Early Retirement Claims Increase Dramatically – Tip of the Iceberg
Early retirement claims increase dramatically. As gnqanq stated, “the ramifications of the trend are profound for the new retirees, their families, the government and other social institutions that may be called upon to help support them.
“On top of savings ravaged by the stock market decline and the loss of home equity, many retirees now must make do with Social Security benefits reduced by as much as 25% if they retire at age 62 instead of 66.”
But, the economic picture is even worse, for Americans of all ages.
- 40 has become the new 60, when companies start looking to “weed employees out.” In the past, the 50s were when many enjoyed their maximum earnings. Today there is a good possibility they will be unemployed/underemployed by the time they reach 50.
- In addition to the economy, consolidations have cost millions of jobs. I have a friend whose son just graduated with a business degree from a top college and he can’t find a job. My friend couldn’t understand it because he graduated in 1982 (a tough year) and was able to find a job. Think of the jobs that have been eliminated since 1982. In 1982 I banked at National Bank of Detroit, which became NBD as it acquired smaller banks. NBD was acquired by Bank One, which, in turn, was acquired by Chase.
- We keep outsourcing jobs and insourcing labor through illegal immigration and H1B visa programs
- The closure of Chrysler and GM dealerships will cost approximately 100,000 jobs
- GM will have smaller U.S. employment. Honda and Toyota may be “more American” than GM
- The entire auto industry is on its back – typically it sells 16 million units in the U.S. It will barely hit 10 million this year. Import or domestic, this has a profound impact on our economy
- Taxes, education and utility costs continue to rise faster than inflation
- The only industry with a solid plan for growth is the government
- What effect will things like “cap and trade” have on our economy?
- The United States has a corporate tax structure that discourages growth
- Even healthy states are starting to lose jobs. Texas was among the leaders in jobs lost last month. Michigan, Ohio and Indiana are running out of jobs to lose
Other developed countries are experiencing similar problems.
These are problems that need to be addressed. The entire paradigm has changed. The United States is no longer the growth leader in the world. We can no longer afford to play Santa Claus to the rest of the world. Are we still in a position where we can continue to have the same levels of immigration when Americans cannot find jobs? We need to act and we need to act now, but no one is willing to face the problem.
[1]
Another words some 1000 millionaires went to greener pastures. The Laffer Curve strikes again!!
[2]
Oh and basis points on treasuries have jumped since March.
[3]
Voting with their feet, as I have recommended.
Do this on a national scale, and o’vomit’s house of cards will tumble down.
[4]
IP,
Lets test that theory shall we? If I recall correctly the following were the high tax states –
CA
NY
IL
CT
Any others I missed?
[5]
I don’t know what’s so difficult to understand about the this: raise tax rates and you drive tax collections down, lower the rates and tax collections rise – inevitably, consistently and predictably. And that’s not even addressing the other economic and societal benefits of lower taxes.
[6]
A quick check of UHaul rate disparities gives one a fair gauge of where Americans are headed. Table here.
[7]
booshkindoggin
That would be true to you or me or at least half the Americans in this country. But it seems that is a foreign concept to Pols.
[8]
This country has a ton of problems, which both parties refuse to address.
My guess is that by 2012 middle class voters will be thirsting for an ethical conservative populist candidate with a proven track record of fiscal integrity who is willing to stand for his/her beliefs regardless of what the media and elites say. Where can such a candidate possibly be found?
[9]
state taxes
[10]
state taxes
[11]
non tax states
[12]
high low tax states
[13]
state taxes http://taxprof.typepad.com/taxprof_blog/2008/08/ten-highest-and.html
[14]
The entire paradigm has changed. gnqanq
A great consolidation, gnqanq, of the current economic trends and pot holes. The entire set-up of an Obama Economy is rich, beyond one’s imagination, of unintended consequences — ones that will, as bc3b puts it, set the 2012 (possibly even the 2010 elections) thirsting for an ethical conservative populist candidate with a proven track record of fiscal integrity….
[15]
Ten Highest and Lowest Tax States
The Tax Foundation has released State-Local Tax Burdens Dip As Income Growth Outpaces Tax Growth, which computes each state’s combined state-local tax burden, taking into account taxes paid out of state.
highest
1 New Jersey: 11.8%
2 New York: 11.7%
3 Connecticut: 11.1%
4 Maryland: 10.8%
5 Hawaii: 10.6%
6 Caifornia: 10.5%
7 Ohio: 10.4%
8 Vermont: 10.3%
9 Wisconsin: 10.2%
10 Rhode Island: 10.2%
11 Here are the ten lowest tax states:
lowest
1 Alaska: 6.4%
2 Nevada: 6.6:
3 Wyoming: 7.0%
4 Florida: 7.4%
5 New Hampshire: 7.6%
6 South Dakota: 7.9%
7 Tennessee: 8.3%
8 Texas: 8.4%
9 Louisiana: 8.4%
10 Arizona: 8.5%..
[16]
IP, can this list be cross-referenced to rates of economic growth and population growth?
Interesting but not surprising to note that all the high-tax states are blue states (OK, I know Ohio was not until the last election) and most of the low-tax states are red.
[17]
I’m sure it could be cross referenced, but not by me. I only have one grey cell left, and it is slowing down.
[18]
highest
1 New Jersey: 11.8%
3 Connecticut: 11.1%
4 Maryland: 10.8%
6 Caifornia: 10.5%
7 Ohio: 10.4%
8 Vermont: 10.3%
9 Wisconsin: 10.2%
10 Rhode Island: 10.2%
lowest
2 Nevada: 6.6:
3 Wyoming: 7.0%
5 New Hampshire: 7.6%
6 South Dakota: 7.9%
7 Tennessee: 8.3%
8 Texas: 8.4%
9 Louisiana: 8.4%
10 Arizona: 8.5%.
I’ll drop these into my table for an update. The economics I should be able to find as well.
[19]
lowest
1 Alaska: 6.4%
ip – Do you think that if Jennifer Granholm was prettier and had a better bod Michigan would have lower taxes?