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The Great Retirement Con
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The Great Retirement Con
The Origins Of The Retirement Plan
Back during the Revolutionary War, the Continental Congress promised a monthly lifetime income to soldiers who fought and survived the conflict. This guaranteed income stream, called a “pension”, was again offered to soldiers in the Civil War and every American war since.
Since then, similar pension promises funded from public coffers expanded to cover retirees from other branches of government. States and cities followed suit — extending pensions to all sorts of municipal workers ranging from policemen to politicians, teachers to trash collectors.
A pension is what’s referred to as a defined benefit plan. The payout promised a worker upon retirement is guaranteed up front according to a formula, typically dependent on salary size and years of employment.
Understandably, workers appreciated the security and dependability offered by pensions. So, as a means to attract skilled talent, the private sector started offering them, too.
The first corporate pension was offered by the American Express Company in 1875. By the 1960s, half of all employees in the private sector were covered by a pension.
Off-loading Of Retirement Risk By Corporations
Once pensions had become commonplace, they were much less effective as an incentive to lure top talent. They started to feel like burdensome cost centers to companies.
As America’s corporations grew and their veteran employees started hitting retirement age, the amount of funding required to meet current and future pension funding obligations became huge. And it kept growing. Remember, the Baby Boomer generation, the largest ever by far in US history, was just entering the workforce by the 1960s.
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We’re All Terrorists Now
Words are political. They change shape to suite agendas.
In the 1970s, ‘terrorist’ meant a paid-up member of the IRA, the Irgun, ETA and the like. These were bad people perpetrating evil and indiscriminate deeds upon a defenceless public. They used bombs, worked in cells, and killed people without warning before fading into the shadows.
Although the UK had legislation specifically geared to deal with what is called terrorism on the books, people deemed terrorists, when they were caught, were prosecuted under existing laws – i.e. for actual crimes they had committed.
Bobby Sands, for example, who fought and died for the IRA cause, was incarcerated for nothing more sinister than owning illegal firearms.
Since 9/11 and the implementation of the so-called Patriot Act (and equivalent legislation in other countries), the definition of terrorism is itself becoming a source of terror.
As part of this process, we are being taught to live with the new nomenclature of ‘terror suspect’; that is you haven’t done anything wrong, but you might.
The Independent reports that: “315 terror suspects were arrested between September 2014 and September 2015, according to new figures from the Home Office.”
The same article continues: “[…] it seems what we are seeing is an increase in terrorism-related fear rather than terrorism itself – totally understandable of course in itself, but not when it leads to the kind of heavy-handed policing that can actually radicalize more people.”
Read another way: the British Government is harassing increasing numbers of innocent people and generating both fear and the chance of more ‘radicalization’ thereby.
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Another step down the long, slow road to IRA nationalization
Another step down the long, slow road to IRA nationalization
Let’s take a brief walk into financial reality for a moment.
At the time of this writing, the United States government’s official debt is nearly $18.1 trillion.
Now, let’s look at who the biggest owners of that debt are:
1) Taxpayers of the United States.
If you’ve held a job in the Land of the Free, 15.3% of your salary has gone to fund Social Security and Medicare.
Each of these programs holds massive trust funds that are supposed to pay out beneficiaries, both present and future.
Conveniently, the trust funds are required by law to buy US government debt.
And given that every single US taxpayer is an ultimate beneficiary of these trust funds, that ranks the people of the United States as among the biggest holders of US debt.
How sustainable is this? Not very.
The 2014 trustee reports for both Medicare and Social Security indicate that nearly ALL of the trust funds are sliding towards insolvency.
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