Ending the deficit in 5 minutes

Another thread of identical topic was merged into this one.

Thanks.

Since we are talking about cuts, it is of interest to note that this morning I was greeted with a 33% cost increase in my breakfast. It is not in the US, but outside the country.

Price increases for basics are increasing globally. When that happens it is difficult to ask people to make cuts. This simple little experience has given me pause for thought. Those of us who are still working may be able to deal with increasing prices by perhaps getting a minor raise. Those on fixed income are simply SOL. Translated it makes me realize that generous pensions are merely a hedge against inevitable cost of living increases. Perhaps once we are no longer able to contribute to our well being, we should simply march off into the ice fields to recycle with nature? If we do not approach it this way, we may have difficulty dealing with an aging population who by company policy are forced to retire and by social services encouraged to do so. The problem is if elders are allowed to continue to work, they take viable jobs away from the kids. If we encourage them to put their brains into retirement mode, we imprison most with an impoverished life style. Not very appealing. Those are just a few thoughts for consideration of pensions in general. It does not change my attitude toward the people who are supposed to lead our nation but express little aspiration to do more than line their pockets.

That's the reason the stock market fall in 2008 devastated so many seniors......when you aren't working you are no longer contributing to your retirement account, you are depleting it. You can cut back some on what you take from it, but if you are living already close to the bone it's nearly impossible to make up the loss. Seniors who did everything right....worked hard, saved for retirement to supplement their SS, suddenly find themselves living on a whole lot less than they expected. The only option is to go back into the work force, and many are trying to do just that. But it's hard for people in their late 60's and 70's to find a job.

@Archer. No question about it. Besides that if you happen to get a job, it better not pay you more than you are allowed to earn under SS or you'll get hammered. There are countless issues with regard to pensions and retirement options available to ordinary citizens, no matter what one hears. The reality of the matter is company pensions are capped, personal retirement contributions are capped and when the s**t hits the fan later in life, the same responsible people need to suck it up again under additional penalties. No one guarantees your private retirement annuity, so most retirees end up not living comfortably, but manage to get by. They do so by doing less in their golden years. Best learn to appreciate sitting at home, gardening, or some other domestic activity. Most will have no chance in hell of travel. For seniors this is a potential source of outrage when looking at other pensioners not so constrained during their productive years.

The market crash in the late 90's if I recall correctly did quite a number. I know it kept me working and scrambling to see how I could recover rather than leaving Aramco at the time.