Taking a hit

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By Ralph Damiani

Part of the discussion that is not going on in this nation is the fact that people with retirement plans, with 401k accounts, have lost more than $2 trillion in a few days.

But that’s OK, Congress has saved corporate executives so they can go on $400,000 weekend retreats.

All that they are asking us to do is pay the bill for them - and lose our retirements. Good deal.

The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers' savings, forcing people to hold off on purchases and consider delaying their retirement.

But Congress has the time – and money – to help all these corrupt businesses and their multi-million employee bouyouts. Another good deal for us.

Now, Congress says it will investigate the causes and effects of the meltdown. Hold your breath!

A member of the House Education and Labor Committee made a very astute comment. “Unlike Wall Street executives, America's families don’t have a golden parachute to fall back on.” A man of brilliance.

And what will Congress do about it. Nothing.

They will talk, point fingers and moan. But at the end of the day, you and we will be left holding the empty bag.

More than half the people surveyed in an Associated Press poll said they worry they will have to work longer because the value of their retirement savings has declined.

And an AARP study found that because of the economic downturn, one in five workers 45 and older has stopped putting money into a 401(k), IRA or other retirement savings account during the past year, and nearly one in four has increased the number of hours he works.

That’s OK. The retirement package for our “leaders” is assured and solid. That should give the rest of us some comfort.