I’m going out on a limb, but seniors don’t deserve “more”

Yup, the above is from Facebook. While many of the comments agreed with this philosophy, I was happy to see that quite a few did not.

Enough already. We seniors don’t deserve anything. We already consume the bulk of the federal budget, and no, we didn’t pay for what we receive, we contributed toward the costs through payroll deductions.

Most seniors had 30-40 years to prepare to be seniors and to live without work income.

They made spending and saving and debt choices all their lives, they set priorities and now they have no right to take more from younger generations.

Did seniors ( I hate that general classification) really think they could live comfortably on Social Security?

Did seniors of today think they could go through life without saving and investing and planning, managing debt and obtaining adequate insurance protection?

Roughly half of U.S. house­holds have no emergency sav­ings, ac­cord­ing to a Fed­eral Re­serve sur­vey re­leased last year. Those that do may not have enough. Al­most 60% said they couldn’t tap into rainy-day funds, bor­row from fam­ily and friends or sell some­thing to cover three months of liv­ing ex­penses.Source: Wall Street Journal April 15, 2020

Note the above refers to 60% of Americans, not the just the lowest 20% which legitimately may struggle to accumulate significant savings.

You don’t have to be an economist to look around and see how Americans spend their money before saving. 71% of Americans are either middle or upper class in terms of income.

You may have heard that 40% of Americans can’t come up with $400 for an emergency. 40%❓I might buy 10% even 20%, but no excuse for 40%. People ages 65 to 74 spend the most on lottery tickets and pari-mutuels (betting pools).

Do seniors think Congress has money to dole out that does not come from taxes or increased debt that will lead to higher taxes and or inflation? That’s higher taxes on our children and grandchildren. ” Government” has no money.

The rhetoric that we can have it all paid for only by wealthy Americans is a myth. No country in the world does that.

I was struck by one comment on the Facebook post which said we should merely cut the pay of members of a congress and give it to seniors. I chuckled until I read the replies that seriously supported the idea. Such ignorance abounds.

Will the events of today, be a warning for seniors of the future?

4 comments

  1. I agree entirely. Should not have gone to seniors who file a tax return. Some others who do not meet filing requirements maybe get half. However, imagine if President Trump did not include seniors what the main stream media and social media would have done to him!

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  2. I agree completely. It is supposed to be a lifeline for those in need. Seniors had a lifetime to save and prepare. Those who didn’t should not be bailed out. The need is for the younger folks who don’t have enough to feed their family. The $2400 per couple is great for those folks albeit it won’t solve all their problems the hope is can put food on the table. Seniors who receive the $2400 should turn it over to a charity of their preference and as for the $500 take a hike as that will just hasten the day the fund goes bust.

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  3. As a “Senior” thats retired, 500 bucks more sound great BUT…We retired are not out of work because of covid19, we’re out of work because we are retired! I don’t see where our financial needs have increased because of the virus. That SS check is still in the mail every month.

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  4. My question is why? What do seniors do that provides extra value to the government of the United States to deserve $500 more a month? What do seniors do that still contributes toward the GDP? Seniors consume a lot more from the federal budget while no longer contributing to the federal budget in taxes like they have in the past. They certainly got more back then they ever paid in taxes. I know I have and I do not even collect social security yet. If you don’t consider getting roads, jails, military, schools as a benefit, at least consider the amount of laws, regulations, and fraud your tax dollars have bought.

    Newsflash. This panmedic will change everything. People are being forced to stay home and spend down their savings. These are the ones who will need help much sooner than in retirement. Senior’s Social Security checks kept on coming in while the non-retirees had to figure out how to make their money last with no end in sight. In NJ, yesterday the governor implied that it may be June or later before we are release from house arrest. Imagine living on savings for 3 months when people do not even have an extra $400 emergency fund.

    The lower working class with children were incentivised not to work by making more money to stay home than to work which has now made a very large welfare class that the working taxpayers will now have to fund. How many will want to go back to work when this is over? How many will have jobs to go back to? Taxes must be raised and programs cut, but I don’t see Congress having the willpower to do what will need to be done and they will just kick the can down the road until judgement day. Then we will all be lucky to have $500.

    Instead of demanding an extra $500 a month, I be more worried about the 24% cut in social security which is only a decade away due to the underfunding of the trust fund.

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