I think your wrong Mike…Here’s why…
Just predicting BAD doesn’t tell us anything.
First off…
FORGET Social Security…Here’s why…
This stock market crash has actually BAILED OUT SOCIAL SECURITY!!!
Let me explain…
All those baby boomers you worry about RETIRING…CAN’T…They just got their @SSES handed to them by way of their 401K’s IMPLODING…BYE, BYE RETIREMENT…Hello working until you DIE. My Engine company responded to a local Walmart last week…A 70 year old man had a MASSIVE heart attack while AT WORK. We did CPR/defibbed him for 15 minutes(from the minute we got to him, till we went through the doors at the ER)…Couldn’t save him…His wife told us he was working at Walmart because he his 401K and Social Security weren’t enough to live on. THAT’S the new AMERICAN Retirement plan…Work until your DEAD.
MIKE…NO ONE is retiring in this country for a LONG, LONG TIME!!!
401K’s are wiped out…as a result the FEDERAL GOVERMENT has just been given the ULTIMATE Get out of jail card!!! They move up the AGE limits on Social Security, cut benefits, and blame it all on the drop in the stock market and at that point the REMAINING WORKING PEOPLE (folks that STILL have jobs) will completely understand and support the lowering of benefits. I don’t think there has been, or ever will be, another time when voters will actually support these decisions. No better time to tighten the belt than when the population is tightening also. This time, our goverment will be FORCED to do this…The only question now is HOW THEY SPIN IT???
As far as us living beyoind our means…YOU ARE 100% correct!!
BUT…your missing an important piece of the puzzle…
Our markets…RIGHT NOW…are addressing this mess…The idiots who purchased homes they could not afford are LOSING THEM…In addition to their homes…They are NOW LOSING THEIR JOBS!!!
Credit card companies are now CUTTING credit limits, and banks are INCREASING lending standards…What is the result???
For the FIRST TIME in DECADES…The SAVINGS RATE IN the U.S. is actually INCREASING!!! People (including YOU) are not SPENDING. They see friend, relatives, co-workers getting really HURT…THEY ARE CHANGING BEHAVIOR…
As far as Ford’s 2010 contract concessions go…I assure you…I am MUCH MORE familiar with those concessions than you are. THEY ARE COMPARABLE to the Japanese automakers. Right down to HOURLY WAGES.
These market events we are watching are taking place on a GLOBAL SCALE…It’s like being IN A HURRICANE…There’s so much going on it’s hard to see the small things… Those small things are the FOUNDATION of an eventual recovery. We are now going through what has been referred to as…
“GETTIN’ YOUR MIND RIGHT.”
There’s a whole lot of people in this country doing that RIGHT NOW. Look at what going on as far as Christmas shopping goes. I see article after article about how people are not buying ANYTHING for gifts…They are DOING THINGS with, and FOR their friends and relatives. The funny part about these stories are…Both the giver and recepient actually ENJOY this more than just BUYING something.
We’re at a cross roads here…The days of GROSS OPPULANCE are OVER. We are headed for a time so tough most people won’t believe how bad it will be…
IN that misery…Is our eventual salvation.