And don't get this columnist started on 'affordable.'
Words and phrases have a powerful impact. They motivate and mislead. They’re subject to perceptions and preconceived notions. They come and go in fashion. Whatever happened to the word “gobbledygook”? OK, I admit it, I’m also a fan of “curmudgeon.”
2. Paycheck to paycheck. This phrase is usually preceded by the word “living.” Together, the words trigger empathy and paint a picture of inadequate income and struggling financially. While that may be true, we often fail to consider that—like affordable—this, too, is a relative term. In fact, it can apply at any income level: Consider the deep-in-debt Johnny Depp.
4. Fair share. When we were kids, we’d use this notion when dividing up candy. Now, it comes up with reference to taxes. I suspect it would be difficult to find people who think they don’t pay their fair share. 5. Wealthy. Another relative term—and another notion subject to much debate. To be in the top 1% of income earners, you must make at least $421,926 a year, but that varies widely by state. In Mississippi, you need $254,362. When we use the term “wealthy,” we generally think of the other guy—and the other guy thinks of someone else. Yes, there’s somebody out there who thinks you’re wealthy.
Social Security, like a pension plan, has accumulated liabilities—benefits that need to be paid in the years ahead. According to the latest Social Security Trustees’ report, the unfunded liability for Social Security is $14 trillion. The current reserve, which is being depleted, holds about $2.9 trillion, or some $11 trillion less. Sorry, no surplus.
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