Retirement accounts have lost $2 trillion
By JULIE HIRSCHFELD DAVIS, Associated Press Writer
3 HOURS AGO
WASHINGTON - Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday.
The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers' savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office.
As Congress investigates the causes and effects of the financial meltdown, the House Education and Labor Committee was hearing from retirement savings and budget analysts on how the housing, credit and other financial troubles have battered pensions and other retirement funds, which are among the most common forms of savings in the United States.
This economy is in great shape. Absolutely great shape, I tell you.
I know everything will be alright, because Ferd told me so.
If we all just put our collective positive thoughts to work, we can combat this fictitious financial crisis.
__________________
I'm (sic) not cynical, I just haven't been around long enough to be Jedi mind-tricked by politics as usual. Alas, maybe in a few years I'll be beaten back into the herd. tstew
The difference here is this is OUR money - - MY money.
There's nothing I can do about it, so there's no need to panic. I understand what Ferd is saying.
It is not "panic" to admit we are in the worst financial crisis this country has seen since the Great Depression. It is, however, the very definition of insanity to continue to chirp that everything is rosy and sweet when every economic indicator proves otherwise.
__________________
I'm (sic) not cynical, I just haven't been around long enough to be Jedi mind-tricked by politics as usual. Alas, maybe in a few years I'll be beaten back into the herd. tstew
By the way, that 700 billion dollar bailout was "our money" too.
__________________
I'm (sic) not cynical, I just haven't been around long enough to be Jedi mind-tricked by politics as usual. Alas, maybe in a few years I'll be beaten back into the herd. tstew
two trillion by itself may not be much,
but two trillion here,
two trillion there,
two trillion from somewhere else,
and so on,
could add up over time.
__________________
Sam also known as Jim Ellis
Apostolic in doctrine
Pentecostal in experience
Charismatic in practice
Non-denominational in affiliation
Inter-denominational in fellowship
two trillion by itself may not be much,
but two trillion here,
two trillion there,
two trillion from somewhere else,
and so on,
could add up over time.
Ya think? Kind of like finding a quarter here and there?
__________________
There are no weapons of mass destruction in Iraq, Chuck Norris lives in Houston.
Either the United States will destroy ignorance, or ignorance will destroy the United States. – W.E.B. DuBois
Ya think? Kind of like finding a quarter here and there?
The nation's real tab, on the other hand, amounted to $53 trillion as of the end of the last fiscal year. That was the sum of our public debt; accrued civilian and military retirement benefits; unfunded, promised Social Security and Medicare benefits; and other financial obligations -- all according to the government's most recent financial statement of September 30, 2007.
The rescue package and other bailout efforts for Fannie Mae, Freddie Mac, AIG and the auto industry, escalating operating deficits, compounding interest and other factors are likely to boost the tab to $56 trillion or more by the end of this calendar year.
By David M. Walker
Special to CNN
__________________
I'm (sic) not cynical, I just haven't been around long enough to be Jedi mind-tricked by politics as usual. Alas, maybe in a few years I'll be beaten back into the herd. tstew
Linear Mode
