Retirement thoughts Past Present Future

[arto98607]

It's been a long & interesting thread about 'Retirement thoughts Past Present Future' - are we close to getting into **litics?

 

[NoTrespassing]

The Vanguard fund I was in is up less than the money market fund I switched to 4 months ago. Waiting on big drop late 2023/early 2024 to buy back in.

 

[Gale Hawkins]

I keep funding my IRA but the balance hangs around the same small balance for several years.

 

[WinterDeere]

,,,,

Charting the Rise of America’s Debt Ceiling

By June 1, a debt ceiling agreement must be finalized. The U.S. could default if politicians fail to act—causing many stark consequences.

www.visualcapitalist.com

Scaling for inflation would create a more honest and useful graphic, but perhaps that’s also a bit circular, inflation is tied to the debt ceiling to some degree.

In any case, there was a huge and arguably necessary step up in 2020, COVID relief spending. I see no reason why getting back down onto to the pre-2020 trend line should not be a very realistic goal.

 

[Gale Hawkins]

Recently talking with some 25-35 age group they have a dim view of their financial futures and see no point in making good money to pay into SS that is not going to be there for them
As they see it.

When I finished highschool in 1969 I was so poor seeing better times wasn't hard.

 

[Larry Caldwell]

Charting the Rise of America’s Debt Ceiling

By June 1, a debt ceiling agreement must be finalized. The U.S. could default if politicians fail to act—causing many stark consequences.

www.visualcapitalist.com

This visual make current events a bit more impactful.

The 15% SS payout rate increase over the past two due to COLA increases has to come from.some where unless magic is involved I would think.

I expect taxes on SS will greatly increase in the next 'Save SS ' movement. If they will plow it back into SS fund it would be good. COLA's will be revisited in some shape or form too.

Rather than tax rate increases, I think they should broaden the tax base. Manufacturing robots are taking family wage jobs, so they should tax manufacturing robots. As AI replaces higher income jobs like stock brokers, programmers, and screen writers, they should tax the AI. For decades we have been faced with a shrinking jobs base, forcing more and more people into lower paid service occupations. That process will accelerate in the next couple decades. Consumers already far outnumber the producers, and it's only going to get worse.

 

[California]

Rather than tax rate increases, I think they should broaden the tax base. Manufacturing robots are taking family wage jobs, so they should tax manufacturing robots. As AI replaces higher income jobs like stock brokers, programmers, and screen writers, they should tax the AI. For decades we have been faced with a shrinking jobs base, forcing more and more people into lower paid service occupations. That process will accelerate in the next couple decades. Consumers already far outnumber the producers, and it's only going to get worse.

Well said. That's the essence of the current situation.

Automation in its various forms has replaced some labor, making people unnecessary. So wages haven't kept up with the increases in productivity.

Seems to me since incorporating a business makes it a legal 'person', shifting a greater proportion of the tax burden on to corporations (which increasingly don't need as many employees to be profitable) would improve the lives of Americans.

 

[buckeyefarmer]

Recently talking with some 25-35 age group they have a dim view of their financial futures and see no point in making good money to pay into SS that is not going to be there for them
As they see it.

When I finished highschool in 1969 I was so poor seeing better times wasn't hard.

I thought that at that age also. People back then said SS would be broke before now. They were wrong.

 

[goeduck]

Rather than tax rate increases, I think they should broaden the tax base. Manufacturing robots are taking family wage jobs, so they should tax manufacturing robots. As AI replaces higher income jobs like stock brokers, programmers, and screen writers, they should tax the AI. For decades we have been faced with a shrinking jobs base, forcing more and more people into lower paid service occupations. That process will accelerate in the next couple decades. Consumers already far outnumber the producers, and it's only going to get worse.

Garnish their wages if they don't pay their taxes.

Next maybe tax your tractor, your chainsaw, your lawnmower, etc. since they replaced manual labor that could have been hired out? All of us could create jobs for people instead of buying tools.

Or we could all go back to living in caves.

 

[goeduck]

Well said. That's the essence of the current situation.

Automation in its various forms has replaced some labor, making people unnecessary. So wages haven't kept up with the increases in productivity.

Seems to me since incorporating a business makes it a legal 'person', shifting a greater proportion of the tax burden on to corporations (which increasingly don't need as many employees to be profitable) would improve the lives of Americans.

Businesses tally up their costs which go into the price of their product. Who pays for that?