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  1. #1
    Join Date
    Feb 2005
    Posts
    12,866

    Cheney says save more

    Cheney says save more
    JEANNINE AVERSA

    Associated Press

    WASHINGTON — Vice President Dick Cheney urged Americans Thursday to do a better job of saving and challenged policy makers to strengthen pensions and fix Social Security to help people in their golden years.

    “The American dream begins with saving money and that should begin on the very first day of work,” Mr. Cheney told a conference here exploring how to encourage people to boost savings and be better prepared for retirement.

    Too often, workers are living paycheque to paycheque and are not saving sufficiently, Mr. Cheney said.

    Last year, Americans' personal savings rate dropped to its lowest point since the Great Depression. The dismal state of savings comes as a big wave of baby boomers will soon start retiring.

    That wave of retirees will eventually put massive strains on government resources as people draw on Social Security and Medicare benefits, Mr. Cheney said. Fewer workers, meanwhile, can be counted on to help bankroll the retirement program.

    “With an aging population, and a steadily falling ratio of workers to retirees, the system is on a course to eventual bankruptcy,” the vice president said.

    -- A simple solution would be to stop shipping American jobs out of the country and raise the minimum wage. Strengthen manufacturing here, make corporations accountable for their actions and stop waging wars we can't frickin' pay for. Oh you might want to give the middle class some of those coveted tax breaks you handed over to the rich too.

    Mr. Cheney renewed President Bush's call in his State of the Union address for the creation of a bipartisan commission to study the impact of retiring baby boomers on Social Security, Medicare and Medicaid.

    The president's modest proposal came after his ambitious plans to revamp Social Security stalled last year amid balking from both Democrats and Republicans.

    “There will always be a wagon load of excuses for ignoring the problem of entitlements,” Mr. Cheney said. “But Americans have a right to expect more out of the nation's leaders, especially when it comes to Social Security and other defining national promises.”

    --Did this actually come out of Dick's mouth? That must have been a Kodak moment.

    The vice president also called on Congress to complete action on legislation that would strengthen the nation's troubled pension system.

    Lawmakers in the House and Senate have passed separate versions of pension bills, and have yet to iron out the differences.

    The bills are aimed at shoring up traditional, employer-based defined benefit pension plans, which pay retirees a fixed amount based on salary and years of service.-millions of Americans are counting on such pension plans to fund their retirement.

    These defined-benefit pension plans are now underfunded by an estimated $450-billion. To fix this, legislation would tighten pension-funding rules for companies.

    Mr. Cheney said the bills need to be improved to win the president's signature. “Our experts have studied the congressional proposals carefully and they are convinced that unless the bills are strengthened, there will be an even greater risk that workers will lose benefits,” Mr. Cheney said.

    Sen. Chuck Grassley, R-Iowa, who also spoke at the conference, said he would like to see the pension legislation wrapped up before Congress takes a spring recess, currently slated for April 10-21.

    Another speaker, former Commerce Secretary Don Evans, said that a poll conducted for the lobby group found that nearly three out of five Americans between the ages of 35 and 49 are saving less than $10,000 a year. “For most, this will prove too little to support a comfortable middle-class retirement,” said Mr. Evans, who is now chief of the Financial Services Forum.

    The poll also found that nearly a third of Americans saved nothing for retirement last year. --And we pay these idiots? Shame on us.

  2. #2
    Join Date
    Sep 2004
    Posts
    27,212

    Re: Cheney says save more

    YES! YES! YES!.........the parade of FEAR marches on!the fear of death being king!!let me live and I WILL DO ANYTHING YOU SAY!?how GOOD to know that AMERICA is FREE!?of this PLAGUE!?.....NOT!?it's INGRAINED FROM BIRTH!?all under the WELLWISHES of the CURRANT ADMINISTRATION!?(ownership by ability!?)WHO KNEW!?hehe!and to those who would DISAGREE i say this.........SELL ALL YOU HAVE AND GIVE TO THE POOR...........or not.then you can FEEL THE FEAR!?.or not........YOU KNOW WHO YOU ARE!!...now!?whatever......it's entirely voluntary YOU SEE!?what a concept!?hehe!!long FORGOTTEN!?hehe!!the only true hero is a DEAD hero!?yes!?/no!?worship wall street and live!?i would,if i could!hehe!!

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