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Topic: President Obama´s Cat-Food
Future For Retirees |
President Obama´s Cat-Food
Future For Retirees
Investor´s Business Daily, by Editorial
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Original Article
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Posted By:PageTurner, 1/17/2013 10:37:38 AM
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| The Obama Economy: Americans are drawing down their 401(k)s for nonretirement needs in record numbers, just as Social Security goes bust. This portends poverty for millions as the White House fiddles. Cat food, anyone? One out of four U.S. workers with 401(k) retirement savings accounts has been forced to cash them out or borrow from them at high costs just to stay solvent. The Washington Post, citing a report from financial advisory firm HelloWallet, said the withdrawals have drained $70 billion, or an astonishing near-quarter of the total $293 billion, in America´s retirement accounts "undermining already shaky retirement
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Comments:
Note also that Obama´s high-inflation policies will diminish what little retirement earnings millions of Americans have coming to them.
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Reply 1 - Posted by:
kewmac, 1/17/2013 10:55:58 AM (No. 9122006)
And don´t forget that Obsma and the Federal Reserve have kept interest rates at near zero for the last several years in a futile effort to reinflate the housing bubble. CD rates of less than one percent won´t finance even bargain brand cat food.
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Reply 2 - Posted by:
geoguy, 1/17/2013 10:59:17 AM (No. 9122013)
This is how Zippy will redistribute the wealth of this nation to the Third World; through inflation. He believes Americans have not earned what have, but stole it and we should not of had our wealth in the first place. Therefore, we the American people will be put in our rightful place along with the rest of the Third World nations and Europe and he´ll see to that.
We have a traitor in the White House.
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Reply 3 - Posted by:
brianod1, 1/17/2013 12:49:21 PM (No. 9122284)
It´s not a conspiracy, rather its an empty ideology combined with economic incompetence of the highest order.
How President Obama was reelected is something I will never understand.
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Reply 4 - Posted by:
PatPiano, 1/17/2013 1:03:03 PM (No. 9122308)
Fraud, #3, pure voter fraud.
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Reply 5 - Posted by:
LC Hoghead, 1/17/2013 1:35:07 PM (No. 9122378)
While he and the moose eat Kobe beef, lobster and shrimp, fly in barbers from Chicago, pizza chefs from St Louis and spend BILLIONS on travel..
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Reply 6 - Posted by:
Redneck In NY, 1/17/2013 1:39:27 PM (No. 9122389)
Cloward Piven...
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Reply 7 - Posted by:
SKYBLAZER, 1/17/2013 1:53:01 PM (No. 9122421)
What $1,000,000 would purchase in 1990 would cost $1,694,446 today.
Consider that todays´ government policy of massive money printing will make inflation much worse the next 20 years than the past 20 years.
The combination of hyper-inflation and 1% jumbo CDs will indeed have many of us eating cat food.
One million dollar CD pays about $10,000.
Our small town police chief retired young at $223,000 per year.
You would have to have $22 million dollars in CD to match the chief´s retirement income.
Inflation calculator:
http://www.westegg.com/inflation/
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