Standards of Life in the Future: Think Grim (Ben Stein)

Yahoo Finance ^ | March 6, 2006 | Ben Stein

[tinamina]

I never vote to raise taxes and I pay for my own diapers, paid for my kid's diapers and for my mom's too. You seem to be quite a selfish generation to me. Your parents are in the way, so kill em off. Never mind they paid for your diapers, food, education and probably loaned you money to buy a house and gave you your first car. They are useless now, just sucking money from the economy and besides, they may leave you some life insurance proceeds or other property you could use, so kill em off, right? You are right, our mistake was not taking you to church.

[Atlas Sneezed]

Fidelity and Vanguard are mainstream major funds, and competitors of each other. No way does Stein represent either or both of them. He is just suggesting getting into a mainstream mutual fund.

[Atlas Sneezed]

They're in their 40s, living paycheck-to-paycheck, and the only reason is that they could never tell themselves, "No. I don't NEED that. And I can't afford it."

---

All because their baby boomer parents couldn't stand the idea of denying their children any indulgence. Now, the kids are addicted. Well, maybe Mom and Dad will kick off early, before they have spent everything.

A pretty bleak picture, huh?

[Atlas Sneezed]

We got cell phones, computers, video games, cheap cars, food costs almost nothing, HBO and FX have amazing TV shows, and porn is free to all on the internet. Life is pretty good for us Gen X and Yers.

---

Of course, trivial expenses like housing, education, and medical care have gotten a little bit pricey.

And it is quite doubtful whether you can count on investment returns of 10% annually in excess of inflation, during your prime earning and saving years.

[Old Professer]

I knew the old bastard was over the hill, but I didn't know he had gone senile, sprung a leak in 1st class, and had started reciting sales brochures into his Ipod while the attendants were administering intravenous Chateau LaFitte on the way back to solid ground.

Pull the plug before the Air Marshall has to step in.

[Old Professer]

Boy, I guarantee you that you want nothing to do with one of my organs when I'm done with them.

[speekinout]

I'm 48, and I have planned for the future. I plan on never retiring.

I hope you're just being flip. My sister used to say the same thing, and she didn't save for retirement. She had a minor stroke at 57, and now she can't work at her high paid jobs. She's living on SS and small other incomes, and it isn't pretty.

If you don't plan like you might have to retire tomorrow, you're at real risk.

[Kay Ludlow]

I've always suspected the fed govt would change the rules retroactively on 401ks and enact a super surtax on withdrawals to subsidize social security, sometime in the next 10 years.

I've also always been really suspicious of the deferred tax savings. Got some in a company 401k type plan only because I wanted their matching contributions. Most of my retirement savings are in normal savings and investments. I just don't believe that tax rates will be lower for me when I retire!

[Paul C. Jesup]

The sad fact is that retirees will suffer. And for the leading edge of the Boomers is: It's too late. Many of them cannot escape a drastic ratcheting down in income and lifestyle. A crisis akin to the Great Depression is racing our way: A ruinous drop in standards of life.

I doubt retiring Baby Boomers will suffer that much, they, as a voting block, will demand the younger Gen X and Y generations pay 100% of their incomes in taxes to fund the quality of life for retired Baby Boomers, the younger generations will reply with euthanasia for the retired Baby Boomers.

It's sick, tragic, but also ironic in it's own way.

[Old Professer]

I've been Reading Stein's shtick almost as long as he has been writing it; he first grabbed my attention in the late 1970s when he used to have an occasional column in the now defunct Los Angeles Herald Examiner where he waxed poetic and salaciously at the same time about his cadre of svelte, sultry, seductive and sophomoric underage interns who could push the buttons that those born to the manor need never touch.

He was a spoiled brat then and still, never quite crawling out past the shadow of his politically powerful father who, like others tight with the Nixon Administration, never fully recovered from the mess that came to be known as Watergate and spawned all the "mini-gates" since.

Yet, in the fallout that spilled over the streets of West Los Angeles and the course of Highway One that meanders up the slide-prone coast toward that Mecca of those who have it made, otherwise known as Malibu, young Ben took a right turn and ended up in Hollywood at the old horsebarn just as surely as any of Dobson's steeds and to this day, there he wishes to stay.

Stuck dumb with stardom from a few droll lines in a now unclassic film where an errant, rich teenager swipes not only his father's car, a Ferrari, but the innocence of all those close to him, he has gone on to mock life in print wherever he finds it, still muttering under his breath, "Bueller...Bueller...Bueller..."

He is brilliant by education and intellect but about as serious as a day-old Krispy Kreme doughnut.

[speekinout]

He is brilliant by education and intellect but about as serious as a day-old Krispy Kreme doughnut.

That's a good synopsis. He is flip with his comments; but there are good points in what he says.

[Choose Ye This Day]

Show me one thing in this particular article you disagree with, and tell me why--other than the author's name is Ben Stein.

[SoCal Pubbie]

My father had a debilitating stroke nine months after retiring from thirty eight years with Douglas Aircraft. I repeat, I will never retire.

By the way, my net worth is about half a million dollars, due mostly to the equity in my home and zero debt.

[jocon307]

"My point is how terrible service is -- even at the higher end in 2006 -- and then to add this chilling thought: If this is how bad it is at the high end now, can you imagine how awful it'll be for everyone in 2020? When all vestiges of service are gone? When no one speaks English? When all customers are just ciphers?"

He is soooooooo right about this. File under: nobody wants to do their jobs anymore.

[speekinout]

You will retire. Everybody does. The only question is whether you will retire on your terms and with enough money to sustain your life style.
A half million is a good start at your age, but you shouldn't assume that is enough. What if you lost your job tomorrow?

[flaglady47]

"LOL. We are so damn unhealthy--"

Well, with your name, you should be real healthy. All that fish....

[flaglady47]

How can I possibly save for retirement? I've got to pay for the new 50" plasma, the new kitchen, the new 7-Series in the garage, the kids private schools, the country club, and annual vacations in Hawaii. I don't see any way I can possibly save for retirement.

You sound like that AD on television. "How do I do it all? I'm in debt up to my ears! Can somebody help me?"

[flaglady47]

"I doubt retiring Baby Boomers will suffer that much, they, as a voting block, will demand the younger Gen X and Y generations pay 100% of their incomes in taxes to fund the quality of life for retired Baby Boomers, the younger generations will reply with euthanasia for the retired Baby Boomers."

LOL! That's deliciously sick. I like the way you think.

[El Gato]

If anyone thinks the government is going to let common man (their fodder) get ahead they are mistaken.

I think if the government knew how to do that, and could manage it, two very big IFs, they would. After all the more the common man gets ahead, the more they make, the more the government can collect in taxes, and thus more power for the politicians. But they don't know how, or rather they do know, but it means collecting less in taxes, which is outside their acceptable solution space. Furthermore if there was some other way, they'd screw it up.

[Kozak]

I'm well armed too, but don't see that as helping in this case. it's not like they will come to my home and try and rob me face to face. No the weasels will steal my money by getting the pols to take it BEFORE I can even get it out the accounts. All in the name of "social justice" and "fairness".