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Keyword: savings

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  • Savers Told to Stop Moaning and Start Spending (Empty Your Bank Accounts!)

    09/27/2010 8:06:02 PM PDT · by Dallas59 · 11 replies
    Telegraph ^ | 9/27/2010 | Robert Winnett and Myra Butterworth
    Older households could afford to suffer because they had benefited from previous property price rises, Charles Bean, the deputy governor, suggested. They should "not expect" to live off interest, he added, admitting that low returns were part of a strategy. His remarks are likely to infuriate savers, who are among the biggest victims of the recession. About five million retired people are thought to rely on the interest earned by their nest-eggs. But almost all savings accounts now pay less than inflation. The typical savings rate has fallen from more than 2.8 per cent before the financial crisis to 0.23...
  • US Departments of Labor and Treasury Schedule Hearing on Confiscation of Private Retirement Accounts

    On August 26, the US Department of Labor issued a news release It lists the agenda for the joint hearings being held with the Department of Treasury September 14-15, 2010 on what is euphemistically called “lifetime income options for retirement plans.” The hearings are being conducted by the Labor Department’s Employee Benefits Security Administration. I don’t like speaking in tabloid-style terms, but the unstated agenda of these hearings, as I understand it, is to push for the US government to eventually nationalize (confiscate) all assets in private Individual Retirement Accounts (IRAs) and 401K plans! The US government is desperate to...
  • US Census Bureau Saves $1.6 Billion (You know that's not true)

    08/18/2010 8:22:05 PM PDT · by hometoroost · 8 replies
    This is a link to an article on the government claiming a "savings" of $1.6 BN. The savings is based on not spending all of the $14.7 BN they budgeted. Nice theory but if the 2000 Census only cost $4.5 billion then how does spending $13.1 BN constitute a savings?
  • 'Automatic' IRAs to Fill Retirement Gap

    08/12/2010 10:01:10 AM PDT · by Clairity · 64 replies
    The Street.com ^ | Aug. 12, 2010 | Joe Mont
    A bill filed by U.S. senators Jeff Bingaman (D-New Mexico) and John Kerry (D-Mass.) would automatically enroll most U.S. workers in individual retirement accounts if their employers don't sponsor a retirement plan. All automatic IRAs would offer the same three standardized investment options, each to be developed with regulations and fee guidelines issued by the Treasury and Department of Labor. The options would include a "principal preservation fund" (which would include a special Treasury Retirement Bond , the R-Bond, designed for use within an automatic IRA), a "life-cycle" option and an "alternative investment option" that can include a higher concentration...
  • So long, middle class

    08/01/2010 2:13:12 AM PDT · by Scanian · 23 replies · 1+ views
    NY Post ^ | August 1, 2010 | MICHAEL T. SNYDER
    The 25 statistics below prove that the middle class is being systematically wiped out of existence in America. The rich are getting richer and the poor are getting poorer at a staggering rate. Why? Compared to the rest of the world, American workers are extremely expensive, and the government keeps passing rules, regulations and taxes that make it even more difficult to conduct business here. What has developed is a situation where the people at the top are doing quite well, while the average family barely gets by. Entitlement programs are expanding at unprecedented rates, but it is the people...
  • How The US’s Debt Crisis Affects Savings

    07/11/2010 11:40:40 AM PDT · by Shout Bits · 3 replies
    Shout Bits Blog ^ | 07/11/2010 | Shout Bits
    While hardly a household name, Dr. Harry Markowitz developed a new way of looking at savings and investment that has fundamentally changed the financial world. In the 1950′s, Markowitz quantified the benefits of diversification in one’s savings. Prior to his work, most investors thought in terms of individual good and bad investments, but Markowitz proved that the best approach is to consider how an overall portfolio performs. Among the many assumptions in the application of Markowitz’s Modern Portfolio Theory is the notion that US Treasury Bills are risk free. With the US assuming far more liabilities than it can likely...
  • Business Week: U.S. Economy -- Rising Incomes Lead to Gains in Spending, Savings

    06/28/2010 9:59:24 AM PDT · by SeekAndFind · 16 replies
    Business Week ^ | 06/27/2010
    Incomes grew faster than spending in May, making it possible for American households to simultaneously increase savings and support the economic recovery. Gains in payrolls, longer workweeks and rising pay give Americans more confidence and the means to maintain spending in coming months. The Federal Reserve’s decision last week to keep interest rates unchanged may help households weather the fallout from the European debt crisis, unemployment hovering near a 26- year high and tight credit. “The consumer is finally starting to see some positive wage gains as the job market starts to improve,” said Omair Sharif, an economist at RBS...
  • Health Care and Saving Money

    06/15/2010 10:37:20 AM PDT · by Patriot1259 · 71+ views
    TheCypressTimes.com ^ | 06/15/2010 | Mark Roberts
    The Life Legal Defense Foundation has filed a lawsuit against the City of Birmingham and several Birmingham police officers for the outrageous civil rights violations perpetrated against nine young people who were unlawfully arrested in February last year. The team of pro-life activists spent more than 14 hours in jail for simply holding signs and handing out literature on a public sidewalk in front of a local high school. The lawsuit, filed in conjunction with local attorney Phillip Jauregui, seeks redress for the unlawful actions of Birmingham police officers in prohibiting peaceful free speech activity on the public sidewalk adjacent...
  • Siemens’ High-Speed Rail: These “Cars” Get 700 Miles-Per-Gallon

    06/11/2010 7:43:40 AM PDT · by Willie Green · 198 replies · 1,641+ views
    Investment U ^ | Friday, June 11, 2010 | David Fessler, Energy and Infrastructure Expert
    America has a “waiting problem.”Think about the time you spend waiting in traffic jams… at the doctor/dentist’s office… at restaurants… at the gas station.And how about the six months of your life spent waiting at traffic lights? Or the five years you’ll spend just waiting in lines at retail stores, the post office, DMV, etc. (Early buyers of Apple’s products likely spend far more.)And according to Robert Poole, Director of Transportation Policy at the Reason Foundation, the average air traveler now spends two to three hours waiting at the airport. Granted, much of that is due to more rigorous security...
  • 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
    www.powerlineblog.com ^ | 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
    OilPrice.com ^ | 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 (CNNMoney.com) -- 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
    Investors.com ^ | 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...