Archive for the Politics Category

In a few weeks, on December 15th, a little known but important document will be released: the annual Financial Report of the U.S. Government. Just like publicly traded corporations, the U.S. Government is audited, and the results are made public. They’re even signed by the Secretary of the Treasury.

You’ve probably never heard of the audit report and may be wondering why. It’s not an accident.
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After over a year of non-stop campaigns and hoopla, the spectacle, and ordeal, of a Presidential election is finally over. The candidates, and the American people, can breathe a sigh of relief.

But not for long. President-Elect Obama has his work cut out for him. He’ll face an economy slipping into recession, a nation divided over our continuing role in Iraq and Afghanistan, astronomical government deficits, and teetering financial markets.

Hopefully, he and the new Congress will be able to work together to solve these and our nation’s many other problems. And to ensure future retirees’ financial security at the same time!

At AAFR, we wish him, Vice President-Elect Biden, and our other elected officials, Republicans, Democrats, and Independents, all the best in their endeavors. And we salute Senator McCain, Governor Palin, and those departing from the Congress for their essential contribution to a vibrant American democracy.

As Thanksgiving approaches, we would all do well to reflect on the blessing of a free, orderly, and non-violent process of selecting those who will bear the responsibility for governing us.

As the example of many other countries shows, it is not something to be taken for granted.

The presidential election isn't the only election that will take place on Tuesday.

House and Senate races can be even more important when it comes to the critical issues that will shape future retirees' lives.
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AAFR has repeatedly warned against Social Security "privatization" schemes, which are usually floated by Republicans. But some Democrats, too, want to get their hands on future retirees' money. How? By taxing, confiscating, or otherwise monkeying with the trillions of dollars currently invested in 401(k) plans.
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Bankruptcy is a humiliating, harrowing experience for anyone. But when a senior citizen is forced to undergo it, it extracts an especially heavy emotional toll. Seniors simply don’t have decades of life ahead of them in which to advance their careers, save money, and make the arduous climb out of the financial pit that bankruptcy creates. Many are on fixed incomes, and the repayment plans required by recently enacted new bankruptcy legislation create, for many, the equivalent of a lifetime sentence to poverty. On top of all this, many older Americans still adhere to the old ethos of live-within-your-means and if-you-can’t-afford-it-do-without-it. In short, among the senior population, bankruptcy doesn’t just create problems. It permanently ruins lives.

Yet seniors, according to a recent study, are the demographic group among which bankruptcies are increasing the most rapidly. In 1991, people 55 and older accounted for only 8 percent of bankruptcy filings. By 2007, that number had soared to 22 percent.
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