Quote:
Originally Posted by jc3900
95% of the population now has 5 times more money
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How did you arrive at "5 times more money"? If your take-home pay increased by 6%, or even 12%, that isn't 5 times more money.
Do you honestly believe that the average worker will put that extra income into savings? Various surveys have shown that up to 70% of workers currently live paycheck to paycheck. Do you really think if these folks saw their income increase a bit, they would save all that money rather than just spending even more. People typically increase their spending to match their income. Otherwise, virutally nobody would live paycheck to paycheck.
Take away the SS annuity and retirement will become a fantasy for most people. They won't ever be able to retire. I believe currently about 1/3 of retirees get 100% of their income from SS and a lot more get a significant percentage from SS. What happens to those current people and all the future people who would fall into those categories when they reach retirement age?
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Steve
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