In recent days I was eating in restaurants and could not help but overhear several conversations among fellow senior citizens. As may be expected the topics were health care, Social Security and retirement. It was scary.
One person was still working, but started collecting Social Security at age 67. ” Why did you do that? Why not let it grow while you are working?” He was asked. “Why would I do that? Everyone knows Social Security will be gone in two years”
In another conversation a group was bashing Obamcare as hurting them even though all were on Medicare and unaffected. One man claimed he lost his Blue Cross coverage when he turned age 65 and blamed it on Obamacare. The Obamacare bashing was endless and yet none of it was accurate.
Another couple began talking about retirement savings and stated proudly they had their retirement money in their bank savings account. They seemed happy until a man stated their money was at risk because the FDIC would be bankrupt in two years and any loss they suffered would not be protected. 
But my favorite comment was from the man who explained to his friends that there was no sense in saving because the government had the power to take their money. He explained that when there was a deficit in the federal budget “they” would just go to everyone’s bank account and take what they needed.
Oh my, is the above representative of average Americans? It may be. The next time you are on Facebook and see one of those test that 97% of people fail give it a try. We need one of those tests to be able to vote.
 Since the FDIC’s creation in 1933, no depositor has ever lost even one penny of FDIC-insured deposits.” The “insurance” offered on FDIC insured bank deposits is funded through “premiums” paid by member banks, not taxpayer revenue. Of course, if FDIC reserves and bank failures were dramatic, the FDIC could tap their $100 billion credit line with the U.S. Treasury and the full faith and credit of the U.S. Government. Source: FDIC and Forbes.
Categories: Observations on life