Wealth and Wisdom: Week of August 3, 2026
When American soldiers came home from World War II and started looking for jobs, experts predicted unemployment would soar. Instead of a return to the Great Depression, GIs returning to the economy sparked strong growth and ushered in the “Age of Prosperity” of the 1950s.
In the late 1990s, experts predicted the Y2K computer bug would trigger major failures in the banking system, electric power grids, telecommunications, and transportation systems. It never happened. Corporate America saw the problem coming, and innovative computer programmers fixed it.
Today, the experts warn artificial intelligence is coming for our jobs and that within a generation we’ll all be serving an army of androids. So, it was interesting to read this week that giant companies like Google and CSX, the third largest railroad in the country, are actually adding jobs lately – largely because they overestimated the benefits AI initially promised.
Funny how capitalism keeps adapting to the prospect of impending doom – over and over again – while improving our lives in the process.
Forgive me, then, for chuckling at the recent policy missive from the Democratic Socialists of America that advocates a “future without capitalism.” The DSA also wants to abolish the Electoral College, the U.S. Senate, and “replace the President and Supreme Court with an executive and judiciary chosen by and subordinate to Congress.”
Another “crisis” in the making for our economic system – and the investors reaping its benefits – to deal with. Please let me know how this one turns out. My robot master wants me to get back to work now.
The retirement advocacy group wants Social Security reform to be an open and deliberate process – not a backroom deal. (Reading time: 6 minutes)
Fidelity expects the average 2026 retiree will pay more than $185,000 on health and medical expenses – up sharply from last year’s estimate. (Reading time: 4 minutes)
Traditional long-term care insurance is expensive – but there are several funding options available if you choose to absorb the risk yourself. (Reading time: 4 minutes)
A growing number of people are choosing to ease into retirement as a way to enjoy its benefits while prolonging the advantages of working. (Reading time: 7 minutes)
Some creative options for doing what you love once you have the time – and getting paid for it. (Reading time: 3 minutes)
Just because you’re approaching retirement age, don’t assume it’s time to load up your portfolio with fixed-income investments. (Reading time: 3 minutes)
If your income drops significantly once you stop working, consider “tax gain harvesting” to take advantage of potentially lower tax rates. (Reading time: 5 minutes)
Census figures say nearly two-thirds of Americans own their own home – but new research from the Fed says closer to half. (Reading time: 6 minutes)
You’re barely scraping by when you get a nice raise. But six months later you’re barely scraping by again. How does that happen? (Reading time: 6 minutes)
An excellent article with 9 helpful tips on getting rid of what you no longer need, want, or have room for. (Reading time: 8 minutes)
Words to the Wise
“The problem with socialism is that sooner or later you run out of other people's money.”
– Margaret Thatcher
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