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Oct 24

Growing numbers of poor Americans find retirement elusive; they must work till they die

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Sad story from the Associated Press. America has become a two-tiered society, with those in power pampered in luxury while those without government positions live lives of poverty.

For years, the U.S. government has punished savers, entrepreneurs and investors. Social Security, for example, takes money from people’s paychecks during periods when they most need money to build their careers, families and homes–and transfers that money to wealthier Americans.

Studies of the impacts of Social Security and Medicare show that Americans save less, invest less, and work fewer total hours in response to the program.

Some 40 % of Americans reach retirement age without any significant savings or investments.

While government “workers” have never had it so good, a growing proportion of Americans must look forward to lives of misery and poverty in their old age.