In remarks in Chattanooga today, President Obama is expected to propose a “grand bargain” on tax reform. The bargain is that Americans should give up some tax deductions and credits in order to fund more government spending.
In 2008, many Americans saw their retirement accounts wiped out. Now, more than four years later, the economy still hasn’t recovered, and instead of retiring, more people are “ripping up” their plans and continuing to work. So why does Washington want to punish responsible behavior by capping retirement savings?
While Many Americans in the private sector are putting off retirement plans and continuing to work at a later age because of economic factors, the government has been spending millions in taxpayer dollars to fund a chimpanzee retirement resort. Is this the “Planet of the Apes” or just another case of Washington waste?
According to the Washington Post, the Federal Reserve released an important update this week on the state of American households that puts numbers in a grim light. The median net worth of families decreased 39% from 2007-2010.
According to Gallup, 33% of “American nonretirees now anticipate that Social Security will be a major retirement funding source.
“Life expectancy in the U.S. has risen to a new record of 78.2 years. The bad news is, the average age a person has to work to before they can retire is now 78.3 years.” – Jay Leno