America, Welcome to the Poorhouse (Intro & Chapter 1): Why You Can't Retire from a 401(k) Plan: You Won't Have Ten Times Your Salary in Your Account at Age 65 [NOOK Book]

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This is the eBook version of the printed book. If the print book includes a CD-ROM, this content is not included within the eBook version.

Read the following excerpt from America, Welcome to the Poorhouse, Introduction.

The nationally broadcast debate in 1980 between President Jimmy Carter and would-be President Ronald Reagan was summed up in 10 short words: "Are you better off than you were four years ago?"

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America, Welcome to the Poorhouse (Intro & Chapter 1): Why You Can't Retire from a 401(k) Plan: You Won't Have Ten Times Your Salary in Your Account at Age 65

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Overview

This is the eBook version of the printed book. If the print book includes a CD-ROM, this content is not included within the eBook version.

Read the following excerpt from America, Welcome to the Poorhouse, Introduction.

The nationally broadcast debate in 1980 between President Jimmy Carter and would-be President Ronald Reagan was summed up in 10 short words: "Are you better off than you were four years ago?"

For Carter, the situation was dire. Iranian radicals had held 52 American hostages for nearly a year. The economy had nose-dived while inflation skyrocketed. Nothing Carter said could counter Reagan's rhetorical question. It was Reagan's debate and a week later it was Reagan's election.

Today if you ask yourself, "Am I better off than I was growing up?" the answer may very well be no. This time it's not a war or hyperinflation that's threatening America (although we're still paying through the nose for gasoline prices), but financial stress.

Despite the fact that many Americans may appear to be wealthy, too many have been "living on leverage"—over their heads in debt—unless they've got "chief" and "officer" in their job titles because most of what they own is paid for with borrowed money—whether it's credit card debt or home equity loans—not with rising wages. While in 1980 the average CEO wage was 42 times that of the average worker, in 2008 it was 208 times, averaging $7.7 million. At the same time, the average weekly earnings for Americans has actually decreased in the past 30 years, from more than $325 in the early 1970s to about $280 in 2005 (in 1982 dollars).

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Product Details

  • ISBN-13: 9780137054923
  • Publisher: Pearson Education
  • Publication date: 9/14/2009
  • Sold by: Barnes & Noble
  • Format: eBook
  • Sales rank: 69,837
  • File size: 256 KB

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Sort by: Showing 1 – 13 of 11 Customer Reviews
  • Anonymous

    Posted December 27, 2011

    Note: Free version only includes intro and chapter 1

    Looks like it would be a good read - mostly on the looming non-retirement crisis.

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted October 8, 2011

    Greed

    Greed is the word I would use to sum up the future of America. There will be two classes of people called the rich and the poor. No more middle class.

    1 out of 2 people found this review helpful.

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  • Anonymous

    Posted August 4, 2012

    Too Late For The Baby Boomers

    Keep working until you are 80.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 22, 2012

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    Posted December 10, 2013

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    Posted December 16, 2009

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    Posted August 13, 2013

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    Posted April 13, 2012

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    Posted December 10, 2011

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    Posted April 30, 2011

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  • Anonymous

    Posted January 26, 2010

    No text was provided for this review.

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