"Today, each of the top 5 billionaires owns as much as 750 million people, more than the total population of Latin America and double the population of the US."
OBAMA’S CRONY BANKSTERISM destroyed a 11 TRILLION DOLLARS in home equity… and they’re still plundering us!
OBAMA’S CRONY BANKSTERISM destroyed a 11 TRILLION DOLLARS in home equity… and they’re still plundering us!
Barack Obama created
more debt for the middle class than any president in US
history, and also
had the only huge QE programs: $4.2 Trillion.
OXFAM reported that during Obama’s
terms, 95% of the wealth created went to the top 1% of the world’s wealthy.
Millions of
Americans face poverty in retirement
By Kate Randall
25 June 2018
Americans are reaching retirement age in worse financial shape
than the prior generation for the first time since the 1950s. According to an
analysis published Saturday by the Wall
Street Journal, those who should be entering their “golden years”
have seen their median incomes stagnate and even decrease, reversing the
pattern that had prevailed since the post-World War II Truman administration.
Those approaching retirement have dwindling resources, in many
cases because they have had to pay off their children’s college loans or take
from savings to care for aging parents. Social Security and retirement fund
receipts have not risen in years, and 401(k) retirement funds will bring in a
median income of less than $8,000 a year for a household of two.
The reality is that instead of retiring, many older Americans will
be forced to remain in their jobs after age 70 or take jobs for which they are
overqualified to supplement their meager retirement income and savings.
BLOG: LEGALS WILL FIND THEMSELVES IN COMPETITION WITH MILLIONS OF "CHEAP" LABOR ILLEGALS!
These older workers will find themselves in competition with younger workers for low-wage, temporary and part-time employment.
BLOG: LEGALS WILL FIND THEMSELVES IN COMPETITION WITH MILLIONS OF "CHEAP" LABOR ILLEGALS!
These older workers will find themselves in competition with younger workers for low-wage, temporary and part-time employment.
The desperate situation facing millions of workers contemplating
retirement stands in sharp contrast to the accumulating wealth of a narrow financial
elite, with the world’s 18.1 million individuals with $1 million or more in
investable assets shooting up by 10.6 percent last year.
A 2018 retirement savings survey by GOBankingRates compiled data
from three Google Consumer Surveys by age group—millennials, Generation Xers
and baby boomers—asking the same question: “By your best estimate, how much
money do you have saved for retirement?”
The poll found that 42 percent of Americans have less than $10,000
in savings and that 14 percent have absolutely nothing saved for retirement.
According to the Bureau of Labor Statistics, adults 65 and older spend about
$46,000 a year on living expenses. In other words, more than four in 10
Americans do not have saved what it would cost to live for a year if they were
to retire today.
Not surprisingly, the situation facing millennials—ages 18-34—is
even bleaker. Fifty-seven percent have $10,000 or less saved for retirement,
and 18 percent have zero saved.
Backing up this survey, the Wall Street Journal found that more than 40
percent of households headed by people aged 55 through 70 lack sufficient
resources to maintain their living standards in retirement. That is around 15
million US households.
The decline in living standards of older and retired workers
follows decades of progress in the financial security of America’s aging
population. In the postwar era, fixed government and company pensions gave
millions of people a guaranteed income on top of Social Security payments. The majority
of Americans retired in better shape than their parents.
The prospect of people living a more comfortable retirement than
their parents is now evaporating across all generations.
The Journal points to the following indices:
The Journal points to the following indices:
• Median personal income of 55- to 69-year-olds leveled off after
2000 for the first time since data become available in 1950, according to an
analysis of US Census data by the Urban Institute.
• Households with 401(k) investments and at least one worker aged
55-64 had a median $135,000 in tax advantaged retirement accounts as of 2016,
according to the Boston College Center for Retirement Research. This would
amount to just $600 a month in annuity income for life.
• Americans aged 60-69 had about $2 trillion in debt in 2017, an 11
percent increase per capita over 2014, according to New York Federal Reserve
data adjusted for inflation. Their debt for their children’s student loans in
2017 was more than six times the level in 2004.
Healthcare costs are a major contributor to increasing poverty
among American seniors. According to the Kaiser Family Foundation, since 1999
average worker contributions toward individual health insurance premiums have
risen by a staggering 281 percent, to $1,213 annually. A survey last year by
the Employee Benefit Research Institute found that more than a quarter of
workers cut back on retirement savings due to medical costs, and nearly half
reduced other savings.
Only a quarter of large companies offer retiree medical insurance,
down from 40 percent in 1999, according to Kaiser. Premiums for Medicare, the
government health insurance program for the elderly, and costs that the program
doesn’t cover accounted for 41 percent of the average $1,115 monthly Social
Security benefit in 2013, leaving the average retiree with just $658 a month.
One of the biggest factors leading to less secure retirement is
the shift from pensions to 401(k)-type plans. Following passage of Social
Security legislation in 1935, pensions gained momentum after World War II.
According to the Employee Benefit Research Institute, by the 1980s, 46 percent
of private-sector workers were in pension plans, a situation that is alien to
most workers today.
The Journal analysis
points to congressional action in 1978 that “set the stage for a pension
retreat.” Congress authorized companies to obtain tax-deferred treatment of
executives’ bonuses and stock-options—essentially tax breaks—to supplement
their pension payouts. This move ushered in the era of the 401(k), allowing
employees to reduce their taxable income by placing pretax dollars in an
account. Employers seized on this to dump pension benefits and move toward
401(k)s.
With the financial collapse of 2008, workers with 401(k)s saw the
value of these accounts plunge. They were forced to withdraw funds to pay bills
or cut back on their contributions. The vast majority of these retirement
accounts have never rebounded.
Financial “experts” on television and in blogs admonish young
adults and baby boomers to be responsible and frugal and save for their
retirement. These generally wealthy financial advisers are miles away from the
overwhelming majority of Americans of all ages, who struggle on a daily basis
to pay for basic necessities such as food, housing, transportation and
healthcare.
A separate GOBankingRates survey asked more than 1,000 adults with
$0 saved, “Which is the main reason you do not have any retirement savings?”
The most common response was, “I don’t make enough money,” with about 40
percent choosing this response. The second most common reason for not saving
was, “I’m struggling to pay bills,” with about 25 percent of respondents
choosing this answer.
These studies point to the growing
scourge of income inequality, which is
inevitably propelling working people
into struggle against the financial
oligarchy that dominates US economic
and political life and maintains its rule
through its control of both big-business
parties.
scourge of income inequality, which is
inevitably propelling working people
into struggle against the financial
oligarchy that dominates US economic
and political life and maintains its rule
through its control of both big-business
parties.
THE DEATH of
CALIFORNIA:
SHOCKING REPORT OF POVERTY, CRIME AND LA RAZA SUPREMACY
http://mexicanoccupation.blogspot.com/2018/05/california-passes-uk-to-become-worlds.html
PRINCETON REPORT:
American middle-class is addicted,
poor, jobless and suicidal…. Thank the corrupt government for surrendering our
borders to 40 million looting Mexicans and then handing the bills to middle
America?
OPIOID MURDERS BY BIG
PHARMA
“While drug distributors have paid a total of $400 million in fines over the past 10 years, their combined revenue during this same period was over $5 trillion.”
“Opioids
have ravaged families and devastated communities across the country.
Encouraging their open use undermines the rule of law and will do nothing to
quell their continued abuse, let alone the problems underlying mass addiction.”
AMERICA: ONE PAYCHECK AND TWELVE
ILLEGALS AWAY FROM HOMELESSNESS!
http://mexicanoccupation.blogspot.com/2017/12/rick-moran-los-angeles-mexicos-second.html
A dashcam video of downtown Los Angeles on
Christmas day reveals a stunning sight: hundreds of tents and lean-tos on the
sidewalks that serve as shelter for the homeless. The scene is reminiscent of a
third-world country. RICK MORAN / AMERICANTHINKER
com
HOMELESS CRISIS IN LOS ANGELES, MEXICO’S SECOND
LARGEST CITY, WORSENS BY THE DAY…. Approximates the
great depression
http://mexicanoccupation.blogspot.com/2017/11/homeless-crisis-in-mexicos-second.html
HOMELESS AMERICA’S HOUSING CRISIS as 40
million illegals have climbed U.S. open borders.
http://mexicanoccupation.blogspot.com/2017/12/homeless-in-america-hundreds-of.html
EVERY AMERICAN (Legal) only one paycheck and
two illegals away from living in their cars.
ASSAULT ON THE
AMERICAN WORKER…. Amazon’s JEFF BEZOS PLAN FOR A NEW AMERICAN SLAVERY
"Amazon is a massive wrecking machine consuming American retail.
It's looting the economy and leaving behind rubble. " --- DANIEL
GREENFIELD FRONTPAGE MAG
MODERN SLAVER JEFF
BEZOS
AMAZON’S ASSAULT ON
AMERICA CONTINUES
Amazon, the multinational online retail conglomerate, is
importing more foreign workers to the United States to take coveted tech
industry jobs than Facebook and Google combined. JOHN BINDER
"Today, each of the top 5 billionaires
owns as much as 750 million people, more than the total population of
Latin America and double the population of the US."
“A comprehensive new report released Sunday by the New York-based labor
rights watchdog China Labor Watch (CLW) has shed new light on the barbaric and
illegal practices that Amazon employs to boost its profits by driving down
production costs on the backs of factory workers at the company’s electronics
assembly plants in China.”
JEFF BEZOS of AMAZON
DELCARES THAT AMERICAN-BORN SLAVES ARE NOT CHEAP ENOUGH. CHINA MUST DELIVER THE
REAL SLAVE LABOR!
“A comprehensive new report released Sunday by the New York-based labor
rights watchdog China Labor Watch (CLW) has shed new light on the barbaric and
illegal practices that Amazon employs to boost its profits by driving down
production costs on the backs of factory workers at the company’s electronics
assembly plants in China.”
Amazon, the multinational online retail
conglomerate, is
importing more foreign
workers to the United States to take coveted
tech
industry jobs than Facebook and Google
combined. JOHN BINDER
WHAT WOULD HAPPEN TO AMERICA'S HOUSING CRISIS IF 40
MILLION LOOTING MEXICANS WERE SHIPPED BACK OVER THE
BORDER THEY INVADED?
US House approves massive
reductions in food stamp benefits
By
Dan Conway
25 June 2018
The House of Representatives passed a new version of the Farm Bill
Thursday that drastically intensifies the bipartisan attack against the working
poor. The bill passed by 213-211, along party lines.
The Farm Bill’s main aim is to slash food assistance to the more
than 42 million people receiving aid under the Supplemental Nutrition
Assistance Program (SNAP), formerly known as food stamps.
While the Farm Bill, typically renewed every five years, provides
crop subsidies and funding for food safety and other measures, more than
three-quarters of the bill’s goes to the SNAP program.
The House bill restricts eligibility for food stamps and
institutes work requirements for those receiving benefits. The current Farm
Bill, set to expire in September, also includes work requirements for some SNAP
recipients. However, under the new version requirements would be extended to
households with dependent children as well.
The age of exemption for work requirements would be raised from 50
to 60 years old, while the number of work hours required per week would be
raised from 20 to 25 by 2026. Job training programs could be used as a
substitute for work requirements.
The House bill also makes it more difficult for states to obtain
waivers from work-related requirements in areas with high unemployment.
The Congressional Budget Office estimates that more than 400,000
would immediately lose SNAP benefits under the bill’s passage. According to the
Center on Budget and Policy Priorities, up to 1 million households are
projected to lose access to the SNAP program altogether over the lifetime of
the bill. Overall, this would eliminate food assistance for more than 2 million
people, according to CBPP.
The bill includes a sweeping proposal to impose severe penalties
on those who fail to prove within a limited timeframe that they have worked or
participated in work programs for enough hours each month, or that they qualify
for an exemption from the bill’s work requirements. Food assistance will be
taken away for a full year the first time this occurs and for three years the
second time.
BLOG: RYAN IS THE MAN WORKING FOR BILLIONAIRES, LIKE THE KOCH BROTHERS, FOR AMNESTY, WIDER OPEN BORDERS and NO LEGAL NEED APPLY DEPRESSED WAGES!
Exhibiting the same brazen cynicism with which he recently
presented a House Bill pumping billions into the US border patrol’s
anti-immigration dragnet, House Speaker Paul Ryan proclaimed that the Farm Bill
would actually be a boon to the working poor. “This bill includes critical
reforms to nutrition benefits that close the skill gap, better equip our
workforce, and encourage people to move from welfare to work, so more Americans
have the opportunity to tap into the economic prosperity we’re seeing right
now,” Ryan said.
Under the new bill, if a recipient fails to work a minimum number
of hours per week or attend job training programs, they will have their
benefits eliminated for a full year. If they fail to meet work and training
requirements a second time, assistance will be cut off for a full three years.
In reality, the bill is designed not to gainfully employ food
stamp recipients—an impossibility in a society with historically high levels of
wealth inequality and low wages—but to drive millions off food stamp assistance
altogether in order to continuously defund and eventually eliminate the
program.
The House vote came in the midst of a major initiative currently underway in Washington
to restructure the federal government to put an end to what remains of the
social safety net relied upon by millions of Americans who are struggling to
meeting nutritional, health care, housing and other basic needs.
The SNAP program cost the federal government $70.9 billion in
fiscal year 2016 and supplied an average of $125.51 per month in food
assistance to each recipient. By contrast, the Department of Defense received
$521.7 billion in funding during that same period. In other words, nearly 7.5
times the amount spent on feeding the population was spent on building new
bombs, fighter jets and other killing apparatuses for America’s criminal wars
abroad.
Under Trump, the Defense Department’s budget has increased to
$681.1 billion while cuts have already been made to the SNAP program totaling
$191 billion over the next 10 years. President Trump couldn’t contain his
excitement over the new SNAP bill in a tweet sent out Thursday: “Farm Bill just
passed in the House. So happy to see work requirements included.”
As the bill’s authors are well aware,
millions receiving
assistance receive it
precisely because they face the type of
precarious
unemployment that has
become a characteristic feature of the
United States’
supposed “economic
recovery.” Many are compelled to work
in part-time,
temporary jobs in the so-
called gig economy where hours
scheduled often are
less than 20 hours
per week.
Moreover, the new bill makes no allowance for those who are unable
to work due to disability or chronic health conditions. Two-thirds of all
recipients are elderly, disabled or children under the age of 18. Many
recipients receive food stamp benefits while also providing care for a family
member or loved one who is unable to work.
While House Democrats voted against the Farm Bill, there has been
no outcry from their ranks over the new proposed work requirements for SNAP.
The latest cuts only intensify a now decades-long bipartisan attack on the SNAP
program.
The “work for food” program requirement began under Democrat
President Bill Clinton’s 1996 welfare reform initiative. The Obama
administration enacted massive cuts to the SNAP program. In 2014, Barack Obama
signed a bill including $8.6 billion in cuts to SNAP and which eliminated
benefits for hundreds of thousands of the working poor.
The Senate will likely begin voting on its version of the Farm
Bill as soon as next week with a final congressional bill likely to appear on
President Trump’s desk for passage before September.
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