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 If you want to frighten Baby Boomers, just show them the list of statistics in this article. The United States is headed for a retirement crisis of unprecedented magnitude, and we are woefully unprepared for it. At this point, more than 10,000 Baby Boomers are reaching the age of 65 every single day, and this will continue to happen for almost the next 20 years. The number of senior citizens in America is projected to more than double during the first half of this century, and some absolutely enormous financial promises have been made to them. So will we be able to keep those promises to the hordes of American workers that are rapidly approaching retirement? Of course not. State and local governments are facing trillions in unfunded pension liabilities. Medicare is facing a 38 trillion dollar shortfall over the next 75 years. The Social Security system is facing a 134 trillion dollar shortfall over the next 75 years. Meanwhile, nearly half of all American workers have less than $10,000 saved for retirement. The truth is that I was being incredibly kind when I said earlier that we are "woefully unprepared" for what is coming. The biggest retirement crisis in history is rapidly approaching, and a lot of the promises that were made to the Baby Boomers are going to get broken. (Read More....)
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 Last week the mainstream media hailed QE3 as the "quick fix" that the U.S. economy desperately needs, but the truth is that the policies that the Federal Reserve is pursuing are going to be absolutely devastating for our senior citizens. By keeping interest rates at exceptionally low levels, the Federal Reserve is absolutely crushing savers and is systematically destroying Social Security. Meanwhile, the inflation that QE3 will cause is going to be absolutely crippling for the millions upon millions of retired Americans that are on a fixed income. Sadly, most elderly Americans have no idea what the Federal Reserve is doing to their financial futures. Most Americans that are approaching retirement age have not adequately saved for retirement, and the Social Security system that they are depending on is going to completely and totally collapse in the coming years. Right now, approximately 56 million Americans are collecting Social Security benefits. By 2035, that number is projected to grow to a whopping 91 million. By law, the Social Security trust fund must be invested in U.S. government securities. But thanks to the low interest rate policies of the Federal Reserve, the average interest rate on those securities just keeps dropping and dropping. The trustees of the Social Security system had projected that the Social Security trust fund would be completely gone by 2033, but because of the Fed policy of keeping interest rates exceptionally low for the foreseeable future it is now being projected by some analysts that Social Security will be bankrupt by 2023. Overall, the Social Security system is facing a 134 trillion dollar shortfall over the next 75 years. Yes, you read that correctly. The collapse of Social Security is inevitable, and the foolish policies of the Federal Reserve are going to make that collapse happen much more rapidly. (Read More....)
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 Well, we just had another bad jobs report. The U.S. economy created just 80,000 new jobs during the month of June. Normally, about 125,000 new jobs need to be created every month just to keep up with population growth. So it is a bit odd that the official unemployment rate did not rise above 8.2%. What is even more alarming is that the Social Security Administration is telling us that 85,000 U.S. workers "left the workforce" and enrolled in the Social Security Disability Insurance program during the month of June. That means that the number of Americans enrolling in Social Security Disability actually exceeded the number of new jobs that was created. That is definitely not a sign of recovery. Unfortunately, this is about as good as things are going to get. Right now corporate profits are at an all-time high and usually after a recession has ended the percentage of working age Americans that have jobs bounces back very strongly. But that has not happened this time, and when the next economic crisis hits things are going to get a lot worse. (Read More....)
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 For decades we were warned that when the Baby Boomers started to retire that this country would be facing a retirement crisis of unprecedented magnitude. Well, that day has arrived ladies and gentlemen. Back on January 1st, the Baby Boomers began to retire and more than 10,000 of them will be retiring every single day for years to come. Most of them have not saved up nearly enough money for retirement. At the same time, private sector pension plans are failing all over the place, hundreds of state and local government pension plans from coast to coast are woefully underfunded, and the Social Security system is on the road to complete and total disaster. A massive wave of humanity is hitting retirement age at a moment in history when the U.S. economy is coming apart at the seams. We do not have the resources to keep the promises that we made to the Baby Boomers, and most of them have not made adequate preparations for retirement. What we have is a gigantic mess on our hands, and millions of Baby Boomers are going to find retirement to be very bitter and very painful. (Read More....)
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 Is Barack Obama trying to play a joke on all of us? The budget that the Obama administration has submitted for fiscal 2012 is so out of touch with reality that it may as well be a budget for "Narnia", "Fantasy Island", "Atlantis" or some other mythical land. You can view the hard numbers for Barack Obama's 2012 budget right here. Obama's budget assumes that the U.S. will experience economic growth of over 5 percent for most of the coming decade. That is so far-fetched that "optimistic" is not the right word for it. It also assumes that U.S. government income (primarily made up of taxes on all of us) will more than double over the next ten years. For 2011, the budget projects that the U.S. government will take in a total of 2.1 trillion dollars, and for 2021 the budget projects that the U.S. government will take in a total of 4.9 trillion dollars. For the Obama administration to assume that the federal government will be able to drain an extra 2.8 trillion dollars per year out of the American people by the year 2021 is ridicul0us beyond belief. In his new budget Barack Obama does propose some very, very modest spending cuts that he knows have no chance of getting through Congress. Barack Obama's budget for 2012 also does not even attempt to make any cuts to entitlement programs such as Social Security and Medicare. In essence, you can sum up Barack Obama's budget proposal for 2012 by saying that it is a complete and total joke. This budget is so delusional and so out of touch with reality that it is hard to imagine anyone taking it seriously. (Read More....)
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 In the shocking video you are about to watch, Howard Dean declares that it is the job of the government to redistribute our wealth. Not only that, he says it in such a way that indicates that he believes that such a notion should be obvious to anyone with half a brain. Well, while it is true that the United States has become a highly socialized nation, the reality is that this is not what the founding fathers intended. The founders intended for us to live in a land where we would have enough freedom and enough liberty to be able to work hard and enjoy life, liberty and the pursuit of happiness. They did not intend for a gigantic federal government to take huge amounts of money from one group of people and give it to another group of people. In any nation where a large scale redistribution of wealth is happening, the incentive to work goes right out the window. Pretty soon you end up with an entire class of people that have learned how to "make a living" by being a parasite of the government, and that is not good for any economy. (Read More....)
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 American families better get ready to tighten their belts again. There is every indication that we are all going to really start feeling the squeeze in the months ahead. The price of gas is starting to spike again. The price of food is moving north. Health insurance premium increases are being announced coast to coast and a whole slate of tax increases is scheduled to go into effect in 2011. Meanwhile, household incomes are down substantially all over the nation and the U.S. government is indicating that there will not be an increase in Social Security benefits for the upcoming year once again. So if the cost of most of the basic things in our monthly budgets is going up and our incomes are going down what does that mean? It means that average American families are about to be squeezed like nothing we have seen in decades. (Read More....)
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25 Bitter And Painful Facts About The Coming Baby Boomer Retirement Crisis That Will Blow Your Mind
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