The CIA World Factbook has some words about the US economy that many people may find very interesting. These are profound facts published by the CIA about our economy concerning long term problems and risks such as the increasing wealth gap and deficits that can cause detrimental effects between the top and bottom percentage of families in America.
As briefly stated on their website at https://www.cia.gov/library/publications/the-world-factbook/geos/us.html
"The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits, and stagnation of family income in the lower economic groups."
It seems as if becoming a successful CEO is the best means of achieving a high salary versus being just an employee and working your way up. "Working your way up" seems like it is just as difficult to do nowadays than it is to simply be your own boss. The concept of job security is fleeting - and the idea of retiring with a 401K seems like a joke (especially since the 401K was never intended to be a retirement plan in the first place.)
What do you mean by this: "...(especially since the 401K was never intended to be a retirement plan in the first place.)"
ReplyDeleteWhat was the original intent of the 401K?
Also, the CIA Factbook has been in my bookmarks for years. Note the position of the U.S. vs. the rest of the world in current account balance:
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2187rank.html
(by this number, the U.S. is really by far the poorest country on the planet).
This has been proven to be a very interesting resource over the years.