Keyword: savings

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  • Month One: Walker Budget Working

    08/22/2011 3:09:32 PM PDT · by afraidfortherepublic · 19 replies
    Madison—One month after the 2011-13 state budget was signed into law, tangible results from the reforms put in place by Governor Walker and the Legislature are being realized. According to media reports, local units of government and school districts have already saved more than $220 million, with millions more in potential savings not yet reported. The state is also adding jobs. Between December 2007 and December 2010, Wisconsin lost over 153,600 private sector jobs. The state has netted over 39,000 new private sector jobs since the Governor called a special session to open Wisconsin for business. The state has seen...
  • Saving Our Way to Prosperity

    06/29/2011 7:33:14 PM PDT · by NaturalBornConservative · 3 replies
    Natural Born Conservative ^ | June 29, 2011 | Larry Walker, Jr.
    Yes. You Can.- By: Larry Walker, Jr. -According to Barack Obama, "We can’t simply cut our way to prosperity." Prior historical references: Unknown. Upon hearing such an absurd statement, and being of the homo economicus persuasion, my first instinct is to define what it means to me, and then to determine whether it has any relevance in my life. If we are honest, we must each define what the word prosperity, or rich, means to us. Only after we have defined its meaning are we able to chart a course.In the article, “How to get rich,” there are seven...
  • The Republican Who Can Win : Someone who know Americans are more worried about jobs and savings

    06/03/2011 11:22:44 AM PDT · by SeekAndFind · 40 replies
    Wall Street Journal ^ | 06/03/2011 | Dorothy Rabinowitz
    The candidate would know Americans are more worried about their jobs and their savings than abstractions like 'big government.' To win the presidency in 2012, the Republican candidate will require certain strengths. Among them, a credible passion for ideas other than cost-cutting and small government. He or she will have to speak in the voice of Americans who know in their bones the extraordinary character of their democracy, and that voice will have to ring out steadily. That Republican candidate will need, no less, the ability to talk about matters like Medicare and Social Security without terrorizing the electorate. Americans...
  • Legislation May Restrict Investors’ Access to 401(k)s

    05/23/2011 11:06:49 AM PDT · by John Semmens · 7 replies
    Concerned that “short term desires to put food on the table may interfere with the Government’s ability to adequately control the nation’s resources,” legislation that would limit people access to their 401(k) funds has been introduced in Congress. A Bill titled the Savings Enhancement by Alleviating Leakage in 401(k)s Act, otherwise known as the SEAL Act, was jointly introduced by Senators Herb Kohl (D-Wis) and Mike Enzi (R-Wyo). The legislation aims to reduce the number of loans a person can take out using his 401(k) as security. “There is a risk that too many people will put personal needs ahead...
  • Broken Piggy Bank: 'Leaky' 401(k)s Worry Congress (SEAL Act - Savings Enhancement by Alleviating...)

    05/20/2011 9:28:19 AM PDT · by Libloather · 42 replies
    ABC News ^ | 5/20/11 | ALAN FARNHAM
    Broken Piggy Bank: 'Leaky' 401(k)s Worry CongressBy ALAN FARNHAM May 20, 2011 Americans in record numbers are raiding their 401(k)s, depleting their retirement savings to compensate for paychecks and mortgage equity lost to the recession. As employers and savings plan providers struggle to stem the outflow of money, two senators have introduced legislation that would make it both harder for employees to dip into company-sponsored retirement savings and easier to repay their borrowings. The SEAL Act (Savings Enhancement by Alleviating leakage in 401(k) Savings) introduced by Sens. Herb Kohl, D-Wis., and Mike Enzi, R-Wyo., would reduce to three the number...
  • Why don’t blacks save more?

    04/16/2011 4:54:34 AM PDT · by reaganaut1 · 55 replies
    Reuters ^ | April 12, 2011
    Yet another survey confirms what we already know: Blacks don’t save as much as their white counterparts. According to Prudential’s new study — the African American Financial Experience — 60 percent of African-Americans have less than $50,000 in company retirement plans and only 23 percent have more than $100,000. They’re also three times more likely to raid their 401(k) or other retirement plans to meet immediate financial needs, the study says. Prudential’s findings echo research by Ariel Investments, which looks at middle class blacks. (According to Ariel’s July 2010 study, the median assets blacks have retirement plans is about half...
  • Obama rejects huge savings

    04/13/2011 5:37:43 PM PDT · by simka · 8 replies
    IBM | Mr Palmisano
    This should be sent to every American to show them what this President really thinks and that he is anti-capitalist, anti-private-sector and cannot be trusted in telling the truth. ------------------------------- ----- This message has links at the bottom to verify it's content. IBM offered to help reduce Medicare fraud for free... What if I told you that the Chairman and CEO of IBM, Samuel J. Palmisano, approached President Obama and members of his, before the healthcare bill debates, with a plan that would reduce healthcare expenditures by $900 billion? Given the Obama Administration's adamancy that the United States of America...
  • Fed's Low Interest Rates Crack Retirees' Nest Eggs

    04/04/2011 10:41:23 AM PDT · by Palter · 18 replies
    WSJ ^ | 04 April 2011 | MARK WHITEHOUSE
    Forrest Yeager, a 91-year-old resident of this seaside community, had been counting on his retirement savings to last until he died. The odds are moving against him. With short-term bank CDs paying less than 1%, the World War II veteran expects his remaining $45,000 stash to yield just a few hundred dollars this year. So, he's digging deeper into his principal to supplement his $1,500 monthly income from Social Security and a small pension. "It hurts," says Mr. Yeager, who estimates his bank savings will be depleted in about six years at his current rate of withdrawal. "I don't even...
  • Public Employees Rush to Retire

    03/23/2011 1:18:42 AM PDT · by Scanian · 54 replies
    Wall Street Journal ^ | MARCH 23, 2011. | IANTHE JEANNE DUGAN
    Public employees are retiring at a quickening pace around the U.S., providing a mixed blessing for state and local governments seeking to save money. The retirements mean employers can shelve some planned layoffs. And some of the departing workers, generally more senior and higher paid, are being replaced by lower-paid employees with less-generous retirement benefits, government officials say. But the loss of veterans threatens to erode the quality of public services that make communities attractive, they say. The exodus of public employees is an unintended consequence of states' financial struggles. Some workers have been required to take unpaid furlough days,...
  • Retirement Planning Advice for My 20-Something Son

    02/24/2011 9:55:30 PM PST · by BenLurkin · 47 replies
    cbs ^ | Friday, February 25, 2011 | Steve Vernon
    Establish smart spending habits. Live like you're poor. How do you do that? Drive your cars into the ground, don't eat out very much, avoid expensive and potentially unhealthy processed foods, buy food in bulk, buy just enough clothes to fit your needs, and use public transportation. ... Use credit cards only as a convenience to avoid carrying cash; limit your credit card spending so that you can easily pay off the balance each month. Make every dollar count with your spending, so you can free up money to invest in the future. Get healthy. One of the best things...
  • Virginia Lawmaker Wants To Castrate Sex Offenders

    01/29/2011 5:30:43 PM PST · by Tolerance Sucks Rocks · 31 replies
    NBC Washington ^ | January 27, 2011 | Brandon Benavides
    Virginia state Sen. Emmett Hanger is pushing a measure that would allow for the castration of sex offenders. The controversial proposal passed the Virginia General Assembly four years ago, but then-Governor Tim Kaine vetoed it. The bill would require the state to study the use of physical castration as an alternative to civil commitment for those deemed sexually violent predators. Now, the Commonwealth pays to detain and treat sex offenders after they served their prison sentence. Hanger acknowledged that castration isn't the answer for all offenders, but said studies have shown it to work on many. He said Virginia must...
  • Medicare official doubts health care law savings

    01/26/2011 2:05:11 PM PST · by MissesBush · 5 replies
    AP/Yahoo News ^ | 01/26/11 | RICARDO ALONSO-ZALDIVAR
    WASHINGTON – Two of the central promises of President Barack Obama's health care overhaul law are unlikely to be fulfilled, Medicare's independent economic expert told Congress on Wednesday. The landmark legislation probably won't hold costs down, and it won't let everybody keep their current health insurance if they like it, Chief Actuary Richard Foster told the House Budget Committee. His office is responsible for independent long-range cost estimates. Foster's assessment came a day after Obama in his State of the Union message told lawmakers that he's open to improvements in the law, but unwilling to rehash the health care debate...
  • Don't Bank on It

    01/23/2011 10:53:49 AM PST · by FromLori · 13 replies · 1+ views
    WSJ ^ | 1/22/2011 | AL LEWIS
    Disappointing earnings, shrinking revenues and optimism that somehow the economy is improving despite an ongoing housing hangover -- this is what America's biggest banks offered as they released year-end financial results last week. "Last year was a necessary repair and rebuilding year," Bank of America CEO Brian Moynihan said Friday. Yes, we know. The shards of our broken economy remain scattered on the ground and we're gluing them back together. What else could Mr. Moynihan say as he announced a 2010 loss of $2.2 billion? "We enter 2011...against a backdrop of an improving economy," he said. But then he qualified:...
  • Heartwarming child's gift

    11/28/2010 4:13:21 AM PST · by mountaineer1997 · 2 replies
    WCHS ^ | 11/28/2010 | Leslie Rubin
    Thanks to a generous and wonderful little guy who wants to make his, and our, world a bit better!
  • Melinda Gates pledges $500 mn more for world's poor( To Help The World's Poor Save More Money)

    11/18/2010 2:49:48 PM PST · by Captain Peter Blood · 34 replies
    Yahoo News ^ | 11/18/2010 | Yahoo News
    Thu, Nov 18 08:43 PM Washington, Nov 18 (IANS) Melinda Gates, co-chair of the Bill & Melinda Gates Foundation, Thursday pledged another $500 million for the world's poor as she hailed a historic moment that will help bring financial services, particularly savings accounts, to hundreds of millions of people living on less than $2 a day. Speaking at the foundation-hosted Global Savings Forum in Seattle, the first global gathering focused on the role of savings in the developing world, Gates urged leaders in government, banking, mobile communications, and international development to work together to build a new kind of financial...
  • Mark Hemingway: Unions target your private retirement savings

    11/01/2010 8:40:42 AM PDT · by Nachum · 37 replies · 1+ views
    Washington Examinier ^ | 11/1/10 | Mark Hemingway
    Will the government outlaw your 401(k) plan? It seems like an absurd possibility, yet earlier this month two Democratic senators, Sen. Tom Harkin, D-Iowa, and Sen. Bernie Sanders, I-Vt., held a hearing on Capitol Hill exploring the possibility of doing exactly that. On Oct. 8, the two senators from the Health, Education, Labor and Pensions (HELP) Committee held a hearing on "Retirement (In)security in America." Among the proposals discussed was "Guaranteed Retirement Accounts," or GRAs. The purpose of the GRA proposal is simple: To force Americans to stop putting their retirement savings money into private 401(k) accounts and send their...
  • New Rules Coming for Payments Out of Health Savings Accounts

    10/28/2010 10:56:57 PM PDT · by T.L.Sink · 43 replies
    Fox News ^ | Oct. 16, 2010
    Under the new health care law, consumers using workplace pre-tax health savings accounts will soon need a doctor's note to pay for Tylenol and an estimated 15,000 other over-the-counter drugs. Starting Jan. 1, employees who use flexible spending accounts, health saving accounts, or health reimbursement arrangements to pay for common medications such as pain relievers, cold medicines, antacids and allergy medications will need prescriptions. The new rules will prohibit the use of such debit cards becsuse the IRS says there's no way to prove the drugs are prescribed. The IRS says any money removed from HSA accounts to pay for...
  • Does It Make Sense to Decrease Your Retirement Savings to Pay Down Your Mortgage?

    10/27/2010 1:25:57 PM PDT · by Kaslin · 75 replies ^ | October 27, 2010 | Carrie Schwab Pomerantz
    Dear Carrie: I'm 60 and will probably retire between age 66 and 70. I currently have $375,000 in IRA/401(k) funds and I'm adding 8 percent of my income annually. My employer matches a portion. I still have a mortgage of over $165,000 at 4.75 percent. I'm wondering... should I stop my 401(k) contributions and apply that money in extra principal on my mortgage? If I do, I'd pay my house off in about 10 years, making life a lot easier when I retire. But I'd lose the tax advantages as well as the employer match. One idea is to contribute...
  • Fed Reserve Officials: Americans Are Saving Too Much Money, We Need To Purposely Generate Inflation

    10/08/2010 9:45:50 AM PDT · by WebFocus · 30 replies
    The Economic Collapse ^ | 10/08/2010 | Economic Collapse
    Some top Federal Reserve officials have come up with a really bizarre proposal for stimulating the U.S. economy. As unbelievable as it sounds, what they actually propose to do is to purposely raise the rate of inflation so that Americans will stop saving so much money and will start spending wildly again. The idea behind it is that if inflation rises a couple of percentage points, but consumers are only earning half a percent (or less) on their savings accounts, then there will be an incentive for consumers to spend that money as the value of it deteriorates sitting in...
  • Heh Look The Market Is Up 0.2% And You Are Starving

    09/28/2010 10:27:44 AM PDT · by jacquej · 34 replies
    The ^ | 9/28/2010 | Karl Denninger
    ........ "This is the game being played to "pump confidence" in the stock market. The Fed comes in and "POMOs" their so-called MBS "rolloffs", and the money immediately goes into speculation. This drives up equity prices, but it drives down the dollar by more (about 12% since this new "POMO" program began in June) and in turn this is immediately reflected in higher commodity prices." .......
  • 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 ^ | 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 ^ | 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 ^ | 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...
  • Getting debt under control

    08/10/2009 3:44:25 PM PDT · by FromLori · 10 replies · 455+ views
    Market Watch ^ | 8/10/09
    <p>Even as analysts debate whether the stock market's five-month rally is nearing its end, it's clear that consumers are more interested in paying down their own debts than they in betting on the market.</p> <p>June marked the fifth consecutive month in which consumers paid down credit cards and shaved other debt, according to the Federal Reserve. In a depressing economy, reducing debt is no surprise, but the Fed's big news was that the amount Americans put into debt reduction was twice as much as economists expected.</p>