from moneymorning......
"Americans are suffering from a lack of adequate savings to fund a comfortable retirement. Our growing debt burdens virtually assure us that the lofty living standards of today will soon be nothing more than a long forgotten memory.
Those ideas are now becoming more promulgated.
But what is less known is that our government will likely seek a panacea that will lead to perdition, not only for our retirees, and soon-to-be retirees, but our entire economy and country as well.
Consumers - especially those who are about to retire - are currently experiencing a barrage of economic hardships. The value of their real estate holdings is back to the level it was in 2002. Stock prices are back to the same level they were at the end of the last millennium. Real incomes continue to fall, while the unemployment rate remains near double digits. Household debt as a percentage of income and gross domestic product (GDP) is near record levels. Many public pension plans are insolvent and our entitlement programs have scores of trillions of dollars in red ink.
Given all the headwinds that have plagued consumers over the course of the past decade, it is no surprise that their balance sheets are in a state of massive disrepair. In fact, household net worth fell from the 2007 peak to the 2009 valley by a total of $17.5 trillion, or 25.5%, and is still nearly $10 trillion away from its all-time high"........READ MORE
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