On Thursday of last week the American stock markets plummeted. On Friday, same result. Over the weekend the Asian markets got destroyed, and Europe felt similar losses. Losses are being seen like we haven’t seen since the fall of 2008. Financial reporters everywhere are reporting on this massive global crash.
It’s not just loudmouths like Trump and Larry Cramer out there sounding the alarm bells, check out what Larry Summers tweeted just this morning;
Some Wall Street insiders are blaming the losses on falling oil prices. Ironic that one thing that might be a relief for US consumers “kills” the markets. So what is good for American markets and what is good for the American people seem to be at polar opposites. Is that the way things are supposed to work? I remember an age that when things were good for business, it was good for everyone. That age seems to have passed.
The fact is though, outside of the richest 10 percent in this country, Americans have very little invested in the stock market. Yes, some of us have 401K plans and other supplemental retirement plans that are at least in part tied to market performance. If the GOP had its way, however, we would all be 100 percent dependent on that market for our retirement.
Fortunately we as Americans don’t have to rely on the volatility of the markets as we ease into the retirement years. We don’t have to be dependent on the market because we have something better — Social Security.
For almost 80 years, Social Security has increasingly given seniors at least some peace in their lives with steady cash and benefits as markets boom and bust. Imagine if we didn’t have this great system? Imagine if one of the many GOP coup attempts over the years to “privatize” social security would have worked. Imagine the disaster that would be. Imagine being a senior today who’s retirement stability was being swept away in a matter of days and even hours and vanishing before their eyes.
It wouldn’t be a disaster for everyone, of course. Those “killers” that Donald Trump talks about in his speeches, guys like Carl Icahn would make out … they always do. It’s a game they run, and have rigged for their own benefit. Even when markets crash, the riggers of the game make sure they do alright — but screw grandma, she should have known there are “risks” to consider.
You lose, grandma — thanks for playing.
Some will argue that these “market corrections” (they don’t like to call them “losses”) are short term and the market will be back in no time. Not according to reports today from financial experts. As The Guardian reports …
“If pension savers don’t need to access their fund for many years, they needn’t be alarmed by short term volatility. Stock markets are in for a bumpy ride over the coming weeks, but if savers can stomach the ups and downs, equities are likely to provide superior returns over the medium and long term.”
So, grandma — as long as you don’t need to access your money for several years, you’ll be fine!!! Yeah, I guess she will tell the folks down at the food market that she will gladly pay for her food when the market returns in several years, right? Same with the folks at the electric company, the gas station, etc, etc … They should be fine with that, right?
These same people who run and rig the markets are the ones who tell us there is a “crisis” in Social Security even though the system is solvent for decades if nothing changed. With some small tweaks (like a long overdue raising of the cap) the system could be made solvent and benefits even increased for the long term forseeable future. By the way, let us remind ourselves of who those “savers” are above. That would be the wealthy, the people who can afford to sit on something for years. The average citizen cannot do that, so they would lose in the game. Imagine if you retired last week?
Despite all the bellyaching from Wall Street and the politicians they own, Social Security is fine. What other programs will operate at a surplus for years to come? That’s right, there really are none. Conservatives have always hated Social Security since day one. These days they hate it even more. They hate it because it works and flies in the face of every “free market” scheme and scam.
They hate it even more because what they see in Social Security isn’t millions of seniors lifted from poverty, they see trillions of dollars that they can’t touch but they want to. That “slush fund” that is Social Security represents the brass ring of “whales” in the investment world. Wall Street wants that cash so they can use it for their own purposes. Rest assured, those “killers” like Icahn and Trump will somehow end up with it.
Remember grandma, you knew there were risks n the market. No soup for you — NEXT!!!
Presidential candidate and Vermont Senator Bernie Sanders has laid out the truth about Social Security and dispelled the misinformation and propaganda throughout his career. Wall Street hates Bernie Sanders. Not because of any ideological labels or such nonsense, but because Sanders fearlessly takes them on and speaks the truth about Social Security. If Wall Street was looking for a date with the Social Security slush fund, Bernie would be the “older brother” protecting his sister from the creeps.
Check out this great speech on what we must do with Social Security in the future HERE:
featured image via thegaurdian.com