The Economist this week summarized an amazing survey result.
"Suppose you had $100 in a savings account that paid an interest rate of 2% a year. If you leave the money in the account, how much money would you have accumulated after 5 years: More than $102, exactly $102, or less than $102?"
Only 50% of Americans over the age of 50 could answer that correctly. If 50% of Americans cannot answer that correctly, how can they manage to invest retirement assets? How can they manage to shop for healthcare as they age and mental capacity diminishes?
The GOP's continual push for privatization of social security and medicare does not fit with a population that does not have the mental capacity to manage the process well.
Classic Liberal thought pattern: the people are too stupid, therefore we have to help them!
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