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6 of 7 people found the following review helpful:
Thorough, Readable, Thought-Provoking Look at the Economic Realities
This is an important and informative book. It covers four important (and difficult) economic realities of life in 2010 America, from college and retirement costs, to mortgage and credit card debt. So it is especially important for the legion of Baby Boomers (born 1946) who will begin retiring in 2011 and for the new generation of consumers, who'll have to make difficult...
Published 7 months ago by Julie S.C.Y,
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6 of 7 people found the following review helpful:
Some interesting information, but the reform...
I enjoyed this book for concisely telling the story of how monumentally bad things are for the majority of Americans. Rather than pull punches about affordable homes, making payments, etc., the author clearly shows how most people can't afford to keep up with the lifestyles they've become accustomed to. While those at the top continue to do well, the rest are falling...
Published 8 months ago by Jason Stokes
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6 of 7 people found the following review helpful:
Thorough, Readable, Thought-Provoking Look at the Economic Realities, January 15, 2010
This review is from: America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
This is an important and informative book. It covers four important (and difficult) economic realities of life in 2010 America, from college and retirement costs, to mortgage and credit card debt. So it is especially important for the legion of Baby Boomers (born 1946) who will begin retiring in 2011 and for the new generation of consumers, who'll have to make difficult economic choices in the world the Boomers have left them.
I don't understand the reviewers who've criticized "America: Welcome to the Poorhouse" for being "scattershot". Personally, I can't imagine how it could have been better organized or more focused than it is. And the thesis is clear, too: American lives and financial choices are linked to an American economy that creates and perpetuates great financial stress.
Jane White divides the book into four financial themes: retirement; mortgages; college expenses; and credit card debt. In each section, she takes a clear-eyed and specific look at what the problem is, why it continues, and what should be done about it--both by the consumer and through specific legislative reforms.
Essentially her legislative recommendations are: regulate/eliminate lobbyists...require greater employer contributions to employee 401Ks...get rid of adjustable rate mortgages...and reduce your credit card debt and reliance on home equity loans.
I appreciated the clarity of this book and the numerous examples and facts that were used to support the recommendations for change--both change in consumer behavior and legislative change. There's a tone of honest and blunt "financial advice that you need" whether she is recommending when to sell (or not sell) your stock, or where to move if you need an affordable house in an appealing, but different, part of the country (the 10 cities listed--from Portland to Raleigh--are each accompanied by a list that gives you a two-page overview of the best attributes of each).
The book is current, too, and references many of the reforms and ideas of President Obama, whom she believes is on the right track in many of these areas, but is ham-strung without real legislation from Congress.
I liked the book and think anyone reading it would come away better informed (and with an idea of how to improve their -own- financial situation). Definitely recommended.
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6 of 7 people found the following review helpful:
Some interesting information, but the reform..., January 4, 2010
This review is from: America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
I enjoyed this book for concisely telling the story of how monumentally bad things are for the majority of Americans. Rather than pull punches about affordable homes, making payments, etc., the author clearly shows how most people can't afford to keep up with the lifestyles they've become accustomed to. While those at the top continue to do well, the rest are falling further behind, led by mortgages they cannot afford, retirement savings they don't make, and college tuition that is growing faster that inflation. In the face of all these costs, people are actually earning less per hour of work than they did 30 years ago. Certainly, it's a middle class crisis.
Unfortunately, the author, instead of pushing for rational improvements, pushes her own agenda of mandatory government savings plans, encourages us to contact Congress to push the agenda, and follows up with some diatribe about how the government should be paying for school, since they do in other countries. It's a shame that her solutions aren't more reasonable and attainable, because her indictment of the current system was truly a 5 star effort.
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6 of 7 people found the following review helpful:
Not what I expected, but interesting!, December 8, 2009
This review is from: America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need (Hardcover)
I admit it I am not very intelligent when it comes to political issues and retirement. To keep myself up-to-date, I do try to watch the news, but mainly I read. I love to read personal finance books that are for the everyday Joe as I am always looking for tips and ideas. I may have to re-read a few pages and sometimes I admit I get lost, but I do like to try out personal finance books.
"America, Welcome to the Poorhouse" by Jane White is a book that deals with ways to protect your future by offering current problems and solutions. Now the book offers White's opinions on how to fix issues, which may or may not work and be something I agree with, but I enjoyed how she spoke up. Too many times people keep ideas to themselves and it always helps to put your thoughts out there and have others work together to build upon them.
According to a CNN Opinion Research poll, only 39% of respondents felt they would be able to continue their current quality of life, 50% were confident they would be continue to be able pay their mortgages, 24% felt they would be able to send their children to college and only 22% had saved enough for retirement. Now I don't know about you, but those figures scare me. I know college and retirement are a long ways off, but really they are things my husband and I should be thinking about. Now this book does not offer personal plans, as much as it is a "We need to do this" and "The government needs to fix this." It was still an interesting read and brought up some good ideas. She also references personal experiences in the book.
Through the following topics of Empty Nest Eggs, Unaffordable Homes, Overpriced Colleges, and Credit-Card Debt, White uses current issues to explain how we are as a society are in trouble. I wish the book covered more or offered actual ways to survive day-to-day bills, but for the purpose of trying to wake up America, I think it did its job. Overall, I would recommend it for someone interested in any of those four topics.
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5 of 6 people found the following review helpful:
Be Prepared to Get Mad!, March 4, 2010
This review is from: America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
When I first got this book I have to admit it was the picture and title on the cover that caught my original attention. I put it aside for about a month and the other day I had a flight with a small layover down to Houston, TX so I took this book along. The moment I started reading the introduction I got hooked -- and by the time I got to Houston about 3 hours later I had read all 190+ pages. Let me just say this -- by the time you get 5 pages in you will be angry; by the time you get all the way through the book you'll be mad as h-e-double hockey sticks!
The author tells us the way things are and how we got here -- and let me tell you it isn't a pretty picture. She doesn't hold any punches back. This isn't an anti-Republican book, nor is it anti-Democrat. She puts the blame where it belongs. She traces the corruption of our political system that helped create the groundwork that let a lot of the financial mess happen in the first place. If you ever thought for one minute Senators care about your interests -- you got another think coming.
This is the kind of book that I'd recommend as a gift for friends and family who are concerned not only about their immediate financial situations, but also their long-term financial futures. It's such an engaging read that no matter who you give this book to (unless they are a lobbyist) they are going to enjoy reading it cover to cover and hopefully learn a few things they can do to turn around their own situation, slowly but surely and get on better footing for the long-haul.
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2 of 2 people found the following review helpful:
An eye opening read that really hit home., April 1, 2010
This review is from: America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
I can't think of anyone I know that hasn't been adversely affected by the current economic climate. I know dozens of real estate investors who lost their life's work as they watched the value of their investment properties tank. I know families - young and mature alike - who have struggled to keep their homes or pay for the higher education of their children after losing the equity in their homes that had been earmarked for that purpose. I have witnessed foreclosures and bankruptcies. These are all good poeple who work hard to provide for their families - not robber barons looking to make a quick buck! It's a heart breaking world out there and it can be very difficult to understand how we all got to this place.
America: Welcome to the Poorhouse can be a difficult read if you have witnessed first hand some of the economic tragedies that have resulted from the current crisis. You are likely to become angry as you learn just how things "went down" - how did we get here and where are we going? This book will help anyone who s committed to rebuilding or protecting their financial portfolio. This is a wake-up call that the things we all did even just 5 years ago to plan for our retirements have changed and we need to go back to the basic fundamentals. While the author does take the opportunity to get up on her soapbox to talk about economic reform, the arguments and theory here make interesting reading even if one looks elsewhere for further insight.
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10 of 14 people found the following review helpful:
Best Used for Lining Bird Cage, December 6, 2009
This review is from: America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
It is absolute torture to continue reading page after page of useless drivel where an author takes the obvious, puts their political slant on current events, then suggests infantile and worthless 'solutions,' such as writing to politicians, advocacy groups, etc., pushing the author's agenda.
The first section was about investments and how 80% of American's can't afford to retire off a 401K plan, how pensions have been disappearing, and how people need to keep on working if they don't have the resources from investments and savings to replace 70% of their pre-retirement income. Really? Did Captain Obvious call you up and give you this stunning revelation?
Her 'solutions,' are even more idiotic. Mandate a 9% contribution rate for employers to fund retirement investments for employees. What are the chances of this happening in an environment where people are forced to take furlough days, have hours cut back, are happy to be employed and we have 10% unemployment?
Raise the limits of 401K contributions? If you can't afford to put in $5000 a year, raising the limit so you can put in 1 million dollars doesn't help.
She barely mentions the disasters of 2008 in all areas of our economy - job loss, housing bubble bursting, major corporations taking bailouts, huge declines in stock and investment values, people fleeing to treasury bills trying to stay even.
In fact she goes on about beating inflation at 3%, investing as much as you can, aiming for 10x your ending salary at retirement, forcing companies to pay in cash vs stock options, just dump everything into index funds, and other ridiculous suggestions.
Her entire book is based off the government and corporations subsidizing employees more, which at this particular juncture in history really isn't very likely.
The solution to rising college costs? Have the government give interest free loans, the universities and other institutions offer grants, and even free education. It it were only that easy.
The mortgage and home price crisis? It's the banks and predatory lending. That couple making $40K a year who decided a $600K home was affordable with 0% down because the loan officer said it was ok wasn't really to blame.
I honestly feel stupider after reading this book.
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1 of 1 people found the following review helpful:
You've Heard This Before, America, March 14, 2010
This review is from: America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need (Hardcover)
As someone whose student loan debt makes up a good 80% of what she owes, I was eager to get my hands on //America: Welcome to the Poorhouse//. Especially since my review copy was free. Gotta start saving now; I've only got 40 years until retirement, after all.
And while the book has a lot of good information, I was disappointed to realize that none of it is exactly new. About the only update to the familiar script is the rant against big banks. Otherwise, guess what, America? You charge too much, spend too often, and don't save what you should. And even though I have a 401(k) and a couple of savings accounts, I put down the book feeling like no matter what I did, my financial future was out of my hands. In other words: don't expect this book to make you feel empowered. The most you'll want to do is stuff all of your money in a mattress and go live off the grid in a forest somewhere. After all, grizzly bears don't care if you have bad credit.
Reviewed by Amanda Mitchell
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3 of 4 people found the following review helpful:
Interesting, Not For Me Though., December 30, 2009
This review is from: America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
I have read the mixed reviews on this book and I agree with most of them.
I think the biggest problem with this book that I had was that it was very much a political book, rather than a book about what one person must do/can do to protect a financial future.
The author repeatedly mentioned her foundation and suggested you visit her website for more information about how to help lobby the government, which no doubt is - send money to a lobbyist group to lobby for the changes she suggests. The author repeatedly mentioned Obama as the person who was going to fix all of the problems she sees with the current financial situation many people are in today.
As a conservative libertarian what I didn't like about this book was that much of it was dependent upon the government to solve the problems this author percieves. Other reviewers have written much lengthier reviews citing examples, providing some of the fall out from some of her suggestions and so on.
This book is very informative and it has some interesting ideas on how to solve some of the current problems. Some of them may be feasable and should be considered further. Some of the ideas she touts are out there in the far side of a Democrat view point. And some of this is information you can use and put to use right now in your daily lives.
For the most part, if you are one of the types of people who believes you should do things yourself, not rely on the government, and that Obama can't do/won't do many of the things he's promised this is most likely not the book for you to read.
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4 of 6 people found the following review helpful:
Decent advice, questionable policies, January 23, 2010
This review is from: America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
I'm leery of anyone who tells you what bad shape you're in, then says that they and only they can help you get out of the fix you're in. It's a modus operandi that snake oil salesmen honed to perfection years ago, probably because it works. Still, I approached this book with an open mind, despite the subtitle ("What you must do to protect your financial future").
Then on pages 16 and 17, White says that it's essential that 401 (k) participants be able to buy software that tells them to "contribute the maximum, don't time the market, and stick with index funds," helpfully disclosing to readers that she's "interested in developing this software." Suddenly, it seems that while the advice might be good, it's at least a tad self-serving.
Indeed, the first part of the book is all about 401 (k) plans. White believes that it's unjust that people aren't forced to contribute more money to their 401 (k) plans, and makes no bones about the fact that ordinary people shouldn't be allowed to "shoot themselves in the foot" by managing their own retirement portfolio. There are two numbers that she returns to, time and again, without explaining why they are important. Throughout the book, White insists that Americans must have ten times their "final" salary saved in their 401 (k) by the time they retire, without explaining why nine times is too little and eleven times is too much. Second, she proposes that the federal government mandate that all employers with more than 9 employees be forced to contribute 9 percent of their salary to a 401 (k) plan. Again, why 9 (for both criteria) and not 8 or 10?
White's thesis-that it would be good policy to legislate adding an additional nine percent to labor costs overnight-seems to fly in the face of what we known about the economy. She doesn't consider that employers might lay off employees or cut salaries to compensate. It's like she thinks employers are just going to pull this extra nine percent in compensation out of the same hammerspace that she pulled the nine employees/nine percent number. I kept waiting for her to explain it in more detail, but she didn't.
Besides the dodgy macro-economics, much of the book is partisan finger-pointing that doesn't advance the debate on retirement security or help people planning for their retirement. At this stage, most Americans probably don't care whether Bill Clinton or George Bush did more to contribute to the mess we're in: they just want honest solutions to get out of it. More disturbing is White's contempt for the rich, who she believes should have to pay proportionally more taxes, again without thinking that this might lead people to become less productive, which surely is to the detriment of everyone.
The book closes with some standard populist invective against "greedy and needy politicians," with demands that Congress become "closer to Main Street than to K Street" (the Washington street on which many lobbyists have offices). It's not particularly original. As political agitprop, it's serviceable for those of both parties who want to "throw the bums out," but it doesn't help Americans trying to plan for their retirement.
In between all of this fluff, there is some helpful, but unspectacular, advice to Americans: spend less, save more, and stay out of debt. Of course, if everyone buys less the retail and ultimately manufacturing sectors will tank, so it's probably best that not everyone takes her advice. The personal finance stuff in general is simple common sense, and nothing that would justify a $23 book purchase. So maybe readers should take her advice and economize-in this case you should take the money you would have spent on this book and save it for your retirement.
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Poorhouse --- yes indeed, February 25, 2010
This review is from: America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
I ordered this book thinking I would get something at least including a lengthy discussion regarding the enormous and unsustainable rate of government spending.
Ha. The joke was on me.
Concerning the use of adjustable-rate mortgages, for example, the book condemns these instruments lock, stock and barrel, with nary a word on their potential usefulness in a declining-rate economy.
Nor does it offer a single word on the fact that government agencies themselves --- the Federal National Mortgage Association (aka Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) --- were amongst the biggest drivers of adjustable rate mortgages. "Freddie Mac Adjustable-Rate Mortgage (ARM) product is ideal if you wish to take advantage of lower short-term rates with prepayment flexibility," crows the website of the latter. Remember, this is a government agency that underwrites mortgages.
But White mentions neither of these agencies, nor does she include entries for them in her index --- spelled out, or by acronym. As other wrote, shame.
Lots of personal advice always applies in finance. But do not get it here.
For that, rely on one or more genuine financial journalists, such as my former colleagues Jeff Blyskal and Janet Bamford, or Lynn Brenner or Mary Rowland --- not an ideologue like White.
-- Alyssa A. Lappen
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