This is my first blog. I sent this out as an email earlier and I'm testing out the blog site. I believe we are seeing the destruction of our great nation. A good portion of it is our own fault. I hope to arm you with as much information as possible.
56 percent of American workers have less than $25,000 saved. Even worse 60 percent of retirees have less than $50,000 saved. 45 million on food stamps and the consequences of peak debt.
Middle Class Destruction
"On "The Early Show" Thursday, financial journalist and Newsweek columnist Joanne Lipman said, "Right now we have 30 percent of people who have 401(k)s have loans against their 401(k)s, which is a historic high. And the problem is, it's growing like crazy: By 2014, we're expecting to see 30 million people take loans against their 401(k)s."
"It's a big, big problem," she remarked to co-anchor Chris Wragge, "and it's one that's really been under the radar. And the big problem is that, if you lose your job, you have to pay that loan back within 60 days. So suddenly, you have no income, you owe all this money back, and the fact is that most people are unable to pay it back.
"There was a survey recently that found that 70 percent of people who lose their jobs are unable to pay back the loan and go into default. And the number is even higher ... for young people -- it's closer to 80 percent."
Don't Loan From Your 401(k)
Stock Volume Collapses: Must Be An Up Day
http://www.zerohedge.com/print/403513
US Treasury Burns $90 Billion in 8 Days
http://www.zerohedge.com/article/us-treasury-burns-90-billion-8-days
Have a good night,
Aaron
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