People are not investing! In fact, the opposite is happening! Citizens are scraping together anything they can just to survive the illegal alien African Marxist's Obamanomics!
msnbc.msn.com
excerpt:
In the wake of news about a spike in new applications for unemployment benefits comes another potentially troubling sign: A record number of workers made hardship withdrawals from their retirement accounts in the second quarter.
What's more, the number of workers borrowing from their accounts reached a 10-year high, according to a report issued Friday by Fidelity Investments.
The trends reflect the financial stress many workers find themselves in as the economy struggles to find sure footing, said Beth McHugh, Fidelity's vice president of marketing insight.
High unemployment and companies cutting back on overtime or overall hours have reduced the take-home pay of many workers.
"People tend to be taking home less," she said. "As a result the percentage of individuals initiating hardship distributions is one of the things we're concerned about."
Fidelity administers 17,000 plans, which represents 11 million participants. In the second quarter, some 62,000 workers initiated a hardship withdrawal. That's compared with 45,000 in the same period a year ago.
What's also eye-opening is that 45 percent of participants who took a hardship withdrawal a year ago took another one this year, McHugh said.
-------
What is keeping the DJIA, SPX, and NDX afloat? Hope and promises? Obama's snake oil charms? Time to go downtown to a triple digit Dow? -g- |
