Official Says Pension Funds Are Down $2 Trillion

Purveyor

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Tue Oct-07-08 01:18 PM
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Official Says Pension Funds Are Down $2 Trillion

Source: Associated Press

(10-07) 11:02 PDT WASHINGTON, (AP) --

The top congressional budget analyst says pension plans have lost as much as $2 trillion in the past 15 months.

Peter Orszag told a House panel on Tuesday that the losses are likely to force many workers to hold off on major purchases and delay their retirements.

The panel was investigating how the housing, credit and financial troubles battering the economy have affected retirement savings.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/10/07/national/w104711D87.DTL

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whistle

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Tue Oct-07-08 01:45 PM
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1. Didn't Bush allow that after he came to office in 2001 as well?

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customerserviceguy

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Tue Oct-07-08 02:52 PM
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2. I suspect a lot of people are going to feel forced to retire

before reaching their goals. They might have wanted to keep working until 65, but after losing jobs or taking cash buyouts, they might just decide to start collecting Social Security early. I'm presuming they will have trouble finding employment at that age, I'm 52, and having a heck of a time getting something to replace my job when my company closes at the end of the year.

Couple that with reduced FICA taxes from layoffs throughout the economy, and the SS system is in deep trouble way ahead of schedule.

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Gin

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Tue Oct-07-08 03:03 PM
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3. heard in the hearings today that part of the 700B bailout will go to prop up retirment funds...

Defined benefits...because corporations are having trouble and to make them pay up would hurt them more....

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customerserviceguy

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Wed Oct-08-08 08:47 AM
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7. We'll see if there's anything left for retirement

after the CEO's and their management cronies suck out one last bonus before tanking the companies early in 2009. That's really what I fear will happen, the Obama victory will cause them to just pack it in, letting the communities they serve die, along with the workers and retirees. Million dollar year end bonuses are enough for most of the rich to be able to sit things out until 2012, while living way out of the reach of the people with the torches and pitchforks.

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Winterblues

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Tue Oct-07-08 06:40 PM
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4. Remember if the value of your stock drops fifty percent

It has to gain 100% to just get back where you first were. How often do any of your stocks gain 100% in value?

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JDPriestly

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Wed Oct-08-08 01:50 AM
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5. Neither Obama nor McCain answered the question of the first man

at the second debate tonight. He asked about senior citizens and the economic crisis. No one seems to be thinking about retired people. The cost of gas, food, medicine and even co-payments for Medicare plans are rising or have risen, but interest on savings have gone down as has the value of investments in the stock market, whether through mutual funds or in pension funds. And older people do not have the opportunities to get work and are often not capable of competing in the workplace with younger people.

This winter will be disastrous for millions of older Americans.

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OakCliffDem

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Wed Oct-08-08 05:44 AM
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6. Thank you President Bush

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sarcasmo

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Wed Oct-08-08 11:20 AM
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8. I would like to know a dollar amount of what our city pension has lost.

Thank you President Bush, worst President of All Time.

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KillCapitalism

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Wed Oct-08-08 12:10 PM
Response to Original message

9. Where will we have our retirement parties now?

Looks like a lot of us will have our retirement party at the funeral home.:-(

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