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Should Feds Rescue Retirement System, Too?
U.S. News & World Report [Opinion] Nov. 2, 2008
Excerpt: Even before the recent collapse of investment values, the paltry sums in private retirement accounts caused concern if not alarm among pension and retirement experts. Now, the wolf is not only at the door but in the room, and is devouring what little remains of the financial future of millions of Americans. Pretty much all of Washington is shoveling hundreds of billions of dollars to shore up the nation's financial system and restore liquidity to the global credit system. And there is growing if belated support for providing direct aid to millions of homeowners who otherwise can't afford to stay in their homes. But while these concerns are front and center, there's been little but hand-wringing when it comes to the huge losses suffered by individual retirement accounts, what's left of traditional private defined benefit pensions, and state and local retirement programs.
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