50 years of rising inflation has led to Americans working longer, and dying earlier
For all intents and purposes the Great Society implemented by then President Lyndon Bains Johnson has been an undeniable failure.¬† It’s goals were to end poverty and racial injustice, however there is more poverty today in the U.S. than in 1965 when the welfare state was created, and perceived racial injustice is just as great as ever.
In the mid-1960’s America had a booming economy and a relatively balanced budget.¬† We were on a gold standard which kept down inflation and families had the choice of needing only one parent to work if they so chose.¬† But as the government fell under the spell of the Civil Rights period, President Johnson sought to try to collect minorities under the Democratic Party banner for all time by forging the start of a welfare program that would eventually engulf close to 30% the nation’s budget 50 years later.¬† And this program would also provide a large catalyst which would eventually help lead the U.S. off the gold standard and into a period now where inflation has made it near impossible for only one parent in a household to work if they want to sustain any type of lifestyle above the poverty line.
And as a result of this, and a number of factors that have emerged following the 2008 financial crisis, few Americans can dream about retirement or even having a long life following their decades of sacrifice during their working years.
Graphic courtesy of Bloomberg
The latest data shows the overall health of Americans is consistently declining. At the same time, the number of retirees, who live less and are less active, is growing.
According to the research by the Society of Actuaries, the US mortality ratio grew 1.2 percent in 2015 compared to the previous year. That is the first year-on-year rise since 2005, and only the second increase greater than one percent in over 37 years.
Experts say that almost one in three US citizens aged 65 to 69 are still working with nearly one in five working in their early 70s.
Later retirement for financial benefits makes it easier to afford a longer well-earned rest does not necessarily extend the pensioners‚Äô lifespan.
According to the Health Affairs Journal, Americans in their late 50s already have more serious health problems than people at the same ages did 10 to 15 years ago. ‚Äď¬†Russia Today
Even with both parents in a household working, nearly 50% today say they could not come up with even $1000 for an emergency expense.¬† And added to this, the cost of everything, especially with healthcare and rents, are rising several times faster than wages or salaries are.
The bottom line is that jobs and careers are no longer about achieving success, but about making just enough money to stay afloat in a imploding economic system.¬† And this need to work at greater levels than ever before just to break even is resulting in impossible stress levels, poorer health, and the end of the American dream of being able to retire at a decent age and live off the fruits of one’s lifetime of labor.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.