Tuesday, May 10, 2016

"You should acquire a taste for cat food"

Zero Hedge has two separate "WTF Chart" posts today.  The first indicates that Americans have almost no retirement savings and are going to be relying heavily on Henry Winkler to get them a reverse mortgage: "Dead retirees walking."
How can people expect survive for decades on virtually no savings? This chart reveals that a huge percentage of American households will face miserable retirement years and/or having to work until the day they die.
Well, there's always Social Security.  Which is going broke:
The promises made when there were 7 workers for every retiree cannot be kept when there are only 2 workers for every retiree. As automation commoditizes labor, goods and services, the ratio of full-time workers to retirees will continue to slip: it's already under two-to-one, as there are 123 million full-time jobs and 65.48 million Social Security beneficiaries.
Nobody in Washington will reform these programs now.

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