Wednesday, September 9, 2009

Retirement savings, now?

"President Barack Obama on Saturday announced new policies to help Americans save more for retirement. In his regular Saturday radio address, Obama said Americans have been hit by a one-two punch of low savings for their retirements, then huge losses for those who did save, as their home values and 401 (k) holdings lost value. "This recession has not only led to the loss of jobs, but also the loss of savings," Obama said. "Over the past two years, the American people have lost about $2 trillion in retirement savings.'' Even before the stock markets crashed and home values plummeted, he said, Americans were saving too little."

If Obama wanted to help regular people get ready for retirement, he'd have bailed out small investors and mortgage debtors. Instead, his administration bailed out the investment firms and mortgage banks. Thanks for nothing.

P.S. - Unemployed people can't save for retirement.

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