The Patriot Post® · Obamanomics: Savings Sink

The Washington Post reports, “A majority of Americans with 401(k)-type savings accounts are accumulating debt faster than they are setting aside money for retirement, further undermining the nation’s troubled system for old-age saving, a new report has found.” The study from HelloWallet shows that three in five workers fall under the category of “debt savors,” “meaning their increasing mortgages, credit card balances and installment loans are outpacing the amount of money they are able to save for retirement.” Indeed, for many, it’s difficult to budget under Obama’s economic policy that encourages debt accumulation while simultaneously growing the ranks of constituents depending on government for their needs.