February 24, 2012
There are a lot of senior citizens in the US now. The number is increasing by 10,000 every day as Baby Boomers turn 65—and start applying for Medicare and then shortly after that, for Social Security. These are the folks who once thought this would be the “Golden Years” when their years of hard work and savings and pension plans would let them live the good life, in places that are sunny and warm.
Then came the financial crisis and the stock market crash, the recession, and the “non-recovery.” Whatever “nest egg” they thought they had suddenly was mostly gone. Panicked, they sold their portfolio of securities on the way down, and then fearful of what came next, they didn’t buy back in on the way up. Thus they missed out on the stock market growth over the past 18-24 months. They are left with a much smaller “nest egg,” or none at all, and their pensions are either broke or being discontinued too.
As bad as that sounds, it’s not the “worst news.” The “worst news” is that President Barack Obama plans and policies constitute a multi-faceted “sneak attack on seniors.” Obama cleverly conceals this “sneak attack” while he assures seniors citizens he’s going to take care of them—and “nothing will change” for them. Nonsense!