I have been thinking about the London riots and the liklihood of them happening again. There is a high chance of this and it could get violent and worse than last time. But it has largely been younger people who have been affected. When the boomer generation lose their pensions then you will have serious rioting. This is what I am more worried about. The younger generation could be a worrying force but the boomer generation is the one that has the ability to really do damage through rioting. What do you think?
There not that old. Most of them are in there fifties and sixties and it is not far off them losing out.
I was just kidding... I'm one of them. Beyond losing their expected pensions, what happens when the government starts confiscating part/all of our IRAs and 401Ks?
Rather silly proposition, morganist. Why would pensioners lose *their* pensions? Some have been privately negotiated between the worker and company, while some are between the worker and State. Then there's social security where younger citizens, like me, will probably not receive benefits in our later years. . . I look at it as a tax but realistically do not expect benefits later in life. **I'm glad that our parents receive pensions that they have earned, or worked hard for for 25-30-years OR MORE. . . ** If anyone is going to lose *their* benefits, hopefully it will be the WELFARE RECIPIENTS who get section 8 housing, food stamps they can use to buy HO-HOs, and other miscreants who do not contribute to society. Perhaps you should posit what will happen when(*if*)the obama voters lose they welfare, and they free housing, and they gubermint assistance. Will there be violence then?? Civilized society has the police, the military and 90 guns for every 100 people. Please stop creating such ridiculous posts. --CTA
State pensions are paid by the current work force who are diminishing in number. Private pensions are about to collapse because money that was lent will not be paid back.
Like I said it will be worse than the young people rioting. It is not that far off. All you need is another market problem like the subprime and it is pretty much over. Either than or they will buy up the banks and print money off to do it. The inflation will wipe off most of the value of pensions.
State pension benefits will decrease over time for younger workers. In other words, our parents, if you will, should continue to receive their benefits normally. . . But a younger worker, say a 35-year old teacher, will likely see lower projected benefits as she approaches retirement at age 65. Private pensions are partly screwed. However, I don't have numbers on the matter. I would expect retired workers to use legal means to recover what they're contractually obligated to receive. If a corp. could go back in time and promise less benefits, I'm sur they would, but a deals' a deal. Right? P.S., Illinois & California are noteable exceptions because the WELFARE government of those states have really screwed up the finances. I think the IL pension system is only 60% funded - the worst in the country! REFORM is a great idea, but I think the upshot is that younger workers (possibly like me or you) would receive less benefits than the generation before us - rather than a cessation of benefits received by the now retired. --CTA
More likely the government/Fed prints money hand-over-fist.. resulting in inflation, currency loss, and a "soft" default. We'll likely still "get our money"... but it won't buy much.
Read this. http://morganisteconomics.blogspot.com/2011/07/where-next-with-financial-crisis.html Admittedly UK, which is worse than the US. Not good.