Anybody we know?
According to the Associated Press:
Retirement accounts have lost $2 trillion
WASHINGTON (AP) – Americans’ retirement plans have lost as much as $2
trillion in the past 15 months, Congress’ top budget analyst estimated
Tuesday.…
Orszag indicated the fear is well-founded. Public and private pension
funds and employees’ private retirement savings accounts—like
401(k)’s—have lost some 20 percent overall since mid-2007, he
estimated. Private retirement plans may have suffered slightly more
because those holdings are more heavily skewed toward stocks, Orszag
added.
…and what is left will continue to purchase less and less. I suppose we deserve it for spending our lives electing politicians who were mortgaging the future. Welcome to the future. Inflation is the most insidious tax of all, and cruelest to seniors unable to arrange a pay raise to counter it. Tighten your belts. ◄Daveâ–º
