Comments for My Budget 360

Comment on How much do Americans earn? What is the average US income and other income figures. Fiscal cliff talks only useful in context of incomes. by Michael

Michael — Thu, 16 May 2013 12:56:44 +0000

Russ: you state that the US Constitution is Article 1 Section 10 “calls for all US citizens to use only specie gold and silver coins as money”. That is not correct. Article 1 section 10 states the following regarding gold:

“No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.”

That is why there is not a currency of Pennsylvania or of North Dakota; they may not create their own. They can’t print money. This clause does not prevent the federal government from doing so, though.

Comment on What does it mean to be retired in the United States? The age of disappearing pensions, dependence on Social Security, and stock market speculation. by Roddy6667

Roddy6667 — Mon, 13 May 2013 16:32:14 +0000

It is not necessary to invest in the stock market to save for retirement. Many of my friends lost half of their savings when the market tanked. I plugged along just saving every week. I don’t believe all the bullshit “investment experts” say. They quote rates of return from “investing for the long term”. These are cherry-picked and never coincide with anybody’s savings and retirement timelines.
I am now retired with no mortgage or debt of any kind. I also moved to a cheaper area to make my money go further.
To sum it up:
No debt-ever.
Save, don’t speculate in the markets. Most people lose.
Make your money where the pay is good and retire where it goes the farthest.

Comment on What does it mean to be retired in the United States? The age of disappearing pensions, dependence on Social Security, and stock market speculation. by Roger

Roger — Sun, 12 May 2013 23:09:30 +0000

What you are overlooking are government workers. About 30% of the workforce are government workers (teachers, cops, the military,etc.)
They enjoy extremely generous benefits, often 100% of their retiring salary, free or heavily subsidized health care, cost of living adjustments, etc.
There are several retired firement, teachers, and govt. lawyers in
my neighborhood. Most of them take multiple cruises per year,
and are “never home”.

Comment on What does it mean to be retired in the United States? The age of disappearing pensions, dependence on Social Security, and stock market speculation. by stephen verchinski

stephen verchinski — Sun, 12 May 2013 21:16:28 +0000

Interestingly is the role here of actuarial companies and their staff collusion with academia to further their business model. Having been hired by Fortune 100 companies to save them money they did exactly that, promoting DC over DB plans (except for the corporate execs?). Now the model is to complete the transition and make money by taking the more intensively managed DC plans under their wings.

The ideal would be to put (union) worker representation on Boards of Directors like they do in Germany to leverage knowledge on these anti worker movements into pushback. Especially when the only function of these changes is to put the worker out there as an individual investor surrounded by wolves.

Comment on You Cannot Afford a $350,000 Home with a $75,000 Household Income! by michael corey

michael corey — Sat, 11 May 2013 13:33:59 +0000

Most banks would not loan on these figures anyway usually the highest would be 25/38 income to debt ratio.