Reader B.B. recommended this piece at Washington’s blog: Government Economic Leaders Surprised that Real World Isn’t Responding to their Magic Pixie Dust
I warned you, folks! It started with little more than rumors. But now here is something substantive: US Departments of Labor and Treasury Schedule Hearing on Confiscation of Private Retirement Accounts. The government is desperate for sources of revenue, so there is a high likelihood that they will ramrod this through. I recommend that you run the numbers for your age and consider your personal circumstances. Determine wehther or not it makes see to cash out before the end of 2010. (Federal income taxes are increasing in 2011, so it is better to take the extra income this year, than next.)
Dagong sounds the gong on U.S. debt; China’s credit rater downgrades America’s economic future. (Thanks to G.G. for the link.)
This piece by Maurizio d’Orlando ran in Asia News: This year, US public debt could reach end game.
Items from The Economatrix:
Service Sector Grows at Slower Pace in August
Watch Those Gas Pumps; Prices Expected to Fall