I am not sure if it is the guy on top who is getting squeezed or the guy on the bottom who is getting squeezed, but wages are falling – and that is BAD.
It’s not just wages that will fall – it is the other sources of retirement income that will fall (at least versus inflation), because we can’t afford to pay it. Municipalities are drowning in pension obligations and the Federal Government will be bankrupted by Entitlements – the same way United Airlines, USAir, Chrylser and GM were.
My point is that you will need to be responsible for your own retirement income. Save now while you are working. Work longer, just in case. The Government will make promises to get reelected, but they will walk away from their promises when our kids decide to secure their own futures at the expense of ours.
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