Another study was written up in the Boston Globe, entitled More found at risk for falling short of retirement money. It begins,
Workers in more than half of US households will likely be unable to retire at 65 at the same lifestyle they enjoy today, a new study says.
The Center for Retirement Research at Boston College says its latest analysis of household financial status shows 51 percent are at high risk of falling short of having enough money in retirement. That’s up from 44 percent in 2007.
Here's the comment I posted:
So is this system we've got working for us, or is it working to funnel money into a small portion of our society?
Are we so invested in "America right or wrong" that we are willing to accept a structure that drives a wedge through society, raising those above it -- a relative few -- and driving down those below it?
The 2007 Federal Reserve Board Survey of Consumer Finances sheds some light:Bottom 50% .... 2.5% of net worth
Next 40% .... 26.0% of net worth
Bottom 90%: 28.5% of net worth
Next 5% .... 11.1% of net worth
Next 4% .... 26.6% of net worth
Top 1% ..... 33.8% of net worth.Does this feel right to you, or is it probably inconsistent with the principles on which this nation was founded?
Continuing with the same distribution of households ... that is, by net worth:Bottom 50% of us ... 22.4% of the income
Next 40% of us .... 36.3% of the income
Bottom 90% of the wealth distribution: 58.7% of the income
Next 5% of us ... 8.3% of the income
Next 4% of us ... 16.6% of the income
Top 1% of us .... 16.4% of the income.Turning to the Income distribution data from the same study,
Bottom 50% of us ... 14.6% of the income
Next 40% of us ..... 38.2% of the income
Bottom 90% of us: 52.8% of the income
Next 5% of us ..... 10.0% of the income
Next 4% of us ..... 15.8% of the income
Top 1% of us ...... 21.4% of the income.Well, now you've gulped. And within a few seconds, you'll probably have gone through a mental process that accepts this as somehow inevitable, or just, or right.
Is it, really? Think of the hard work put in by millions of people not in the top 10%. Think of the stress. Think of the injustices.
Or maybe you think this is all survival of the fittest, and justified somehow.
Maybe you think that the baby boomer generation just didn't mind their P's and Q's and therefore deserves what they're getting.
But if you think there might be a better way, I invite you to investigate some very old and wise and just ideas, the ideas of Henry George. You could start with his speeches, at wealthandwant.com, or some of his books, linked there.
We can do better. We can create a society more consistent with our ideals. This seems to me to be the best way.
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