<p>Yes…tom1944…I know some people in the situation you describe…</p>
<p>I don’t know what is going to happen to them…They are in trouble…</p>
<p>Even people in the top 1% of wealth…people with wealth around 1.8 million…according to the people in the link…are potentially going to have problems if SS and medicare are touched…</p>
<p>These people are going to spend their assets…their assets are going to diminish…</p>
<p>I think that is hard psychologically…and maybe financially…</p>
<p>I know a lot of people in these tough situations and in their 50’s. Its almost astonishing how clueless so many people are in regards to the future. Financial literacy is really lacking. I also know many people who are clueless that their future pension is partially tied to the stock market. Many have 0 saved and do not understand that this is a problem. They expect that they will work until they drop or that somebody will take care of them.</p>
<p>Will we enter retirement with a goal of not living that long?</p>
<p>Doct…I like your post…I see that too…</p>
<p>And I don’t think the messages people are getting are helpful. I think they are destructive.</p>
<p>SS and medicare are huge programs for 98 to 99% of the population…</p>
<p>I don’t think people get this…</p>
<p>They don’t realize that other people are negotiating to take their wealth away…</p>
<p>They will realize it someday…</p>
<p>"Will we enter retirement with a goal of not living that long? "</p>
<p>I hope not…</p>
<p>I don’t think anyone needs to feel guilty about working hard and being successful. I think the article was not directed to them at all-the way I read it the author addressed that by going into the top 1% explaining the composition of the group.</p>
<p>Hard workers are not the problem here-nor are people who save.</p>
<p>You can be a hard worker and still be poor. You can be the greatest saver in the universe and still need government programs to get by.</p>
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<p>I am beginning to wonder if all our children won’t be better off if we (the old guys:)) end up spending down our assets and if we raised the estate taxes? The children of the 1% and those of the 99%? Couldn’t the money generated from estate taxes, going toward social programs, benefit our kids more than an inheritance? Assuming you are in the bottom of the 1% ;)</p>
<p>This is a fairly radical idea to me.</p>
<p>I know that-I know people who work very hard and save and will never approach anything close to the 1%-I know because I am in the 99%.</p>
<p>My point was that I didn’t see anywhere in the article where it was suggested that everyone in the top 1% is undeserving of their financial success-to the contrary.</p>
<p>The problem with this country and the economy isn’t about people who work hard and save-whatever percent they are in.</p>
<p>"Doct…I like your post…I see that too…</p>
<p>And I don’t think the messages people are getting are helpful. I think they are destructive.</p>
<p>SS and medicare are huge programs for 98 to 99% of the population…</p>
<p>I don’t think people get this…</p>
<p>They don’t realize that other people are negotiating to take their wealth away…</p>
<p>They will realize it someday… "</p>
<p>I think your estimates of 98 - 99% is low. Post 37 shows that for much of the top 1%, they are important - especially medicare. I don’t think many people calculate how much in savings is required to generate ~30 k in ss.</p>
<p>I could be low…</p>
<p>OK, I got it … the top 1% really aren’t that secure financially.</p>
<p>What does that say about the bottom 99%?</p>
<p>NewHope33…Some of the top 1% are not secure…</p>
<p>What do you think this means for the 99%?</p>
<p>The article is not bashing the 1 percent. But a heck of a lot of people are these days.</p>
<p>I think what’s pretty astonishing is how low the actual wealth/income threshold actually is to be in the group. There is a notion that there are gazillions of “fat cats” earning millions every year in nefarious ways. Sure, it goes on. But it is not representative of the 1 percent.</p>
<p>I think trying to enflame anger at the 1 percent just muddies up the picture, wastes time and will potentially lead to legislation that hurts the overall economy. The problem is not the people who have either been super lucky or super talented or super hardworking enough to be in the 1 percent right now.</p>
<p>It’s an old, tired refrain at this point but I will say it again. The problem is our horrendous public education system in this country. It is more indoctrination than education. For a couple generations now. I really think this is at the core of our problem.</p>
<p>Every side always tries to inflame anger at some opposition group. None of it helps to solve the problems. It is all about trying to keep whatever piece of the economic pie you can.</p>
<p>Think were around top 3%. Were a two income professional family whose income has grown to this level slowly over the years. Guess that puts me in with the guilt-free posts above. Were where we are based on life choices. Choosing careers with stability. Staying with the same company for my entire career. Staying married. It does bug me that folks would see our current income and assume a life of luxury since birth. </p>
<p>That said, I do believe that executive compensation has gone too far. Our CEO last year had a total compensation package in excess of $20M. Personally, Id have a little trouble sleeping with the knowledge that if I accepted $5M, I could keep maybe use that $15M to keep an additional 300 people employed @50K/year. I know its not that simple, but the basic premise still holds. </p>
<p>And I have trouble believing that raising the marginal tax rates a few % from their current levels would cause grave permanent harm to the economy. </p>
<p>Like every topic these days, there are these polar extremes that define the debate. The real answer is somewhere in between. But that makes for boring talk shows (and CC threads, ha!).</p>
<p>“NewHope33…Some of the top 1% are not secure…
What do you think this means for the 99%?”</p>
<p>It means virtually the entire citizenry is pretty far down Maslow’s Hierarchy of Needs. That’s inexcusable in a rich and civilized country. </p>
<p>[Maslow’s</a> hierarchy of needs - Wikipedia, the free encyclopedia](<a href=“http://en.wikipedia.org/wiki/Maslow’s_hierarchy_of_needs]Maslow’s”>Maslow's hierarchy of needs - Wikipedia)</p>
<p>goru- I agree with you.</p>
<p>I like that… NewHope33…</p>