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Keyword: savings

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  • Are the Feds Trying to Nationalize Your Retirement Savings?

    05/10/2010 10:45:10 PM PDT · by mark_interrupted · 21 replies · 1,459+ views ^ | John Hinderaker
    Are the Feds Trying to Nationalize Your Retirement Savings? Share Post Print May 9, 2010 Posted by John at 7:15 PM For some time, there have been rumblings that the federal government might try to solve its budgetary problems by nationalizing (i.e., stealing) the money that millions of Americans have set aside for retirement in 401(k) plans and the like. One way they might do this is to confiscate the cash on hand in exchange for a promise to make future payments in the form of an "annuity." An involuntary annuity, in that scenario. I haven't taken this speculation too...
  • Orszag: CBO lowballs savings from Obama's healthcare reform

    04/11/2010 2:38:36 PM PDT · by Nachum · 13 replies · 603+ views
    The Hill ^ | 4/11/10 | Walter Alarkon
    White House Budget Director Peter Orszag is arguing that the Congressional Budget Office (CBO) underestimates the savings from President Barack Obama's healthcare bill. CBO, the independent agency Orszag ran before he joined the Obama administration, said the legislation will reduce deficits $143 billion in its first decade and by even more -- roughly 0.25 percent to 0.5 percent of gross domestic product -- in its second decade. That would probably amount to more than $1 trillion in savings, but Orszag considers that a lowball estimate.
  • In Michigan: Latest Vote Shows Cost-Saving Plan Now Opposed by 71 in House — Including Seven GOP

    04/09/2010 9:48:15 AM PDT · by MichCapCon · 10 replies · 337+ views
    Michigan Capitol Confidential ^ | 4/9/2010 | Ken Braun
    While nearly all of the Republican lawmakers in Lansing have been generically very eager to proclaim their desire to cut the cost of state government — and for reductions in the cost of the state workforce in particular — some have been voting down the Secretary of State's effort to actually implement a specific plan to do so — when it impacts their interests...
  • The Bernanke Plan: Sacrifice Savers to Recapitalize Banks and Benefit Debtors

    04/01/2010 7:32:45 AM PDT · by arthurus · 7 replies · 801+ views
    Seeking Alpha ^ | March 31, 2010 | TraderMark
    Finally, someone is speaking up on a theme we've been promoting for a long while - one of the many "arbitrages" currently going on in the US. In this case, throwing America's savers under the bus, so that (a) any 4-year-old may run a bank successfully simply by turning on the light in the morning [Apr 20, 2009: How Banks will "Outearn" their Losses] and (b) so that debtors may benefit. What is sad to see is the potential for the desperate American saver - who has been hit by multiple Federal Reserve induced bubbles - being set up to...
  • Health care HSA changes result in higher taxes for all

    03/25/2010 6:02:30 PM PDT · by Steve495 · 13 replies · 741+ views
    Radio Vice Online ^ | March 25,2010 | Steve McGough
    HSAs - before ObamaCare – allowed individuals to put aside money to pay for qualified medical expenses – including over-the-counter (OTC) medications – on a tax free basis. Frequently, companies match or at least contribute to an employee’s HSA. (Unlike FSAs, you are able to keep the money year to year and even invest the money!) This benefit has changed.
  • The $50 Trillion Picture

    03/23/2010 9:40:59 PM PDT · by bananaman22 · 3 replies · 378+ views ^ | 03/23/2010 | Dave Forest
    The picture below is worth a thousand words. And $50 trillion. Financial Assets held by households - Chart (Unable to post chart - please see link at end) This was just released by the Bank of Japan as part of their new "flow of funds" reporting. Basically, it outlines the composition of Japanese household assets versus counterpart households in America. The major point of note is the discrepancy in savings versus equity investments. Recently, there has been speculation that Japan is not saving as much as it used to. This is a critical issue for the Japanese economy. Japan is...
  • Obama promised $2,500 health care savings; CBO says plan is $2,300 price increase

    03/10/2010 11:57:30 AM PST · by Nachum · 30 replies · 948+ views
    Washington Examiner ^ | 3/10/10 | Mark Hemingway
    From a fact sheet on Obama's campaign website (PDF link): Obama’s plan will save a typical family up to $2,500 on premiums by bringing the health care system into the 21st century: cutting waste, improving technology, expanding coverage to all Americans, and paying for some high-cost cases. However, the CBO just produced this analysis of the senate health care bill (another PDF link) which concludes that the Senate health care bill will raise the average family's health care premiums by $2,300. Even Sen. Dick Durbin, D-Ill., is admitting that health care preminums aren't about to go down just because health...
  • 43% have less than $10k for retirement

    03/09/2010 6:22:47 AM PST · by Cheap_Hessian · 90 replies · 422+ views
    CNN Money ^ | March 9, 2010 | Chavon Sutton
    NEW YORK ( -- The percentage of American workers with virtually no retirement savings grew for the third straight year, according to a survey released Tuesday. The percentage of workers who said they have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009, according to the Employee Benefit Research Institute's annual Retirement Confidence Survey. That excludes the value of primary homes and defined-benefit pension plans. Workers who said they had less than $1,000 jumped to 27%, from 20% in 2009. Confidence in ability to save enough for a comfortable retirement hovered at 16% of respondents,...
  • Is the Obama Regime About to Confiscate Your Savings?

    02/26/2010 1:09:19 AM PST · by Lexluthor69 · 63 replies · 3,033+ views
    The Silent Majority ^ | 02-26-10 | J.D. Longstreet
    There is no question but that The Obama Regime has plans for your savings. Obama’s Treasury Department and even the Labor Department are already investigating "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams." Ok, let me see if I can break it down for you. What Obama is planning to do is: Take you savings, the money you have squirreled away for your retirement in 401-K’s and IRA’s, and hand you an IOU with which they will promise to pay you a small annuity each month of your retirement.
  • Class Warfare's Next Target: 401(k) Savings

    02/17/2010 5:40:59 PM PST · by Kaslin · 173 replies · 4,781+ views ^ | February 17, 2010 | NEWT GINGRICH AND PETER FERRARA
    You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings. BusinessWeek reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams." In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit...
  • Blame game over giddy China savings takes a twist

    02/15/2010 10:39:14 AM PST · by Cheap_Hessian · 8 replies · 382+ views
    Reuters ^ | February 15, 2010 | Alan Wheatley
    BEIJING (Reuters) - Greece's big budget deficit has plunged the euro zone into crisis, while rating agencies wonder whether Washington's fiscal profligacy could one day cost the United States its AAA rating. China has a different problem: its government is under attack for conservative spending policies that, critics say, are damaging long-term productivity prospects and contributing to the economic imbalances underlying the global financial crisis. The International Monetary Fund and World Bank have long called for China to ramp up social spending so its citizens have less need to save for a rainy day and can consume more. Still, recent...
  • One city just says no to more spending [Cut the lights, fire the cops, let the grass go brown]

    02/04/2010 6:53:02 PM PST · by canuck_conservative · 36 replies · 1,292+ views
    National Post [Canada] ^ | Thursday, February 4, 2010 | Kelly McParland
    Colorado Springs, second biggest city in the state, has decided that enough is enough. Confronted by a $38 million budget shortfall, and opposed to a proposal to triple property taxes to make up the gap, residents are instead bracing for spending cuts that make "draconian" sound tame. According to the Denver Post: More than a third of the streetlights in Colorado Springs will go dark Monday. The police helicopters are for sale on the Internet. The city is dumping firefighting jobs, a vice team, burglary investigators, beat cops — dozens of police and fire positions will go unfilled. The parks...
  • Suspending Money Market Redemptions Is Now Legal

    01/27/2010 2:23:13 PM PST · by thought · 6 replies · 531+ views
    Zero Hedge ^ | 1/27/10 | Tyler Durden a nearly unanimous vote, Money Market Funds now have the ability to suspend redemptions, courtesy of the SEC's just passed 4-1 vote. This explains the negative rate on bills: at this point, should there be another meltdown, money market investors will not, repeat not, be able to withdraw their money purely on the whim of Mary Schapiro. As the SEC noted: "We understand that suspending redemptions may impose hardships on investors who rely on their ability to redeem shares." Too bad investors' hardships considerations ended up being completely irrelevant.
  • Most Americans Believe Wealth Beyond Their Reach

    01/13/2010 7:41:01 AM PST · by BobMcCartyWrites · 18 replies · 767+ views
    Bob McCarty Writes ^ | 1-13-10 | Bob McCarty
    How's all of that "hope and change" working out for you? Not too well, according to the just-released results of a new nationwide poll conducted by Princeton Survey Research Associates International and released by Bankrate Inc. today. The poll results show that the majority of Americans think wealth is beyond their reach and that it won't be easier to get rich any time soon.
  • Banks... Cash... Gold... What to save? (vanity)

    12/30/2009 7:54:50 AM PST · by Sopater · 29 replies · 1,164+ views
    December 30, 2009 | Sopater
    Don't trust the banks... Don't trust the economy and the value of the US Dollar... Don't trust the gold market... What the hell should I save or bury in my yard in order to protect my investments? Sheesh.
  • The Assault on Saving

    10/27/2009 3:55:20 PM PDT · by ThanhPhero · 3 replies · 322+ views ^ | 1979 | Henry Hazlitt
    From time immemorial proverbial wisdom has taught the virtues of saving, and warned against the consequences of prodigality and waste. This proverbial wisdom has reflected the common ethical as well as the merely prudential judgments of mankind. But there have always been squanderers, and there have apparently always been theorists to rationalize their squandering. The classical economists, refuting the fallacies of their own day, showed that the saving policy that was in the best interests of the individual was also in the best interests of the nation. They showed that the rational saver, in making provision for his future, was...
  • Here's your 'demonstration project,' Mr. President -- it's called Mississippi (tort reform)

    09/22/2009 10:29:59 AM PDT · by Erik Latranyi · 22 replies · 869+ views
    Washington Examiner ^ | 21 September 2009 | David Freddoso
    Since passing tort reform in 2004, Mississippi has seen the number of medical malpractice claims plummet by 91 percent from its peak. The state's largest medical liability insurer dropped its premiums by 42 percent, and has offered an additional 20 percent rebate each year since tort reform went into effect. That is the story that Mississippi's Republican, governor, Haley Barbour, offered on Friday, speaking at the Heritage Foundation. He also made an observation about President Obama's decision to offer only token "demonstration projects" on lawsuit abuse rather than address it meaningfully in his health care reform proposal.
  • Galloping Consumption: China's Savings Glut Part I

    08/26/2009 12:49:33 PM PDT · by h20skier66 · 298+ views
    Commodity News Center ^ | 8/26/09 | Adrian Ash
    "They rush about in disorder, anxious slaves of the three M's - the moment, the mode, and the mob. They see too well their want of dignity and fitness, and need a false elegance to hide their galloping consumption..." - Friedrich Nietzsche, Thoughts Out of Season II: The Use & Abuse of History (1874) NOW THE banking crisis is over - "Bernanke stays put, home prices up," as Fox News reports - the career academics who failed to spot and prevent it can get back to fretting about the most macro of tasks: How to rebalance the global economy? The...
  • (Vanity) Remember a vanity post a few months ago regarding a Steny Hoyer memo & confiscation?

    08/24/2009 2:05:57 AM PDT · by Daisyjane69 · 28 replies · 1,411+ views
    unknown | freeper
    I never posted a vanity before. Mods, please straighten out my post! I seem to remember a post by a freeper of an internal memo between Steny Hoyer to Boehner involving either potential confiscation of personal savings accounts or IRAs, 401ks, etc. I'm thinking this was in the first part of summer? Am I nuts?
  • Thrifty public is just not buying

    08/14/2009 10:55:39 AM PDT · by Notary Sojac · 35 replies · 1,387+ views ^ | August 14, 2009 | Stephanie Rosenbloom and Jack Healy
    There is just one problem with upbeat predictions that the recession is ending: Americans are still refusing to spend money. Retail spending is still far below that of a year ago in virtually every category, as figures reported yesterday showed. Major clothing chains including Macy's, Nordstrom, Liz Claiborne and Kohl's posted earnings declines this week. Even Walmart Stores, the nation's largest retailer and one of the hardiest survivors of this recession, reported lower sales yesterday. Taken together, the reports made clear that consumers were likely to continue hoarding their dollars into the usually robust back-to-school shopping season, a crucial time...