COVID Economy

[warriorchick]

What is the marketimpact of the boomer retirement surge?  Presumably it is largely due to the run ups in the market, which gives these semi-early retirees confidence that they have enough.  But does that mean they'll be backing off their equities?  If so, when does the market feel that pullback?  Where do the retirees go with their money with the bond market mostly still in the tank?

Smart retirees don't cash out the minute they retire.

[MUBurrow]

Smart retirees don't cash out the minute they retire.

No but they also don't retain the same investment risk as when they were still working?

[jesmu84]

Beyond covid, so, OT...

We're gonna hit an interesting population-related hurdle sometime in the future when there are significantly more retirees than workforce as population trends decline. The financial/economic implications are going to be bad.

[Goose]

I can only speak for myself, but I would need to have a crazy, crazy amount in my retirement plan to retire under the age of 65. I have always been, and remain a big risk taker, and playing with early retirement is one risk I would never entertain. While there are many smart people that have retired early, I think there are many more that are playing with fire.

[tower912]

Beyond covid, so, OT...

We're gonna hit an interesting population-related hurdle sometime in the future when there are significantly more retirees than workforce as population trends decline. The financial/economic implications are going to be bad.

This has been building for some time.  Going to have to loosen immigration just to fill what we currently consider essential jobs.

[MU82]

I can only speak for myself, but I would need to have a crazy, crazy amount in my retirement plan to retire under the age of 65. I have always been, and remain a big risk taker, and playing with early retirement is one risk I would never entertain. While there are many smart people that have retired early, I think there are many more that are playing with fire.

I don't want to have the discussion here for obvious reasons, Goose, but if we ever do get that chance to sit down over a beer, I'd be curious to know how much $$$ you believe you need to retire comfortably.

Going to have to loosen immigration just to fill what we currently consider essential jobs.

And that's the tough part for some, isn't it? They want all the jobs filled ... but they don't want people "invading" America to take the jobs that need to be filled.

[Goose]

82

Sounds good.

[MU82]

Pocahonist and Crazy Corey got da chit. Must knotof bin careful 'nough, hey?

I know you're easily influenced by the Fox News gang, but I really don't think you're stoopid, Doc. So I'll give you credit for trying to be hilarious even as you realize that vaxxed-and-boostered people who get mild cases of Covid very possibly were spared something far worse because they're fully vaxxed.

Sadly, study after study is showing it's the red-county, Trump-voting anti-vaxxers who are swamping the nation's ICUs. Which, because you can read, you're very aware of, despite what Tucker says.

[Dr. Blackheart]

This has been building for some time.  Going to have to loosen immigration just to fill what we currently consider essential jobs.

R2-D2

[Hards Alumni]

I can only speak for myself, but I would need to have a crazy, crazy amount in my retirement plan to retire under the age of 65. I have always been, and remain a big risk taker, and playing with early retirement is one risk I would never entertain. While there are many smart people that have retired early, I think there are many more that are playing with fire.

10M

[jesmu84]

https://twitter.com/JonLemire/status/1473703761856061445?t=HKfG-S0mmVIv1THcuX-RUw&s=19

[Hards Alumni]

https://twitter.com/JonLemire/status/1473703761856061445?t=HKfG-S0mmVIv1THcuX-RUw&s=19

Guess that means he'll break his promise to cancel 10k per student then.

I, for one, am truly shocked.

[MU82]

Guess that means he'll break his promise to cancel 10k per student then.

I, for one, am truly shocked.

I'm hopeful that he'll keep his promise, and will be disappointed if he doesn't. As you said ... he's a politician so it's not shocking. But would still be disappointing.

[Billy Hoyle]

I'm hopeful that he'll keep his promise, and will be disappointed if he doesn't. As you said ... he's a politician so it's not shocking. But would still be disappointing.

If you want loan forgiveness take advantage of PSLF and earn it. I find it amusing that the biggest proponents in government of loan “forgiveness” are the members of “The Squad” who, despite $174k a year salaries, continue to cry poverty because they have loans they don’t want to pay off (maybe AOC could have passed in the unneeded Tesla). That Rashida Talib claims to be $200k in student loan debt from graduating from the worst law school in America in a low cost of living city, 20 years ago when tuition was under $17k/year, should disqualify her from elected office.

We understood the terms, signed voluntarily, and now people who got what the loans were for (or dropped/flunked out) are refusing to honor their obligation and demanding a hand out. Next will be mortgages.

What is most interesting is the greatest beneficiaries of forgiveness would be middle-upper and upper class whites. 

https://www.brookings.edu/blog/up-front/2021/02/12/putting-student-loan-forgiveness-in-perspective-how-costly-is-it-and-who-benefits/

[The Hippie Satan of Hyperbole]

If you want loan forgiveness take advantage of PSLF and earn it. I find it amusing that the biggest proponents in government of loan “forgiveness” are the members of “The Squad” who, despite $174k a year salaries, continue to cry poverty because they have loans they don’t want to pay off (maybe AOC could have passed in the unneeded Tesla). That Rashida Talib claims to be $200k in student loan debt from graduating from the worst law school in America in a low cost of living city, 20 years ago when tuition was under $17k/year, should disqualify her from elected office.

We understood the terms, signed voluntarily, and now people who got what the loans were for (or dropped/flunked out) are refusing to honor their obligation and demanding a hand out. Next will be mortgages.

What is most interesting is the greatest beneficiaries of forgiveness would be middle-upper and upper class whites. 

https://www.brookings.edu/blog/up-front/2021/02/12/putting-student-loan-forgiveness-in-perspective-how-costly-is-it-and-who-benefits/

We can debate the moral hazard of student loan forgiveness, or even simply the usefulness of doing so without addressing long term cost, but it was a flat out campaign promise that is apparently within his authority to do so unilaterally.

So yeah I can see why people are pissed.

[jesmu84]

If you want loan forgiveness take advantage of PSLF and earn it. I find it amusing that the biggest proponents in government of loan “forgiveness” are the members of “The Squad” who, despite $174k a year salaries, continue to cry poverty because they have loans they don’t want to pay off (maybe AOC could have passed in the unneeded Tesla). That Rashida Talib claims to be $200k in student loan debt from graduating from the worst law school in America in a low cost of living city, 20 years ago when tuition was under $17k/year, should disqualify her from elected office.

We understood the terms, signed voluntarily, and now people who got what the loans were for (or dropped/flunked out) are refusing to honor their obligation and demanding a hand out. Next will be mortgages.

What is most interesting is the greatest beneficiaries of forgiveness would be middle-upper and upper class whites. 

https://www.brookings.edu/blog/up-front/2021/02/12/putting-student-loan-forgiveness-in-perspective-how-costly-is-it-and-who-benefits/

"I had to do something once, so everyone should always suffer and we shouldn't advance as a society. No one should get any benefit that I couldn't receive."

[Hards Alumni]

If you want loan forgiveness take advantage of PSLF and earn it. I find it amusing that the biggest proponents in government of loan “forgiveness” are the members of “The Squad” who, despite $174k a year salaries, continue to cry poverty because they have loans they don’t want to pay off (maybe AOC could have passed in the unneeded Tesla). That Rashida Talib claims to be $200k in student loan debt from graduating from the worst law school in America in a low cost of living city, 20 years ago when tuition was under $17k/year, should disqualify her from elected office.

We understood the terms, signed voluntarily, and now people who got what the loans were for (or dropped/flunked out) are refusing to honor their obligation and demanding a hand out. Next will be mortgages.

What is most interesting is the greatest beneficiaries of forgiveness would be middle-upper and upper class whites. 

https://www.brookings.edu/blog/up-front/2021/02/12/putting-student-loan-forgiveness-in-perspective-how-costly-is-it-and-who-benefits/

Yes, it would be terrible to spend money on such a thing that would create a massive economic boom.  Better to buy bombs and planes instead of fixing a generational problem.

USA USA USA USA!!!

[jesmu84]

Yes, it would be terrible to spend money on such a thing that would create a massive economic boom.  Better to buy bombs and planes instead of fixing a generational problem.

USA USA USA USA!!!

To be fair, I doubt it would be much of an economic impact as we'd all spend it on drugs

[Uncle Rico]

To be fair, I doubt it would be much of an economic impact as we'd all spend it on drugs

I’d spend it on illegal NIL payments

[MU82]

If you want loan forgiveness take advantage of PSLF and earn it. I find it amusing that the biggest proponents in government of loan “forgiveness” are the members of “The Squad” who, despite $174k a year salaries, continue to cry poverty because they have loans they don’t want to pay off (maybe AOC could have passed in the unneeded Tesla). That Rashida Talib claims to be $200k in student loan debt from graduating from the worst law school in America in a low cost of living city, 20 years ago when tuition was under $17k/year, should disqualify her from elected office.

We understood the terms, signed voluntarily, and now people who got what the loans were for (or dropped/flunked out) are refusing to honor their obligation and demanding a hand out. Next will be mortgages.

What is most interesting is the greatest beneficiaries of forgiveness would be middle-upper and upper class whites. 

https://www.brookings.edu/blog/up-front/2021/02/12/putting-student-loan-forgiveness-in-perspective-how-costly-is-it-and-who-benefits/

Any angry post that includes "The Squad" deserves some congratulations.

Still, it's a little disappointing you forgot to mention socialism, CRT, BLM protests or voter fraud ... this time.

[rocket surgeon]

what a well run machine-schools keep jacking tuition, gubmint pays the schools and takes on the unsecured loans, then forgives them?  who the H E double hockey sticks wouldn't be in favor of that?  i got an idea-let the schools be the bank and see how quick they are to 1) raise tuition at rates multiple times the rate of inflation every year & 2) write it all off?

[Lennys Tap]

Yes, it would be terrible to spend money on such a thing that would create a massive economic boom.  Better to buy bombs and planes instead of fixing a generational problem.

USA USA USA USA!!!

Forcing taxpayers to pay off other peoples debts = an economic boom? Awesome. Why stop with profligate ex college students? If we include forgiveness of all credit card debt, mortgage debt, car loan debt, etc., we’ll be living in Utopia in no time. What could possibly go wrong?

[warriorchick]

How about we start with making student loan debt dischargeable in bankruptcy? There could be a rule that says that it has be a certain number of years out from when the student leaves school so that they can't file the minute they graduate.

[Lennys Tap]

"I had to do something once, so everyone should always suffer and we shouldn't advance as a society. No one should get any benefit that I couldn't receive."

“Paying your honestly acquired obligations is for suckers! We can sell this BS to the dopes as a way to ‘advance society’. The con of all cons!”

[The Hippie Satan of Hyperbole]

“Paying your honestly acquired obligations is for suckers! We can sell this BS to the dopes as a way to ‘advance society’. The con of all cons!”

Lowering tax rates on the highest income earners is pretty much the same thing. But some people seem to be for that.

Either putting money into the hands of spenders benefits the economy and is good for society..or it isn’t. But I guess if they are wealthy it’s OK.