Saturday, 26 Mar 2011 07:26 PM
By Chris Gonsalves
President Barack Obama’s misguided federal policies have stunted economic growth and endangered the American dream of a comfortable retirement, financial commentator and best-selling author Robert Wiedemer tells Newsmax.
“The government absolutely shares culpability in this,” Wiedemer says. “Government policies are responsible for a great many of our financial problems — the state of Americans’ retirements included.”
Wiedemer says such attitudes are a natural extension of the bad example Washington sets with its spending habits. “The idea with retirement is that you are supposed to save part of what you make,” he says. “So, what is the government doing? They are saying, ‘We don’t care how much we make, we’re going to spend a ton more than that and we’re not going to save anything.’ That sets up the mentality that you don’t have to worry about this anymore.”
Obama’s federal policies have fueled high unemployment and are claiming new victims, financial experts say: A record number of Americans now say they doubt they’ll be able to afford a comfortable retirement.
A new survey indicates that fear is heightened among a growing swath of U.S. workers who have little savings and no long-term financial game plan. Rather than adjusting the way they save for their golden years, most are simply lowering their expectations with plans to continue working well beyond normal retirement age, according to the Employee Benefit Research Institute’s annual Retirement Confidence Survey.
The report, released last week, shows 27 percent of American workers are not confident they’ll have enough money to retire and live well. That’s up 5 percent from last year, and marks the highest level of unease ever measured in the 21 years of the survey by EBRI, a Washington-based nonprofit research firm focused on health, savings, and retirement issues.