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Cheney: Americans should be "Saving for your golden years"

Reported by Chrish - March 2, 2006

Uma Pemmaraju reported, during the bottom of the hour snippets on The Big Story today 3/2/06, that VP Cheney advised Americans to save more money, speaking at a "retirement savings conference" (2006 National Summit on retirement Savings)today in Washington.

In front of a subtle backdrop which read "Saving for your Golden years" we saw Cheney sneer, um, smile and wave to the crowd, but didn't hear his remarks. Pemmaraju summarized, saying that Cheney said

"Americans should start saving on their very first day of work. He said too many people are living paycheck to paycheck with nothing set aside for the future. Last year Americans' personal savings rate hit its lowest point since The Great Depression."

Comment: Thanks for the scolding. Of course Cheney, multi-millionaire and patronized by billionaires, has no clue why Americans are living paycheck to paycheck and not saving. Simply put, we like to eat. Putting away $20 or $50 out of a paycheck sounds like nothing to the filthy rich, yet it can make the difference between 2 meals a day or just one, for too many families. In his speech he boasts of 300,000 jobs created in the past two months, but fails to recognize that a.) they're lower paying jobs than the outsourced ones they replace and b.) the cost of daily needs (food, gas, heat, tuition, medical) is outpacing salary increases. reports that "The costs of necessities are up, and the median U.S. household income has dropped — more than $1,600 in just four years. For the past three years, higher living expenses have wiped out wage gains for the average American worker. U.S. consumers last year spent what they earned — and more. They dug into savings and shoved the personal savings rate to negative 0.5 percent. Only twice before, in the pit of the Great Depression, has Americans’ savings rate fallen below zero." Telling us we should be saving is like telling us we should be eating all organic and joining a pool club - we'd love to, but we can't afford to.

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