Let me get this straight. The Obama administration is discussing the possibility of cutting Social Security because the GOP is hopping mad about it? Where were the Republicans when they were handing out TARP payments to their friends on Wall Street? Between Bush and Paulson lending free money and giving direct cash payouts, the richest of the rich have been at the front of the feeding line yet a Democrat is going to listen to the Republicans? Why is it urgent to save a banker but not everyone else? CNBC:
The study, conducted by Boston College's Center for Retirement Research, says savings have been squeezed by declines in stock and housing values.
The study was commissioned by Retirement USA, a coalition of organized labor and pension rights advocates that hopes to use the study to push for a more stable retirement system. The group plans to unveil the study at a news conference in Washington on Wednesday.
The $6.6 trillion figure is based on projections of retirement and income for American workers ages 32-64. The study's authors say they arrived at the amount using conservative assumptions, including a 3 percent rate of return on assets and no further cuts in pension coverage or increases in the Social Security retirement age.
