Rantings and tirades of a frustrated economist.
Yes very strange indeed. The 1960s was the height of US prosperity. And then suddenly the youth of that era, decided everything is wrong with America. They rebelled against everything that had built America into an economic power. In the meantime, many people in Red China were starving to death. I am betting that the 1960s Me Generation, will go down as the most selfish spoiled generation, in all of history. Their parents after surviving the Depression and WW2, simply made life too easy for these spoiled little brats.
Are we sure they were putting money into these long-term investment plans, or were they expecting social security, medicare, etc. to cover the bulk of things and that they wouldn't be living primarily on their 401(k)'s?
Morrison actually died in a bathtube. It was Elvis who died on the toilet.
I think a contributing factor to their 401Ks being inadequate, is largely an issue of spending too much and not saving enough.The fact of the matter, is that no, you cannot "have it all".Second, was the decline and death of the traditional defined benefit pension for the private sector. Most private pensions have been frozen and replaced with 401Ks. This has forced a greater dependence on 401Ks.If I were King, I would freeze all government employee and teacher's pensions at their current level and replace them with a 401K and 6% match of employee contributions. Just like my employer did in 1999. That would be non-negotiable. Don't like it, leave. Go on strike, you're fired.
Let's not forget the responsibility of the so-called Greatest Generation for raising the toxic narcissist Boomers and allowing them every form of self-indulgence...
Keep in mind "The Greatest Generation" were largely communist until WWII broke out. That generation brought us Social Security and massive government spending from the depression. The blueprint for the Obama administration...The Generation redeemed itself ONLY by kicking Hitlers butt in WWII.
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