A Civilized Country Doesn't Do It Like This
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- Опубликовано: 8 июн 2024
- Live-streamed on May 14, 2024
Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis (SCEPA) at The New School, discusses her recent book Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy.
/ tghilarducci
www.economicpolicyresearch.org/
press.uchicago.edu/ucp/books/...
After an extensive conversation on the shift in US retirement from defined benefit plans to defined contribution plans, how that change shifted the risk on the shoulders of the employees, and why employers have such a drastically better capacity to handle said risk, Ghilarducci tackles the false narrative around the state of retirement age and labor in the US, and wraps up with the central elements of her “Grey New Deal” plan to reaffirm the value of the US labor force.
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The richest country on the planet convincing its citizens that it cannot afford the same basic social security net enjoyed by other industrialised nations is peak propaganda
We aren’t the richest country. That’s your first fallacy. You can’t be the richest country in a debt based system lol.
@jay-rad98 Technically ALL our weath IS "leveraged".
A modern society IS a banking economy. Technically it is all about managing dept. Well. 1/2. What's wrong with taking an honest job with great work ethics. Thus sign a mortgage to own a home and take on car payments to buy a car.
Technically ALL our weath IS leveraged. 50% savers and 50% borrowers. AKA the bank has a balanced budget.
What is criminal, someone who didn't save enough money for retirement, then wanting interest rates to make up thier short-comings. Rewarding savers is punishing the borrowers. The people who haven't saved enough for retirement want the borrowers to make up the difference.
Why should the younger people needing to borrower money be punished by the older savers.Who didn't save enough in the first place. A catch-22 failed math logic here.
The people who want to punish the borrowers must sit in prison to have time to reflect on the bad 1/2 . The 1/2 part of punishing the borrower's part of their math.
We can afford billions and billions for the military tho
The "elite" brainwashed the people with words like "liberty, equality and justice".
@@jay-rad98that's not how debt works, every nation is indebted to another nation to some degree
We're not civilized, we're American. It's a whole different thing
That’s insane, go get your wisdom teeth pulled in the uk, they don’t even put you under.
We live in one of the movie civilized nations in the world, it just full of idiots with warped ideologies and religious beliefs that don’t know how to utilize the system for their own benefit, so they blame everyone else but themselves for their own stupidity.
You're pathetic lol
"For revolting barbarity and shameless hypocrisy America reigns without a rival."
-Frederick Douglass
😂~*
Well said!!
"Whenever the government provides opportunities in privileges for rich people they call it “subsidized” when they do it for poor people they call it “welfare.” The fact that is that everybody in this country lives on welfare. Suburbia was built with federally subsidized credit. And highways that take our white brothers out to the suburbs were built with federally subsidized money to the tune of 90 percent. Everybody is on welfare in this country. The problem is that we all to often have socialism for the rich and rugged free enterprise capitalism for the poor. That’s the problem."
-Dr. Martin Luther King Jr.
The truth.
💯
This has become brutally worse since Dr. King pointed out the hypocrisy of government investments with our money.
This is pure ignorance.The government doesn’t produce anything.Oh sure it “subsidizes” these development programs but it’s done through the blood sweat and tears of the productivity of it’s citizens
“Society grows great when old men plant trees whose shade they know they shall never sit in.”
-Greek proverb
"I got mine, so screw you!"
-American proverb
According to Statista, the United States is the largest donor of humanitarian aid, with the European Commission and Germany contributing almost five times less.
Richest country in the world helps others before themselves.
What can we say except isn't that what you want?
@@tedtimberson4262
Who tf told you we didn't need help ourselves?
So when is that help coming, anyway? That whole 9 million dollars a year, which wouldn't even feed a single city for a year. You said we help others BEFORE ourselves, so when is our help coming?
Major goalpost shift. This conversation is about Americans being unable to retire and you're talking about the less than 10 million out of our entire GDP we give in aid. What a joke.
@@tedtimberson4262
Digging deeper, our largest recipient of aid is of course, Israel. The nation actively committing war crimes. Wild that you thought this was an own.
@@tedtimberson4262 You can probably find a mountain of purely self-serving reasons that the US does this though... if it was truly about ''caring about people'' they would take much better care of their own citizens. I guarantee you that there are going to be big corporate profit motives, or shady political motives, behind the majority of that humanitarian aid provided... like when they ''want to help sick people in Africa'' by providing free vaccines and medication.
Turns out a lot of the time they were just secretly testing those products on unwitting human subjects to see if they were safe to be used back home.
@TheCringeKing77 the help isn't coming, you'll never sit under the shade of that tree. Neither will your kids because you're asking someone else to do it.
Go ahead take on some dependants see how that changes your little "when are they going to help me".
Israel is a foreign policy miracle buddy. Miracle. Billions in foreign aid have been thrown down the toilet in other countries but Israel used it so well you can even hold them accountable for war crimes.
You think anyone's accusing the taliban of war crimes? It's wasted breath.
My mother died at 73 a few days ago bc she didn't have enough to retire and kept working.
Sorry for your loss Peter I hope you are doing okay and I truly believe your mother is in a better place don’t forget that you have people out there who care❤
Sorry for your loss 🙏
🙏🏼👊🏼
I'm sorry for your loss.
So sorry to hear about your loss. I will keep you and your family in my prayers 🙏
I live in a building that was built in the late 1800s, my rent, for a small apartment, only big enough for myself, is $1178. I moved in winter 2022. My upstairs neighbor, a man in his 80s has lived there 14 years, and pays $675. Recently the building was sold to a new owner and we have been rightfully worried of being thrown out so they can slap white paint on everything then charge 1400-1500 per unit.
Thing is, I can survive this. I am young, I have a decent job, I can pinch and afford an extra couple hundred for rent, at least for the first year. My neighbour, and really, every other neighbor in the building, because they are all old and retired, DON'T STAND A CHANCE. Their pensions barely afford them rent and groceries and they are paying hundreds of dollars cheaper than myself. I will point out 1150, which is what I paid when I moved in is CHEAP in my crumby little city. Anything cheaper is student housing amounting to a single room. My neighbors will be homeless if they had to find another place. Their low rent, for being in the building for countless years is their saving grace. Our landlord, just sold the property for $2million, having originally bought it 14 years ago for a couple hundred thousand, and it's not his only property. Pricing people out of home ownership while simultaneously making rental properties a business is destroying our countries, failing our children, and abandoning our seniors.
You can say "work harder" all day, but soon enough, without these problems mended, and peoples lives enriched, there is an unspoken, violent realization brewing in the minds of people in my generation and younger.
Fix the fucking problems and help people before an entire generation of radicalized, hopeless adults turn their rage on the institutions and people who are complicit. In China the youth have a movement "Let it Rot" they have given up. It may not be so easy here in North America, we're angry and act out. Give us, our children, and our parents hope for the future, before "Let it Rot" becomes "Let it Burn"
Yes. I already say the kids going the "children of the corn" way if things stays like this.
Thank you for eloquently explaining a horrific trend in America. I appreciate your clarity and compassion.
Thanks for sharing your valid insight! This is the new reality. The only real solution is to first identify the source (Bidenomics) and the underlying corruption of the current administration driven by the deep state (private equity buying all the real estate) creating a feedback loop between the 12 million new immigrants (who need housing) and the covert efforts to give them all ballots before November.
I'm a boomer and I approve this message. Keep "brewing", young folks. The current monstrosity has been fermenting since the Reagan years.
So grateful kids are finally waking up!
Essential workers = endentured servants
servants in dentures
Endentured servants > essential workers
An endentured servant pays back their debt, an essential worker never does
As a 50 year old with no 401K, a small savings, and no supplemental retiremen mineyt; I accept the fact that I'll be working until I die. I really feel for these young people. The system sucks and has sucked for a long, long, long time. ☹️
That's why your vote matters😊.
@@nubianprincess2771
Voting does not matter!!
You being a 50 year old with no 401K, a small savings, and no supplemental retirement is completely your fault.
@@robertredmon5409 Oh shut up, you don't know who they are
@@robertredmon5409 Financial profit is only derived from the deliberate and forceful creation of a large working class.
Feudalism is to blame for that, then the capitalist took advantage of that ready made class system.
without that foundational class system capitalism could not exist.
The hierarchies of feudalism and capitalism are pyramid shaped, while every natural hierarchy of competence is a bell curve (IQ bell curve) with few at the top and bottom and the majority in the middle.
Pyramid hierarchies are artificial and integral to capitalism/profit, there has to be a very large base of low paid workers in a capitalist hierarchy in order for profit to be generated.
Financial profit is not possible in a natural (bell curve) hierarchy because there aren't enough people at the bottom to skim labor value from.
Capitalism is not contrary to feudalism, capitalism is the lying rat that feudalism gave birth to.
social security has its issues with an aging population....but so does capitalism which republicans fucking forget.
I'd say rather that they don't "forget" so much as "ignore." As long as it doesn't happen to them they're fine with it, and if it does they're trained to believe that they just didn't work hard enough or some other crap. To them the suffering of others isn't because of the system, it's the individual, at least until they are the victim. That's just how people living in capitalism are trained to think. Right wing/hierarchical thinking is a plague on humanity.
@@samuelrosander1048
Certainly possible. I just think they don't realize it because it's a bit less obvious in this case. Social security is only a subset of a more socialist society, so it's probably easier to see it
It's kinda crazy how the stock market and the 401k kinda operate very very similarly to social security
@@thesummaryguy3911 WHAT???!social security is an insurance program to make sure poor senior citizens don’t die in abject poverty like the majority of them did before the Great Depression
a 401k is a limited money pot when it runs out because you get sick you have nothing left to actually survive on.
You think it’s just republicans? You’re the problem
Social security won't go broke at the rate boomers are dying. My whole family is dead accept two people on my moms side. Nobody lived to even see 70 and barely used social security at all. Only rich people who can afford to eat healthy all the time and get good healthcare are living to 100. They don't need social security.
I work with an 80yr old who can't afford to retire. It's such BS!!!
Only in America
The U.S. doesn’t have an old age pension for those without retirement savings?
Im 58, with a bad heart & will probably die at work. My ex-spouse & i watched our 401k become a 4k twice in our 25yr marriage. So excuse me for not donating anything to the billionaire's gambling spree & spending all my excess wealth on luxuries like all the medications keeping me alive & my electric bill.
Economic freedom isn't BS.
@@coasterblocks3420 No, it's not the government's job to plan and provide your retirement for you. WTF do you think the USA is a daycare???
I was barely able to pay the bills in my 20’s, let alone put money into a retirement account.
The system rewards debt and punishes savings. Truth. There has been little to no interest paid on savings for decades and counting. Since FICO was implemented, you're punished if you pay off debt and don't carry debt. Savings bonds are dead. Worthless. The only savings vehicles left are retirement schemes where Wall Street can take a giant cut of your savings for their back room casinos. They're complex and getting more complex. We all know why they've made them so complex. It's to rob you of your savings. It's hard to trust a system with your life savings that is set up to take it all.
And thank you for using the word "fatal" for women, because that is 100% truth. Gen X women are/were some of the least supported, most overcharged, socially, medically and physically abused people in this country. I fear for all of the women of Gen X who worked as waitresses or in food service their whole lives. They can't claim disability if they're injured on the job, because they didn't make enough every month with their low wages to qualify. Cashiers? If you didn't make $800/month, you didn't pay in enough to get anything back. So while you worked and still contributed to this society, you get nothing in return for your dedication and labors. It's truly shocking the great USA would treat it's own women this way.
Its. My pet peeve. It's=it is. Its=his/hers/theirs.
Agree with everything, except that you're surprised by this
If this country taxed the obscenely wealthy, rather than 40+ years of "Trickle Down" and "Greed is Good" capitalism, the average worker would have savings, just saying. By design in this country, the majority are kept just barely scraping by. Low wages and high prices to funnel as much as possible to the upper 10%. It is done in so many ways, it would take a chapter to name them.
@@johnl9977 And women who have children are forced to stay married or forced to live in poverty, which sort of defeats the whole idea of freedom. There are few jobs for women that pay a LIVING FOR ONE, let alone two or more. And forget health insurance. Only teaching and other government roles allow women to carry their own health insurance policies. The rest of jobs for women have none or extremely COSTLY insurance plans with little coverage.
@@JAMESLEVEEwhich is especially annoying given that an apostrophe usually means possessive.
We should meet the material needs of people. IE Food, shelter, healthcare, being fundamentally guaranteed by the state. What else is the atrocities of the state worth dealing with if they don't do the bare minimum for it's people?
Good luck getting that message through to normal people. They think it means people are just lazy and want free stuff.
in an ideal society, earnings contribute to taxes which contribute to government programs designed to help the less needy improve their earnings. creating a cycle for the less fortunate. instead people are selfish and think "i worked hard, why should others have it easier"
@@ApexGale That's a phantasm. We live as individuals aware of abstractions coercing our behavior or thinking, and mutually from individual to individual just act on mutual interests between persons to be. IE when you say buy some homeless dude some cigarettes and food, you're doing so out of self interest not out of some altruistic bullshit. I am selfish beyond your comprehension apparently. Look up Max Stirner.
@@CaptainBuggyTheClown when people say there are no altruistic acts, theyre talking about themselves.
@@MP-db9swnormal people care. You're talking about Americans.
My mom retired two years early, found out she had lung cancer and died at 65. I'll live in a zoo before I give my labor out that age.
So start your 401k at 18.
This is super important content
If the person talking about SS and 401K’s were being 100% truthful!
@@soulfireonfire6423ok I'll take the bait, where's the lie
More money creates more jobs.
People on social security don't get enough to live period.
When the benefits was CC calculated they thought seniors wouldn't have expenses other than what they wanted to send their checks on.
They didn't think seniors will be paying rent. It was calculated for home owners.
It wasn't calculated for the poor. It was calculated for people who had savings, stocks, and bonds.
Then we have the issue of not wanting to provide those on social security a living benefit.
Homeowners still have property tax
Given how close everyone is to bankruptcy, its pretty audacious to ask young people to save 4% never mind 8 or 12.
Yeah, the woman is telling young people to invest their money in to financial markets that are already grossly overvalued?! We are facing a market collapse, a very possible dollar crisis, massive job losses, and this woman is talking about 1950s financial advice. Yes, let's invest in to financial markets when banks are failing, business bankruptcies are soaring, and job layoffs are ongoing.
Someone please tap on the shoulder and inform her of the 4th phase of the industrial revolution where people are replaced on a mass scale with robots and AI? People are already losing their jobs.
Seriously. You can totally make six figures on stocks and file the profits into your 401(k) and IRA. If you already have money. But a 401(k) or even a "high yield" CD (which is easier to find than a unicorn these days) doesn't pay for this month's rent, let alone today's dinner.
@@CubanSpartan Key phrase here - "if you already have the money".
Ha! This CURCH told me to pay 10%, then tried to justify their 100+billion dollar slush fund 😂😂😂
@@CubanSpartan I am not sure this is common knowledge. It sure isn't taught in school.
I have nothing for retirement or anything I’m mid 40s and I don’t really plan to live too old. I was raised by grandparents who told me in their 80s, “never get old”.
I’ll have my fun now. The world looks like it’s finished with our crap anyway.
Blaze of glory.
Painfully true.
I don't like to agree with you, but it is true, you are right. it is scary, I work with people who are very old and are still working long shifts. I'm worried for my children.
@@kevins4936 Yo… if I liked agreeing with myself I’d be afraid I’m already dead. Raised right by the silent generation ending up a gen x volume merchant. Everything expires.
Appreciate your reality. I wish I didn’t make sense. 👍
I may not agree with this, but I respect the hell out of it and I'm legitimately rooting for you!
I try to look at the inevitability of death from a competitive standpoint. Sports, video games, debates...I just hate losing. I want to be able to say "fuck you, death. You've had plenty of chances so far, but you keep losing to me." In fact, anyone reading this... we're all on the same winning team.
People like to say that death always wins in the end, but all games end eventually, and it's not like both teams lose just because the game ends. I think of it less like baseball or chess and more like Tetris. Nobody plays Tetris forever, but I'm going for a high score.
The pitchforks are close at hand these days.
Oh stop, just stop. People who were not responsible for themselves are blaming who exactly?
Personal responsibility.
Ssi is supposed to pay our bills the most I can get is 946 my rent is higher than that so it's designed to keep us impoverished into an early death
Next year you will get a 4 dollar a month raise but they will cut your ebt by 54 dollars. Sorry to be a ass it just the way it works
You can rent an apartment here in Cambodia for a hundred dollars a month, for eighty dollars a month. Why live in the States? It has nothing to offer. Health care is cheap here. Ten dollars to see a doctor, or you can go to an excellent public hospital in Bangkok and have a major surgery and a week in the hospital for fifteen hundred dollars. Five hundred dollars for a week in the hospital and major surgery in Ho Chi Minh City, Vietnam
@@sebolddaniel what are the wages like there? Are they enough to afford that $100 per month as well as food and all other essentials?
Seems to me like no county is worth living in. Besides I have no way to leave the US legally so I'm probably just going to exit stage left. I'm done with everything.
@@Anubis424242 Oh, it is just like the USA. You have rich folk who speed around in luxury cars endangering old peasant women on bicycles while the great mass barely get by. The pre-feminist girls working in the stores make around five Dollars a day, the same wage my mother made in rural Nebraska back in 1950. So Cambodia is a problem if you have any moral problem with being seen as a rich foreigner throwing his money around the supermarket buying luxury Campbell soups, Honey Nut Cheerios and tomato juice or spending seven dollars on Korean kalbi or coconut curries at local restaurants. I hope your are not planning on going through check out back there when you can check out more slowly here enjoying life's dark comedy of endless wars against evil commie Russians and Chinese.
@@Anubis424242 The always pre feminist girls working in the stores make about five dollars a day. Cambodia is not a place to live for any foreigner with a conscience who has a problem with watching people barely getting by in life while you walk into a supermarket buying Honey Nuts, Campbell's soups, and frozen peas . There is homelessness here, but nothing like the USA. There is a shack community on a black sewer pond, but the rest of the town has been upgraded with a minimal number of sewer streams. It has improved much in the last twenty years. The rich zoom around in luxury cars endangering old women and geriatric expats on bicycles. (I just spent four months in India where the rich have no problem playing chicken with pedestrians, so it is much better than India.).
People are skipping meals to save money! People can't afford rent! This lady is deranged!!!!
A cradle to the grave Social Security system would cause about 99% of our problems go away. It would guarantee everyone with a Social Security number would have an income separated from their employment. It’s called a Basic Income. It’s the keystone of a strong economy.
This went into the New Deal from the Green Party back in 2012. The original Green New Deal was 99% economic.
Keystone of a delusional economy LOL there's never been a healthy strong communist economy...."Free lunch" economics has never worked, 100% fail rate.
Your idea would become the most abused government program in history if it’s ever created.
Proposed by Ms Occasional Cortex. No chance to work.
7:00 Sam's face says he does not offer his employees a 401k 😬
they said they were working on it
@@madmaxfzz How long are they gonna use the same excuse ? 😉
lol, I noticed that too. To pay into that retirement requirement requires more advertising and memberships. Several professional podcasters need more money to support their staff, but many listeners are already financially stretched thin.
@@madmaxfzz, she said she was working on it. Sam didn’t say anything, at least in this clip.
@@WhatIThink45 it definitely highlights too that we really need a better system than "hopefully your employer is 1. In a position where they can offer a 401k, and 2. That they care enough about their employees to actually offer it."
Think about our reality here in America. When we get in a horrible accident and we are suffering, that’s just the beginning! Now if you don’t have insurance, you’re done. You just spent all the extra money you will ever get for the rest of your life. If you have insurance, you’re still going to get to be way worse off because you will still have more debt than you can actually manage. And they will refuse to cover a bunch of stuff and you will have to fight with them for an indeterminate amount of time to resolve it. And if you don’t he t back to work now, you will be homeless soon. We have accepted that we are being preyed upon. It’s ok for corporations to poison us, for banks to put us in unmanageable situations, corporations can lie to us and price gouge and insufficiency pay their workers. And don’t forget to give them a two week notice. Which they don’t have to give you. We are only here to be robbed and manipulated.
How do you save when every penny goes to trying to survive everyday
The limitations on contributions to 401Ks favor the self-employed or rich. The maximum total contribution per year is around $70k but most of us never come close to that amount because the company matching is not enough and the personal contribution is only $29k. The corporations all but eliminated pensions (and the unions that brought them to us) and conned us into accepting self-funded 401Ks. Once again we were duped by the rich who want NOTHING to do with providing the funds we need to survive.
My mother died at 64. She didn't even get to 65 and retirement age. And they made sure I had to take care of her when she was dying. Because she made just enough money with EDD. Not to qualify for Medicare or Medicaid. So I got to move her around on the bed when she was dying of congestive heart failure. But the government wanted that. Because then I could sacrifice my life. Which I did... Because now I'm dying of congestive heart failure at 46!!!! WELCOME TO THE AMERICAN DREAM!!!!! And if you expect generations younger than generation X, to do what I did. JUST MAKE YOUR FUNERAL PLANS NOW. BECAUSE THEY DON'T GIVE A DAMN ABOUT ANYBODY. 🤷
"For revolting barbarity and shameless hypocrisy America reigns without a rival."
-Frederick Douglass
All that just to rant at youth?
Maybe it’s just they understand that there is no American Dream? And WTF are you on about? What makes you think that everyone younger than Gen X doesn’t care about ppl? If anything it seems like the opposite dynamic to me. Now, young ppl may understand that we will never have the same means, but it doesn’t sound like that’s your issue.
A good parent/partner makes all their funeral arrangements well ahead of time. I'm sorry it sounds like your mother didn't do that for you. In her defense she passed kimd of young so maybe she just hadn't got to it yet.
That's no excuse to go on a tirade againt the youth. A small subset of boomers put us in the hellscape we currently live in. That doesn't mean I hate my parents/grandparents and blame them for the sins of their peers. They were working class just like me.
@@CompCompYou’re right but leave the person’s mother out of your mouth. You don’t know anything about her situation.
What about ppl who die prematurely before age 65? They just lose EVERYTHING that they contributed throughout their lifetime.
The rich count on it
Love the weekend shows 🫶🏾
Am I local McDonald’s There is an 84-year-old woman that is the dishwasher there I feel so bad for this woman maybe she can’t afford to retire,or maybe she’s just doing it to stay active . I hate to think that she’s working because she hast to ,that breaks my heart.
Sounds like an experience I just had. I was at a local grocery outlet and I saw this little old white haired lady, who had to be in her eighties, bagging groceries. It made me wonder if she wants to work there or is forced to work their due to economic circumstances. The elderly should be able to enjoy their golden years and not have to work just to make ends meet. Our society sucks.
Yet compared to about a billion people in India and Bangladesh, she's doing fantastic. How about all those people?
It’s so refreshing to hear someone on the left talking sense about pensions. My dad has one, he had one job for 40 years. I haven’t held a job for more than 3 years. That kind of job stability just doesn’t exist anymore in the private sector. The last thing I want is a pension that can get rug pulled. There were so many stories about people getting canned right before they’d qualify for their pension and getting nothing in the end.
Instead of a pension, I’d much rather see social security expanded considerably. Social security is a defined benefit. It can hedge against the volatility of a defined contribution plan.
So our voices go unheard
Yup unless we shut down the usa.
Because, the Majority Report tells you to _vote for Biden_ .
@@QuilishWammy Biden sucks, but do you honestly think Trump will be better? I hate to be that guy, but our only shot is to vote blue then fight/lobby the dems until we get what we want. The Green party doesn't have enough of a foothold in local or state politics tp make a meaningful impact, and the Liberatarians are republicans with a different coat of paint. The Republicans certainly don't want anything that will benefit you or anyone who looks like you.
People don't understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments don't match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I've been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
I'm surprised that you just mentioned and recommend Ms Sofia Rachel. I met her at a conference in 2018 and we have been working together ever since.
Sounds interesting. I was planning to invest some few £ in some coins, stack them up and leave them for a few years, but seeing this changed my mindset. Thank you very much
The UBI is the only humane solution , it must become a prerequisite of capitalism..
It's actually a pretty bad idea for attaining the goals it's seeking to pursue. The goal is definitely one I'd agree with, but it's an extremely reductive attempt to tackle those issues, and creates problems of its own. Really it's far better to take the cost-structure approach
@@simonkapadia7582 Not only does it create a basic standard of living it also gives the working class negotiation power they've never had.
@@ZangariRC not really. for real negotiation power we need to bring back stronger unions.
@@misanthropyunhinged Most people will still work on top of the UBI and will still unionize, they are great but they won't keep you off the sidewalk incase you get injured, health problems, or your age etc..
Or we can raise the minimum wage, have free college, universal healthcare, properly tax the wealthy, properly regulate housing and there would be no need for UBI and for the love of god stop pouring billions into our military and militarising policing. UBI would be a Band-Aid in our crony neoliberal capitalist system.
It's the government ponzi scheme versus the Wall Street ponzi scheme. The question is, who bailed out who in 2008?
Who bailed out whom
@@BrowithStoryCool thanks, I never get that straight.
@@tinoyb9294 no worries lol, it's a pet peeve
@BrowithStoryCool mine is "would of".
@@tinoyb9294 ohh that's a bad one, makes my skin crawl lol
But, the 401K is tied to the stock market. The crash of 2007 & 2008 happened when I was 44-45, and I watched my account drop month after month; losing more than I contributed. I was lucky, I worked for an industry that was knew would flourish because of Obama’s new requirement for EMRs, so I shifted all of my 401K into company stock, and bought additional stock with my employee match program. But for those who had to retire during those years, it was devastating.
I have a better idea. Pay workers what they’re worth. Implement Medicare for All. Move the 401K retirement money into the SS program. And, most importantly of all, take the cap off of SSN taxes and revise the tax system so that the wealthy actually pay taxes. While we’re at it, move all oil and gas subsidies to the Social Security fund, and also move all agricultural subsidies that are paid to corporations and to wealthy individuals who don’t actually farm the land they own. Allow people to shift from expensive premiums to private insurance companies to cheaper premiums for Medicare for all. Do all that, and we will be able to manage both Social Security, Medicare, and more public universities.
Move 401K to SS, really? You know that is wholesale theft right? That is the very definition of fascism. Retirees should also pay ZERO SS taxes. They've paid into it their entire lives. Public Universities should not be subsidized AT ALL. 401K's are only tied to stocks you select, but also to bonds and bond funds so that assumption is wrong as well. Your being lucky with Obama programs doesn't make you an expert.
Much needed info♡ Ty.
Maybe we as a society need to change our family unit; multi-generational homes and a system where every generation provides for the family vs the individual. At the moment, our thought process is winner takes all vs supporting one another.
Except for a short period of time even the US multi-general families was the normal. The problem is that Americans are such assholes and social disfunntional and intolerant that it's almost impossible. People's expectations are also stratospheric and completely unreasonable.
Consumerism has not been for society.
With all the hubub of UNIVERSAL HEALTH CARE, ya think!? USA is dumb that way
I have avoided my abusive family my entire adult life. That scenario sounds like Dante's Inferno to me. I'd rather die homeless & alone than have to live with those toxic @ssh*les "because family"
We’re back to the days of desperate living from 100 years ago
If close your eyes, she sounds just like Susan Sarandon. I couldn’t help myself.
These are things that need to be thought in high school, all 4 yrs.
6:39 awkward moment there between Emma and her boss Sam.. 😄
Great interview ❤
lol I feel that "haven't started thinking of retirement savings" energy
good conversation but I don’t see our financial system, ecosystems, etc. surviving the 2030s.
Neither do I. It’s gonna hit the fan in the next 15 years and that’s being optimistic for me. VERY.
you arent going to get people to demand money for education, healthcare, as long as people think their federal tax dollars fund these things
If a government really existed for the benefit of its people, they could educate citizens on how tax money funds everything. But extreme capitalism, with more and more billionaires not even contributing to federal taxes, the burden comes from lower earning Americans. And I don't think the average worker pays much attention to the huge cost of war and the military industrial complex that they pay for.
what?
And we all know all the money goes to their warmongering
@birdsong63 contrary, my understanding is that federal taxes fund nothing. State, local, property taxes yes because that is money that currency USERS spend on services and products but federal govt is not a currency user, they are currency makers. There could be no tax by anyone unless the first dollar is spent into the economy. That is because there would be no dollars tax away. First, it had to be spent in order to tax it away. Federal deficits is untaxed dollars, dollars created through spending and it is the money we have. I use we collectively everyone except federal govt. Ever wonder why a currency creator would need to borrow their own IOUs? Interests on treasury bonds is welfare to the wealthy.
The social security clawback if someone becomes disabaled and has to go somewhere, destroys families.
"We'll help you if you sign over everything to us" Then they put them in a medicaid dungeon...
Its not who votes that count but who counts those votes.
I’m currently contributing 6% to my 401k. Since she said to max it out, I’m going to look into that Monday when I return to work.
I'm currently contributing 10% and plan to bump it to 20% in a few months once i pay off the last of my credit card debt. You can contribute $23,000 tax free yearly.
@@robertredmon5409 Nice. Yea my company matches the first 6% I believe. I’m 38 and well behind what most people my age have accumulated. I wish I could do 20%, I’m thinking 12%.
Absolutely max it out as much as you can and put money into a brokerage account too! I never made a lot of money but I stopped buying unnecessary stuff and it paid off with a much fatter 401k while my friends are looking at a bunch of handbags on a shelf.
Yep. Max it out and learn to live within that budget. FROM experience it taught me the things I didn’t really need Also you can always cut the percentage back
That’s awesome, thanks for the advice you all. Definitely going to keep this thread in mind when I change it.
Emma I see you smile but it very important that you start putting aside.
Politicians act on donor (corporate lobby) concerns. Period.
Very sensible. Theresa is a great guest.
Teresa knows what she's talking about. I like the part defined / part variable benefit plan idea. I wish there was a plan where you could buy credits, and those credits grew in value over time with the markets and with compounding interest. You could then look at the monthly return per credit and follow your projected future income at any time. If you were behind, you could simply purchase more credits to get caught up. Some or all of those purchases could be before tax income.
Any and everything I buy needs to be predatory lenders free.
Lift the cap on SS, go back to pre Reagan tax rates, tax capital gains the same as wages, make stock buybacks illegal or highly taxed, raise the minimum wage.
The US government owes the Social Security Trust fund millions, possibly billions of dollars plus interest.
People in Nigeria can retire at 60. But a much richer nation like America has it's citizens working at 70?
Good content❤️❤️❤️
I had to sell off a lifetime of assets to full the void of time of no income while disabled and dying while fighting social security for disability just to get ssi because they refused my case long enough so u didn't get so ial security disability I only get ssi now that's a 1209 a mont h difference for reat of my life so anyone getting social security earned it it
We are not the richest country on the planet, we merely have the richest billionaires.
Im getting the hell outta here by the time im 50. I dont want to die in the gutter and work till i drop dead. We dont have universal Healthcare. social security on the chopping block. Retirement is almost impossible and all the social safety nets are nearly cut to nothing. Hopefully i can live out the second half of my life in ireland or costa rica!
Most people don't have any money to save for retirement.
And why isn't compound interest taught in school?
Wow, no government pensions or healthcare, work til ya drop! Guess all that defense budget's a killer in more ways than one.
I understand why lies behind this argument - the political power of the US thinks military projection is more important than ordinary citizens quality of life. But it always seems bit hollow of point to me as its not as if the US prior to becoming the dominant military (durring and since WW2) ordinary workers had a system which worked to look after them or enhance their lives did it?
The issue is the US was designed to be a Oligarchy. Which is why modern oligarchies have so much power in the American system.
Till that fundamental flaw is fixed, even a massive reduction is the defence budget down to pre WW2 levels wouldn't fix any social issue with the US.
"Labour was the first price, the original purchase - money that was paid for all things. It was not by gold or by silver, but by labour, that all wealth of the world was originally purchased."
Adam Smith
This sounds like the compulsory superannuation system we’ve had here in Australia for the last 30 years. Every employer puts 10 percent of their employees wage into a lifetime savings account that is payable back to the employee at retirement.
Civilization is when you love and care for each other. We have organized savagery, or capitalism.
Boils down to 1% plan to abolish SSI for decades ades. The 1980 Koch Presidential Platform, Social Security was to be abolished, as well as IRS, Public Schools, VA.
Public schools ineffective anyway.
I guess these rich old people think that all old people are doing as well as they are?
GenX pension=robbing banks? I'm sure as he'll not slinging burgers lol
RE the 401k discussion: We have this in Australia. Its called superannuation. Essentially a compulsory employer contribution into an employee chosen fund (Either Private or NFP). Not perfect but works pretty well.
In America we make dollars, not sense.
In Denmark, a McDonalds worker makes over $24 USD hourly. Has a pension. Has 6 weeks vacation. Has healthcare. Paid maternity leave. If they can do it we can too. If corporate greed wasn't taught in US business schools.
The USA is not a country, it’s a business.
I didn't know college was free in the fifties and sixties. Amazing.
UNFORTUNATELY THOSE YOUNGER PEOPLE ARE NOT AT ALL INTERESTED IN WORKING.
In Australia we have Grey Nomads ( Retired folk) - They buy Winnebago's or Caravans with 4WD's and live a life travelling around and across Australia. So "Grey" is a term used for thousands of Aussies.
The US government cannot run out of $'s, only real resources. A decent state pension is probably deemed by some as 'Moral hazard', but the state can meet everyones pension payments, the issue is this, is there an economy created which can produce all those goods and services when the pension cheques get mailed out, i.e. has productive capacity to absorb that spending
The day i am unable to work is the day i find a plastic bag because what else can i do?
Don’t forget about SSDI. Republicans want to cut it. No one ever brings it up.
Does TMR not offer a retirement package for their employees?
Wtf Sam? get the 401k for your emoloyees. I dont think it costs you anything as an employer if you just provide the option, and there was a time when even google was only matching 2K. Just call Vanguard and figure out how to set it up.
I feel like wealth should always be passed to society when someone passes, then you wouldn’t need to give your kids money when you die because they will always have access to wealth. Problem is our “leadership” will steal funds more than likely like they always do.
Exactly what privatization would do other than that of the government that would improve the Social Security system? Nothing. I'm old enough to remember when the DMV was priatized. How do you think that has worked out for us?
Yeah, as a minimum wage worker who makes tips, my 401k was $83k after 20 years...
At least SS is $700/mo. 💩
Arbitrarily raise prices that don't go at all to workers, nobody bats an eye 'that's just economics'. Suggest certain workers wages get raised - 'eHrmYgErD tHAt's nOt sUsTaInAbLe yOu cAn'T dO tHaT!!!!'
Who and how many in your profession makes it to retirement age? How many can afford to retire? I'm 50 and have been in Food Service for 36 years. I am screwed. What say you?
I am making bank with my 0.02% high yield savings account.
I'm sure you're joking, but if anybody has kept their money in that savings account (which obviously does not qualify as "high yield") when it's laughably easy to get over 4%, that's on them.
The forty years of wage stagnation also includes women who earned less institutionally in corporate jobs with secret non-union individually "negotiated" salaries, who are now or remained single. Silver new deal! I'm 55+ in grad school retraining, no 401k.
the key with a 401/k is to borrow against it, not withdraw, yes, the amount borrowed and interest paid is held in a non investment account until paid back but you gain the interest and avoid losing your investment.
So private investment assets, what private entity is getting that investment?
I’ve paid into Social Security since I was 14. I’m 60 now. Not taking my money.
what's wrong with mandating participation in a private retirement system..you can still continue the current system and people can chose to contribute to both systems but you must participate
The generational retirement crisis in the U.S. exists mostly because for 40 years most workers haven't received an annual raise large enough that beats 2-3% inflation. So screwed by management. Plus they have been grossly underpaid to begin with because of the ultra competitive labor market forces. While that in recent years has flipped to where there are more jobs than workers and can get higher wages, the current high inflation and high cost economic environment has made it a complete disincentive for young people to become an "employee at a corporation" and pay a social security tax out of their check that goes directly to a current retiree that the way things are going, they will never see a dime to a dollar of it.
A great thing about 401(k) contributions is dollar cost averaging. If you put the same amount in with each paycheck you’re buying more when the market’s down and less when it’s up.
'dollar cost average', that's marketing started by Suzie Orman who by the way doesn't buy stock herself.
@@allanwilmath8226you have no clue what you’re talking about
I started doing this before I ever heard of Suze Orman. I never read or listened to her so I don’t know what she had to say. Marketing has nothing to do with it and it’s perfectly logical. I had the same amount going into my 401(k) every month no matter what the market was doing and when I was laid off at 60 I had enough to retire.
How can we go from UC Berkeley being free in the 1950's to 100k USD a year in the 2020's?
Compound interest is great. When it happens. My 401k has LOST money the last few years.
$5000 a year into an Roth IRA invested in an total market index fund will pay you very well if you start in your 20's. That's $14 a day into retirement.
Wrong. The structure of a society's generations (the young, working adults, and the elderly/retired) dominates how successful a society is, and whether it can afford to provide a "dignified retirement."
I’m 40; I already feel superannuated
In addition to business-sponsored 401(k) plans, non-profits can sponsor similar 403(b) plans.
In my home country most of the elderly dont rely on a pension but more on the family. We have no real estate taxes, food and medicine is fairly cheap. The American way needs to change.
10:38 it's actually not just that, although that isn't helping.
the biggest rise in the cost of secondary education is actually administrative costs (I think I learned this one from hank green). although that is dated, so maybe it might be something else by now.