this post was submitted on 29 Dec 2023
165 points (96.1% liked)

News

23095 readers
4176 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
[–] vexikron@lemmy.zip 18 points 9 months ago* (last edited 9 months ago)

Such as retirement, in general.

Roughly a quarter of the population has a significantly negative net worth (more debt than assets) and another roughly quarter has a zero to slightly negative net worth.

Basically that means a quarter of people will have to survive off of Social Security alone, while making interest payments on their debt. There are not many parts of the country right now where anyone can actually rent an apartment or afford a mortgage payment off of SSI alone, so better hope you already own a home, or you are in a rent controlled apartment.

The significantly indebted quarter of people will basically have to sell everything they own and borrow money from friends and family while still having to make debt payments, all on only Social Security and then they /might/ be able to afford a crap apartment or a spot in an old folks home. Realistically a lot of them wont be able to pull this off and will try to move in with their children or go all in on an RV. Or just become homeless and die.

Oh. Right. Social Security is projected to go bankrupt in about 10 years. And the Republicans might manage to just eliminate it before then.

So uh yeah. The other roughly half of people either have stock market based retirement plans that are sufficient for some kind of actual retirement, or are basically financial try hards who have /some/ ability to comfortably retire based on stocks, but if the stock market does not go up forever, continuously, they will basically join the group of people with functionally zero net worth.

Probably about 70% of the people with any ability to possibly comfortably retire are in the -tenuous- category and 30% range from -confortable- to -have more net worth than many small countries-.

This -tenuous ability to traditionally retire- segment of people will ultimately betray any purported moral or ideological positions they claim to have had their whole lives and do basically anything to ensure that their retirement ability doesnt diminish or disappear, including any kind of austerity / public benefits cutting / tax lowering policy / legalize usury and debt based imprisonment or forced labor / type policy they can find to juice the stock market, which will further fuck over the already less well off group.

The actually well off will continue to laugh a the poors as they historically always have.

America: Fuck you, I got mine. Go off and die now.