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Old 03-03-2014, 10:22 AM
Tom Joad's Avatar
Tom Joad Tom Joad is offline
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Seven Numbers that Add Up to a Death Tax for Retirement

It's been stolen by the super rich.

I have posted sections of an article that details how this theft has been going down. You can read the entire article at the link provided.

http://www.commondreams.org/view/2014/03/03-5

The dream of a comfortable retirement is dying for many Americans. It's being extracted as a form of tribute to the very rich, a redistribution of our nation's wealth, a "tax" imposed on the middle and lower classes and paid for with their retirement savings.

1. A $6.8 Trillion Retirement Deficit in America. But $8 Trillion in New U.S. Wealth Was Created in 2013.

The problem is that most of the new financial wealth went to the richest 10% (almost 90 percent of all stocks excluding fast-disappearing pensions).
B

2. $6,500 is the Median Retirement Fund for Upper-Middle-Class 50- to 64-Year-Olds

3. ZERO Wealth Gained among 93% of Us, While the Richest 12,000 Families Made $100,000 EVERY Day

4. TWICE the Cost of Pensions -- That's What Ten States Pay in Corporate Subsidies

Americans who have worked all their lives, dutifully paying for their retirement years, continue to be accused of greed and threatened with pension cutbacks. David Cay Johnston calls it "nothing short of theft."


5. 40 Cents of Every 401(k) Dollar Goes to the Banks

6. Two Dollars: The Approximate Wealth of Black Families for Every $100 of Wealth for White Families

7. Almost 10 Percent of an Underserved Household's Retirement Money Goes for Financial Fees

A U.S. Office of Inspector General survey reports that "The average underserved household has an annual income of about $25,500 and spends about $2,412 of that just on alternative financial services fees and interest." That includes fees for payroll cards, prepaid cards, subprime auto loans, and numerous other financial products that are sold to over 68 million financially underserved U.S. households.


More details here.
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Old 03-03-2014, 02:14 PM
MrPots MrPots is offline
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So what you're saying is that the banks control the entire monetary system and have designed it such that they get a cut of every transaction made in this country, and that the 401K scheme profits banks more than the actual 401K holders themselves.

I think I already knew that. But it's a great system if you're a bank. Get the rubes to "invest" their life savings in a 401K instrument most of the population does not understand, if the markets tank, those 401K investors absorb 100% of the risk, if the markets flourish, the banks get the lions share of the gains.

Who wouldn't love that system?

And when you have your own people manipulating the market day in and day out, why that's just icing on the cake.
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Old 03-03-2014, 02:30 PM
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Samm Samm is offline
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and as if that isn't enough the Washington puppets hand over othe SNAP program to the banks so they make more money the more poor people there are.
http://moneymorning.com/2013/04/09/w...-food-stamps/#
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Old 03-03-2014, 03:10 PM
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Someone's having a conniption fit.
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Old 03-03-2014, 03:12 PM
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Oerets Oerets is offline
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Who??

Can't be someone important!

Barney
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Old 03-03-2014, 03:41 PM
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Quote:
Originally Posted by Oerets View Post
Who??

Can't be someone important!

Barney
Naw, it's our pet 'puter program from the movie 'Her' having an off topic rant about food stamps. Well, actually a cheap Russian knock off of that AI, really.

How're you doin' Barney? Just saw the weather map and it's helluva a cold snap across the mid section of the country. Will there be bacon with that French toast? I'm hungry.

Sorry for the threadcrap Tom Joad, I'll find my way back to the topic at hand.
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Old 03-03-2014, 03:46 PM
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bobabode bobabode is offline
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Here's a good graph courtesy of Mother Jones.

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- Mr. Underhill
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Old 03-03-2014, 04:10 PM
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Oerets Oerets is offline
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Quote:
Originally Posted by bobabode View Post
Naw, it's our pet 'puter program from the movie 'Her' having an off topic rant about food stamps. Well, actually a cheap Russian knock off of that AI, really.

How're you doin' Barney? Just saw the weather map and it's helluva a cold snap across the mid section of the country. Will there be bacon with that French toast? I'm hungry.

Sorry for the threadcrap Tom Joad, I'll find my way back to the topic at hand.

Yes a side of bacon is always nice.

Been a long cold winter. But spring is getting closer. Will not be long now and I'll be complaining about the hot weather.


Back on subject,




Anyone else have a hard time at those retirement "free' meals keeping a straight face at some of the statements those people make? Geez try and tie down the total percentage charged on your money. They don't even know! But sure will take your money. I can tell you no one buys an annuity, they are SOLD ONE!

I been going to a few different outfits. They are trying to poach us away from the another company.

Been real busy doing taxes for us and my Mothers. Talk about having to keep your eyes on the ball. Done for now it looks like. But I have lawyers and accountants, because of all the BS wording and forms made to confuse the average person.



Barney
Attached Images
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Last edited by Oerets; 03-03-2014 at 04:55 PM.
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  #9  
Old 03-03-2014, 05:01 PM
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Tom Joad Tom Joad is offline
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Sorry for the threadcrap Tom Joad,
No problem.

It's OK when us good guys do it.
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  #10  
Old 03-03-2014, 05:02 PM
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Tom Joad Tom Joad is offline
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Here's a good graph courtesy of Mother Jones.

I love it!
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