‘Too Little Too Late’: Bankruptcy Booms Among Older Americans

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StarMapp said:
The government CAN return to the people the money that was lost by large investment firms in the 80’s.
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The government doesn’t have the money that was lost in the 1980’s, so, no they can’t return it.

Take the case of Bernard Madoff. The man is 80 years old and sitting on ice in the penitentiary serving a life sentence. He’s broke. Should the government be responsible to make good on all the money he cheated people out of? If so, how about other people that been cheated out of amounts small and large? If someone sticks me up and steals $20, should the government be required to replace it?
 
I find that fate is not without a sense of humor. If they had gone to the state saying they were going to live too long and didnt have enough money what would the state say? Would they say:
  1. Give us what money you have, and we will take care of you.
  2. You should have worked longer.
  3. Your standard of living materialistically was too high then.
  4. Why should we pay someone a profit to take care of you when your relatives can do it?
  5. You should have said something before you were broke.
I find that in the USA they do have some of those programs, but that if they are not the ones working for the money then there may just never be enough of it. It is not the markets fault that goods and services are available, that they should not have bought so much if they do not have enough money. Do not ask why the goods and services are so expensive, ask why you are not the ones contributing that to lower the price.
 
I worked in healthcare (Medical Technologist) and retired 2 years ago because I was physically unable to handle it anymore. I was as prepared as I could be since I knew my knees and back wouldn’t last until 66. I made it to 64. I also didn’t become a Med Tech until I was 37. It’s a very good paying job and I had some catching up to do. I saved my little tuchus off trying to catch up. The market crash in the early 2000’s made it even harder but, I persevered. I’m not rich but I can pay my bills and keep the house.

I worry for my kids, though. My son works 2 jobs and is a single dad. He is good at saving. His wife committed suicide 6 years ago and he went into bankruptcy due to mental health costs. Our mental health care is atrocious and often the cause of bankruptcies. My daughter has an ok job but will never get rich on it and she is terrible at saving. I’ve told her not to look to dad and me because she has got to learn the self discipline to solve her own financial problems. Either of them are one large medical crisis away from ruin. That just shouldn’t be the case in America. Every other 1st world nation has solved this issue but us. I don’t care if it’s socialized medicine, it’s desparately and ethically needed.
 
Where is it getting the funds for the oversees wars and policing actions?
 
I suggest the US does less interventions overseas and use the money to spend on internal needs. Pull out of NATO , let the EU deal with their own defense and probably also pull out of the UN. The UN is useless.

All these interventions breed nothing but anti-Americanism.
 
BillF said:
Well if Trump can go bankrupt several times…
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Actually, the President never went bankrupt.

Some of the thousands of projects he’s been involved in during his long and storied life have gone belly up- but that isn’t the same as personal bankruptcy, not even close.
 
Maybe so but you can create a lot of enemies by stiffing the people and banks you owe money to. There is not one US bank that will lend him or his company any more money so in this respect the two are related.
 
ProVobis said:
Maybe so but you can create a lot of enemies by stiffing the people and banks you owe money to
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I don’t think banks take it personally at all. When they lent the money out, they knew that Mr. Trump wasn’t personally guaranteeing repayment and didn’t put any personal collateral up. Those are factors that banks consider when setting the terms and interest rates.

If they didn’t get all of their money back because the venture failed, they weren’t babes in the woods.
 
There are people behind all failed organizations. Look at what happened at Enron et all. Not only did they fail but their officers were convicted.

Maybe Trump committed no crime along the way but repeated bankruptcies and lawsuits can place you under the scrutiny of some overseeing entity.

Obviously he didn’t like it but that’s the way it is.
 
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How about some Holy Catholic Poverty everyone?
“Samuel Johnson said that a pensioner was a slave of the state. That is
his definition in his famous dictionary. Of coarse, he himself was glad of his pension, human
nature being what it is, and poverty being hard as it is.
We believe that social security legislation, now balled as a great victory for the poor and for
the worker, is a great defeat for Christianity. It is an acceptance of the idea of force and
compulsion. It is an acceptance of Cain’s statement, on the part of the employer. “Am I
my brother’s keeper?” Since the employer can never be trusted to give a family wage, nor
take care of the worker as he takes care of his machine when it is idle, the state must enter
in and compel help on his part. Of course, economists say that business cannot afford to
act on Christian principles. It is impractical, uneconomic. But it is generally coming to be
accepted that such a degree of centralization as ours is impractical, and that there must be
decentralization. In other words, business has made a mess of things, and the state has had
to enter in to rescue the worker from starvation.”

 
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