What are Americans thinking? How are Americans setting their financial priorities? Do we need a better way to assure reasonable retirement ala expanded Social Security or more “forced” savings in some manner?
Employers have largely abandoned pensions, a short-sighted move in my view. We can rely on personal responsibility all we want, but as that appears not to be working, then what?
How will society cope with generations who cannot afford to retire, who have inadequate income, who must rely more on public assistance? What are the implications for our economy (everything from consumer spending to paying for health care)?
So, other than ignore it, what the hell are we going to do about it?
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Expanded Social Security is an idea that will benefit all employees. 10% for employee and employer. Since many employers have dumped pensions. Also, more new jobs are coming from lower paying retail positions it would provide a more secure retirement for many. I would give some kind of tax break for the self employed person that is having to pay 20%. You could do a phase in over several years to get to the 20%.
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Not ideal, but given the reality of the situation it may be necessity. They key though is where does the money go to be invested.
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