President Obama's Cat-Food Future For Retirees

[Geee]

Investors Business Daily:

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.

[quantim]

Discrimination against cats!

 

How dare thee?

 

A new mega-pet supply place recently opened here, checked it out...

 

Do that many people really own gerbils and turtles?

 

I'll give the place another month or two.

 

Dogs obviously would be the biggest overall draw for customers, but when you have more piles of supplies for 'exotic' pets something is wrong.

 

But to the point, Obama's spending is akin to a gerbil food store.