From CNBC:
A new study obtained by CNBC says Americans are $6.6 trillion short of what they need to retire.
The study, conducted by Boston College’s Center for Retirement Research, says savings have been squeezed by declines in stock and housing values…
Not really, of course – I mean, we haven’t been squeezed by low stock and home prices. Those prices should never have been as high as they were. That was all fake wealth built up by a financial system which is geared towards rewarding the least productive enterprises. What is squeezing us is the lack of wealth creation – the lake of making, mining and growing things here in the United States.
That hole in our retirement budget is the money we should have made over the past 20 years or so, but didn’t make as we shipped our factories to China, our mines to Chile and our farms to Mexico. This is a disaster on a lot of levels – not just for the retirees who will be short of cash, but for the young who will find themselves competing with older workers who simply don’t have enough money to quit working. The whole thrust of our economy these days is towards people having to scramble just to stay even – we need to change that.
To make that change we have to return to sound money, careful investment instead of rampant speculation, balanced budgets and intensive re-industrialization. In short, we’re going to have to get back to work, save our pennies and act like adults in order to get out of this mess. The big problem we have right now is that the financial Powers That Be don’t want to give up their fiat-money, usurious gravy train…and the political class doesn’t want an America of self-sufficient Americans who have no cause to ask government for help.
Still, we’ll get the ball rolling on change come this November 2nd – just a first, baby step in the right direction, but you have to start somewhere.
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