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News Link • Economy - Economics USA

Retirement on Hold: American Workers $6 Trillion Short

"Using other assumptions, it could be much higher," said Maria Freese, Director of Government Relations and Policy for the National Committee to Preserve Social Security and Medicare. For example, the study notes, if the rate of return matches the return on U.S. Treasury Inflation-Protected Securities (TIPS), currently 1.87 percent, the deficit balloons to $7.9 trillion. This announcement comes on the heels of other sobering news: Milliman Inc., a Seattle-based actuarial and consulting firm, reported this week that the funded status of the 100 largest corporate defined benefit pension plans dropped by $108 billion during August 2010. This comes amid recent reports indicating that a White House-created panel is considering proposals to cut Social Security benefits and raise the retirement age. "The 'Retirement Income Deficit' should be a wake-up call to Americans everywhere," Freese said.

1 Comments in Response to

Comment by Ross Wolf
Entered on:

The White House-created a panel to consider proposals to cut Social Security benefits and raise the retirement age. So if government keeps increasing the retirement age for Social Security many Americans won't survive or live long enough to receive it, effectively robbed by government.

Government’s is considering a proposal to confiscate Americans’ retirement plans and give in return a meager 3% annual return, certain to be destroyed by inflation. After government’s confiscation of retirement plans, if both spouses die, their children won’t be able to withdraw the money their parents saved. Not surprising, socialists in U.S. Government don't believe children should inherit money they didn't make. Currently retirees have an interest in preserving the free market economy because they are invested and hope their retirement plans will appreciate. But if their retirement plans are seized it is foreseeable that would force millions of retirees to depend on and support a welfare, socialist government for handouts. Perhaps that is the big picture the Obama government is trying to achieve.


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