I just read on CNN that Greenspan is suggesting that Social Security Benefits for future retirees (meaning US) should be reduced because of the budget defecit. Meanwhile, our budget is in defecit b/c of the decrease in taxes to the rich. But he says, don't worry about increasing taxes, just decrease benefits.
I KNEW this was going to happen
This is just fabulous- we don't get $ we have paid into the system with- yet people making 1 million a year or more are receiving tax cuts.
What really pisses me off are people who vote for Bush and have no idea what really is going on because he is pulling the wool over America's eyes..
President Bush would be very very happy (and so would his crony Karl Rove) if we went back to the 1920s- no social security, no unemployement, no medicare, no nothing.
It's really really sad.
These are the issues we need to vote on. What's done is done in Iraq- I don't think anyone is going to pull our troops out of there now. But what about our economy? It's going into the toilet while we are busy watching CNN's Iraq reports!!!
alina
Posted:
Member since
Re: I knew it! Thanks Mr. Greenspan!
But once you start getting older, you shouldn't be investing in stocks for your 401K as much as you're doing now...
for example: when you're 25, you can have a 90% portfolio in equities, and you'll be ok
But as you get older, more and more of your portfolio should be allocated to fixed income
This way, your earned capital is preserved and you're not at high risk of losing your money when the market tanks and your time horizon is short (i.e 10-20 years)
Sassyz75
Posted:
Member since
Re: I knew it! Thanks Mr. Greenspan!
Alina,
in theory- true. but that certainly was not the advice 99% of the financial planners were giving to people investing in the late 90s during the 'bubble'... which is my point.
Nothing in life is 100% guaranteed- which is why we do need something as a society that is 100% guaranteed. Because the people that live paycheck to paycheck, the people that are uneducated, the people that work in the grocery store all their lives, the single mothers- maybe THEY can't afford to put $ away, maybe THEY don't have retirement- but I guess Republicans and those against social service feel that those people are expendable and can die poor and alone since as it is they are barely living above the poverty line and don't have enough money to contribute to their political campaigns.
It's the way of the world, $ talks. But I think it is our responsibility, all of us, as Americans, to stand up for those who do not have a voice and who need our help.
Edited to say- After all, we have the decency to save all the Iraqis from the tyranny of Sadam, can we not save our own?
alina
Posted:
Member since
Re: I knew it! Thanks Mr. Greenspan!
Posted by Sassyz75
Alina,
in theory- true. but that certainly was not the advice 99% of the financial planners were giving to people investing in the late 90s during the 'bubble'... which is my point.
Sad, but very very true... Don't even get me started on the $$$ some of the people I know lost during the dot.com time.
I personally believe that in everyone should be required to take a class on the basics of personal financing. I think in today's world its almost mandatory to know these things. I mean when I first started working, I didn't even know what 401K was and why I should be contributing... In all seriousness.
And unless you're totally in love with a specific company or have so much money that you don't mind losing, NOBODY should be purchasing individual stocks... It just doesn't make sense...
