It's a particularly bad time for Dems to be signalling bipartisan compromise possibilities when it comes to Social Security--not just a bad time politically, but for America's future.
(Reuters) - The average American has saved less than 7 percent of his desired retirement nest egg and will likely have to keep working in retirement to supplement his income.
Middle-class Americans think they need $300,000 to fund their retirement, but on average have only saved $20,000, according to a survey released on Wednesday by Wells Fargo & Co.
"Middle class" is defined as those aged 30 to 69 with $40,000 to $100,000 in household income or $25,000 to $100,000 in investable assets and those aged 25 to 29 with income or investable assets of $25,000 to $100,000.
The response from a bankster on this is telling:
"Too many Americans have their heads in the sand in the face of obvious savings deficits," said Laurie Nordquist, director of Wells Fargo Institutional Retirement Trust. "Barring a miracle, a winning lottery ticket or a big inheritance, they're going to be forced to dramatically cut back their lifestyles after retirement."
All those damned middle class people that haven't seen a real increase in their household income for three decades. They just need more austerity and to learn how to do with less. Meanwhile, we reserve the right to steal their houses.
Austerity for the middle class isn't the answer to solving the savings problem. Addressing income inequality is. That includes not cutting Social Security, but strengthening it. That, or we face a future that looks depressingly like Depression era America--seniors living hand to mouth.