From The Economic Times of India:
… According to a global comparison conducted by HR and payroll specialists at Moorepay, the United States ranks outside the top 10 when it comes to how well Social Security payments cover basic living costs, as per a report by The Express. …
The study showed that several countries far exceed the U.S. in how much their pensions cover living costs. Kuwait ranked first, with pensions covering more than 566% of basic expenses. Bahrain followed at 253%, while Luxembourg, Italy, and Finland also ranked high, each covering more than double the average cost of living.
Other countries rounding out the top 10 included Spain, Denmark, Iceland, Norway, and Germany, all of which surpassed the U.S. in pension strength relative to living expenses. …
18 comments:
But we can’t afford such extravagant things as … Bahrain?! Luxembourg?!! Wait, has the GOP been lying to me about what America can and can’t afford to provide its citizens?
On the flip side….
Most billionaires live in major global financial and tech hubs, with New York City consistently ranking first for the highest concentration of individuals, followed by other major cities in the U.S., China (like Hong Kong, Beijing, Shanghai), and India (Mumbai), plus significant numbers in London, Singapore, and Moscow, reflecting centers of finance, tech, and established wealth.
I’m personally fine with it. The USA rewards hard work and doesn’t pay 500% of your expenses if you’ve never worked a day in your life. That would encourage people to sit around. Take our Commissioner for example, Mr. Frank Bisignano. Came from nothing and now worth close to a billion because he worked his arse off. I want to live in a country like that.
I‘d rather be able to retire comfortably than have more billionaires in my country’s financial hubs, but to each his own I guess.
The US rewards compound interest more than anything. That’s literally not even work.
The chances of you becoming a billionaire are much much lower than your chances of needing social services. Those living in countries with minimum incomes, access to free healthcare, higher education etc may not rise as high as Frank, but they also won’t fall nearly as low as you could on any given day.
This comparison really puts things into perspective. It’s surprising to see the U.S. outside the top 10, especially when countries like Kuwait and Bahrain cover living costs multiple times over through pensions. It clearly shows how uneven retirement security is across the world and why relying only on Social Security in the U.S. can be risky. Studies like this highlight the importance of personal savings and better pension reforms to ensure a more secure retirement.
Social Security was never intended to be a retirees sole source of income.
A better comparison would have been state pensions where the person does not get social security.
Lol, good one.
Seriously is he paying you or is this just another MAGA/GOP chat bot? He didn’t work any harder than anyone else, just shorted Firtserv stock with lies walking away with 300 million he absolutely did not earn. You’re a rube I hope to God you don’t work at SSA.
Yes, if we pumped a 100 barrels of oil a day per citizen like Kuwait we could afford a lot more.
We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age.
Leland is back! And he’s been drinking!
@5:41: We may not pump quite as much oil per citizen as Kuwait, but our GDP is way, way higher. So tell me again why our country has to be second-rate when it comes to retirement, social programs, infrastructure, healthcare, etc.?
There will always be people hell bent on ending Social Security and returning to the good old days of the Poor Farms and Poor Houses which were literally hell on earth.
Social Security payments were never established to cover basic living costs. Calculations to determine payments were later indexed and adjustments made for bend points to a degree to calculate higher payments for those with lower covered earnings to provide more financial support for those individuals. However, the focus is that Social Security is part of an individual's plan to replace part of income lost due to retirement, disability, or death. Federal implementation of SSI in 1974 added an unearned layer of financial support that was not planned for when Social Security was created.
The study showed that several countries far exceed the U.S. in how much their pensions cover living costs.
According to the latest Consumer Price Index, the cost of groceries jumped by 0.7% in December. Certain foods increased more than others. Beef, which has been moved to near the top of the food pyramid in the new dietary guidelines Rollins unveiled this month, rose by 1% for the month and 16.4% from a year ago.
Asked about that reality, Rollins ― who last month bragged about cutting food aid to low-income Americans ― suggested an affordable meal option that met her new guidelines.
We’ve run over a thousand simulations,” she said. “It can cost around $3 a meal for a piece of chicken, a piece of broccoli, a corn tortilla and one other thing. And so, there is a way to do this that actually will save the average American consumer money.”
To administration critics, that sounded like the world’s sorriest taco. They fired back on X:
In fact they arguably were. And even if what you said is accurate, that’s no reason for declining to try and do a better job providing for our citizens than f**king Bahrain!
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