A sobering article from the Los Angeles Times: Too Poor to Retire and Too Young to Die. My spouse and I have diligently worked and saved our whole married life, to provide for our own retirement and our kids’ educations. Our parents did the same, but had more of a safety net, such as company-funded retirement benefits. Those seem to have gone the way of the Dodo.
I don’t think our country has any real idea of the crisis that’s going to hit when that demographic phenomenon known as the Baby Boom hits its 70s, which starts this year, seventy years after the Baby Boom began in 1946. We’ve allowed a generation’s worth of unprecedented wealth creation to become concentrated in the hands of billionaires and corporations since 1980. We’ve allowed infrastructure and basic public services to crumble. And if we don’t get our act together and reclaim some of that undertaxed wealth through revised estate taxes for these mega-fortunes, we risk permanently entrenching this concentration of money and power.
The billionaires distract us by linking their situation to that of people like my family: middle-class people who worked and saved in the hope of being independent and comfortable, not obscenely rich, in our old age. Basically, they are asserting that if they get taxed, savers like us will also lose what we’ve worked so hard to accumulate. Baloney. There’s a huge difference between the size of their estates and ours. We need to stop getting distracted by the political gibberings of the likes of Donald Trump. While we react to his outrageous “campaign”, he is laughing all the way to the bank.