People over 50 carrying much more debt than in the past, this could be dangerous

I certainly see it where I live. Across the street from me are homes which are in the $500k-$1 million range (my neighborhood is nice but more modest) and it is filled with retirees, most of whom built their homes in the period after the 2008 Crash. These were the folks who had money during those particularly lean times. The only people who could get a mortgage. Indeed at least some of these people probably paid cash for their homes.

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Hedge fund manager Stan Druckenmiller has a message for young people: “Don’t let your grandparents steal your money!”

Every time I write about the need to reform Social Security people freak out. Suddenly supposedly small government folks fly into a rage at the idea that Social Security must be curtailed for the good of the country.

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Hey Grandpa, Stop Stealing From Your Grand Kids! Social Security and Medicare are Unfair.

Hey, life isn’t fair. But we have got to do something about Social Security and the coming debt bomb.

Of course most seniors don’t consider Social Security theft, and the headline above is intended to be inflammatory, however the Social Security system we have now is completely unsustainable. It hurts many who are just struggling to make it in an economy which is very different from the rising tide many retirees experienced over the past half century.

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