President Obama’s Cat-Food Future For Retirees

The Obama Economy: Americans are drawing down their 401(k)s for nonretirement needs in record numbers, just as Social Security goes bust. This portends poverty for millions as the White House fiddles. Cat food, anyone? One out of four U.S. workers with 401(k) retirement savings accounts has been forced to cash them out or borrow from them at high costs just to stay solvent.

 

English: President Barack Obama and Senator Ted Kennedy participate in a national service event at The SEED School of Washington, D.C., where H.R. 1388, the Edward M. Kennedy Serve America Act was signed April 21, 2009. The legislation tripled the size of AmeriCorps and provides new service opportunities for millions of Americans at all stages of their lives. (Official White House Photo by Pete Souza) (Photo credit: Wikipedia)

 

 

The Washington Post, citing a report from financial advisory firm HelloWallet, said the withdrawals have drained $70 billion, or an astonishing near-quarter of the total $293 billion, in America’s retirement accounts “undermining already shaky retirement security for millions of Americans.”

 

Obama Begins Push for New National Retirement System..401K at risk?

A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSCis warning.

 

obamadash (Photo credit: GunnyG1345)