USA Today,Oct.23,08 page 15A:
Retirees running out of time: Americans have lost at least $2 trillion from their retirement funds from August 2007. Dow was about 14,000 to below 9000,as per Congressional Budget Office.
Today's economic crisis is tomorrow's nightmare for millions of aging Americans whose nest eggs are suddenly cracked. I call such "boiled eggs after fire- crackers for sudden outburst" in humor.
The World Bank advocates mandatory savings. I would endorse Chinese tradition of saving as per the empirical evidence in China. Food for thought for all readers.
Francis Shieh a.k.a. Xie Shihao,a learner to be frugal but the cost of living in high in USA and in China as REAL ECONOMICS for Sino-American Economics in a nutshell.
October 25, 2008 at 3.12 p.m.
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