand of the Cheney shooting while with the right, the administration stealthily inserts anti-Social Security allocations into the budget. We attend to the health of Cheney's victim as we ignore the reporting of $8.8 billion having gone missing in Iraq. Regarding the ports, everyone asks, "Will we be able to maintain security?" Why not ask, "Why do this at all? Why allow good paying jobs in America to be transferred to other nations at all?" Even when we get the topic right we ask the wrong questions.

We've got to do better and focus.

[JDPriestly]

1. You are so right.. Thanks for the post.

The Bushies and their cronies steal. They stole the presidential elections in 2000 and possibly 2004. They stole money in Iraq. They stole (extorted) money from people who wanted access from them and special favors. Think Abramoff "clients." They've stolen from the Veterans Administration. They've stolen money from the military (and given a lot of it to Halliburton and other munitions manufactures such as the Cunningham buddies). They have stolen from the Iraqis. Their Medicare drug program steals from seniors. They are attempting to steal from the Social Security Administration. And now, they want to steal from teachers' pensions.

This latest one, stealing from teachers' pensions, was what was behind Schwarzenegger's proposition referendum last fall. We defeated that out here in California, but only through really hard work educating people about what was really happening.

The grand theft of pension funds, jobs and the livelihoods of Americans will sap the strength out of our nation. Where are tax revenues to come from when we are all reduced to serfdom and scrounging around just for the money to eat a little porridge. If you think that day is far in the distance, think again. We've been going downhill very fast for a long time, and the speed with which we are descending is accelerating at an ever faster rate. We just don't notice it because our Browning habits are making the downhill ride seem so easy. Many of us are having such a great time coasting along on debt and home mortgage loans that we don't see the huge wall ahead of us.

We have to wake each other up. We either protect our rights now or we smash headlong into that huge wall looming before us. The problem is -- how do you get Americans to stop looking at all the distractions on the sidelines as they slide ever faster downward and focus on that wall right in front of the their eyes and what they need to do to about it?

[harlinchi]

2. We must effectively identify that which is important and focus!

All of which is easy to say but somewhat more difficult to do. We must do it anyway! Thanks for responding.

[oneold1-4u]

6. Will hate the long lines!

At the welfare office, dollar stores, soup kitchens, food banks, and HUD housing authorities!
Along with all the new people will come new forms to find out who is "really" poor!
First they take your money,(every ones) and then they give back a bit to those who live long enough so they can go on living the "good life"!

[brainshrub]

3. There is a massive pension crisis brewing on the horizon.

I agree that Americans are focused on the wrong issues. One of my guest bloggers wrote an excellent article on the subject:

A Pension Crisis, Not a Social Security Crisis

There is an impending pension crisis brewing on the horizon, yet the media seems focused on imaginary Social Security problems.

Although the Social Security System will face unprecedented stress as the first of the baby boomers turn 65 in 2010, the system as presently structured can pay at least 30 years (age 95) worth of retirement benefits (through 2040) to those first baby boomers.

Contrast the health of Social Security with the distress of the GM, Delta Airlines and even IBM pension plans. Moreover, take a look at the health of the Pension Benefit Guarantee Corporation.

On June 15, 2005, Douglas Holtz-Eakin the Director of the Congressional Budget Office (CBO) testified before the US Senate, Budget Committee that:

"Even without taking those prospective <$96 Billion> costs into account, PBGC is already in a deep fiscal hole. At the end of 2004, the agency was reporting a negative net financial position of $23.5 billion."

He went on to cite the Congressional Budget Office estimate that PBGC will require "implicit guarantees" (read bailout from tax dollars) of $46 billion dollars over the next 10 years -- not 2042, but before 2015!

Entire article here: www.brainshrub.com/pension-crisis

When I posted this before on DU, it dropped like a stone. (Just like this thread.) People don't understand how they are being robbed and would rather focus on shooting accidents.

[harlinchi]

4. It is likely the fact the I wrote the thread which causes it to plummet.

I hope and believe that folks will wake up and demand information, at least! Thanks!

[brainshrub]

5. Suggestion: Change your name to "SkinnerPitt."

In that way, anything you write would get lots of attention. ;)

[Kolesar]

7. Akin to "peak oil", I suppose? eom

[harlinchi]

8. Yup. The analogy, I think, is clear. n/t

[applegrove]

9. Not yet. We have reached "peak earnings of baby boomers". Why

saying the median income of Americans is fine if you just ignore "illegals" is a lie. Cause we will never see a richer group of people than are working and have saved for 50 years. And still median income has to be adjusted by removing illegal aliens or else it goes backwards. Remember that these folk get to keep tax dollars and re-invest in stocks and such... under Bush.

IMHO