The U.S. is going through a very difficult time right now like most of the rest of the western world. So, the best way to look at it is "We, the western world are all retooling". We are all trying to adapt to all the changes in the world before our systems all collapse.
Nothing will work the way it used to. For example, all the entitlements whether they be social security or retirement benefits plans likely not going to work right. Both likely will be cut in half or less. And this is really going to be awful. The other choice likely is that the U.S. and all the states and all the municipalities will go bankrupt one by one. Cities and counties throughout the U.S. are starting to go bankrupt one by one as I write this and there will be more to come. And who will suffer? Mostly the middle class and the poor but especially retirement plans and social security for anyone who has paid into these types of things over the years.
Why is it like this? Because when revenues reduced sharply from people going underwater and either walking out on their loans and mortgages, these same properties in the tax they paid made Social Security and Retirement plans actually feasible to continue working. Without revenues from property taxes that are no longer being paid because of foreclosures, and because no one has bought those same properties to pay property taxes means there is no money for any of the retirement plans for countless, city, county, state and federal workers. And there is no money for Social security either. However, for now, social security will continue to be paid until at some point people will get half or less of what they do now. The alternative is that the whole country goes bankrupt one city, one county, one state at a time until the federal government goes bankrupt too. At that point we will be a banana republic. And right now, until people want to buy houses again and have the money to buy houses and want to pay property taxes again, local, county, state, and federal retirement plans will be unfunded and drive all those places into bankruptcy. And no legal shennagins will mean anything in the end. If there is no money, legality means nothing because no single person will be liable and there will be no money to pay anyone their retirement payments. Period.
So how do we create good times once again? We will have to redesign everything to work the way things are and will be. Because everything the way it was from about 1945 until 2001 is no more.
So, the people likely who will be hurt and sometimes even die will likely be the middle class and the poor. So, likely only the most resourceful people and their families will survive very well the next 10 or 20 years in the U.S. and Europe the way things are going.
If you are living in Europe you should study what people did during and after World War II to survive. If you are in the U.S. you should study about how people survived during the Great Depression. These skills will be useful once again through these times.
I heard on CNN that 45 million people in the U.S are now on Food Stamps to survive which is over 21 million households in the U.S. Since the population of the U.S. in June 2011 was 311,910,344 if I divide 45 million by 311,910,344 the percentage of the U.S. population on food stamps is now: 14.427+% which is approximately 1 in 7 of the U.S. population. By looking at this percentage we also likely have a better grasp that likely at least 14% of the U.S. population is underemployed or more. By the way 45 million people being on food stamps at the same time is an all time U.S. record.
If these food stamps were suddenly cut off to all these people they would have to resort to handouts or crime to stay alive. This is something for all of us to think about. We are all in this together. If we don't take care of each other it is only going to hurt all of us. Maybe understanding this we all retool for the future.
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