President Obama's Cat-Food Future For Retirees

[Wehrwolfen]

President Obama's Cat-Food Future For Retirees​

Editorial
16 Jan 2012

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. 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."

It comes at a bad time, because as Monday's Page 1 IBD story by Jed Graham warned, as of this year, new retirees will outlive Social Security's official trust fund, a bankruptcy that will force a 25% cut in benefits.

Some 69% of retired workers already are dependent in "major" part on Social Security as their main retirement income, according to a 2012 study by the Employee Benefit Research Institute, with worker savings off sharply for those in the below-$35,000 income bracket.


Read More At IBD:
Early 401(k) Withdrawals Portend A Cat-Food Future For Seniors - Investors.com

 

[Mad Scientist]

What f*ckin' idiot would eat Cat Food when a can of Tuna is less expensive and more nutritious?

No offense OP, but I think we've heard that bullshit story before.

 

[Jarhead]

What f*ckin' idiot would eat Cat Food when a can of Tuna is less expensive and more nutritious?

No offense OP, but I think we've heard that bullshit story before.

If Tuna becomes the regular diet of the masses, it will be a heck of a lot more expensive than cat food.

 

[JustTheFacts]

President Obama's Cat-Food Future For Retirees​

Editorial
16 Jan 2012

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. 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."

It comes at a bad time, because as Monday's Page 1 IBD story by Jed Graham warned, as of this year, new retirees will outlive Social Security's official trust fund, a bankruptcy that will force a 25% cut in benefits.

Some 69% of retired workers already are dependent in "major" part on Social Security as their main retirement income, according to a 2012 study by the Employee Benefit Research Institute, with worker savings off sharply for those in the below-$35,000 income bracket.


Read More At IBD:
Early 401(k) Withdrawals Portend A Cat-Food Future For Seniors - Investors.com

So please explain to me how it is Obama's fault if people rely on social security alone in their retirement.

I mean other than the fact that he's a black, Muslim communist who hates America of course. That part is understood.