ladyinred
10-08-2008, 03:58 AM
$2 Trillion in Retirement Accounts Lost
Posted by Matt Ortega on October 7, 2008 at 05:20 PM
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This afternoon, the Associated Press reported that retirement accounts have lost $2 trillion in the last 15 months.
Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday. [...]
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.
"Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis."
Yet, John McCain stlil wants to privatize Social Security.
And while Sarah Palin is in Florida promising that John McCain will "protect' entitlement programs, his economic advisers are telling the press that there will be massive cuts into Medicare and Medicaid. Perhaps she hadn't read in the newspapers her what her campaign wants to do just yet.:confused:
Posted by Matt Ortega on October 7, 2008 at 05:20 PM
Email this Print this Blog this
This afternoon, the Associated Press reported that retirement accounts have lost $2 trillion in the last 15 months.
Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday. [...]
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.
"Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis."
Yet, John McCain stlil wants to privatize Social Security.
And while Sarah Palin is in Florida promising that John McCain will "protect' entitlement programs, his economic advisers are telling the press that there will be massive cuts into Medicare and Medicaid. Perhaps she hadn't read in the newspapers her what her campaign wants to do just yet.:confused: