The false narrative continues

The press and others continue to use the standard excuses to explain the state of things.

My current favorite remains the excuse that Americans are forced to merely survive on Social Security because their savings were wiped out in the Great Recession.

Source: https://www.macrotrends.net/2526/sp-500-historical-annual-returns

To claim a person was wiped out in 2009 is to say they moved all their investments out of the market at the low point thereby locking in their losses unnecessarily.

Americans who were poor their entire lives, will be poor in retirement as well. And yes, in 2009 some Americans who were over extended with debt, who had no emergency funds, who lost their income had to start over.

However, to claim that the ups and downs of the stock market is the cause of workers living on Social Security in retirement is highly inaccurate.

One comment

  1. The one thing that this summer has proven to me is that the narrative was probably always fake. Between the election cycle, the riots that are peaceful, and covid-19, I don’t believe anything anymore without proof. Then I have to see if it is verifiable by other sources. If they point to a study, how big was the study and who paid for it?
    The Internet has been a blessing and a curse. It is a little easier to find information but it is also easier to spread lies. With covid-19 restrictions, it is just in your face 24/7. I also don’t see this ever getting better. I feel like I am watching propaganda newsreels of the 1930s & 1940s from all good and bad countries. I won’t know what to believe until the historical perspective is shown on the History Channel in 75 years. I am not sure who the good guys really are. I just feel life that many of the Germany were hard working people who one day realized that it was too late. In present day, our villains are ALL politicians, Hollywood, Wall Street, and every other group with an agenda that can post a video or have a website. I mean who would ever thought that the Flat Earthers would have following. So it is not surprising that these social security “advocates” have a large following.

    And as to this article, if people were unable to save money in the first place according to other surveys, how could they be wiped out? What’s next, a national universal pension plan?

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s