So many people 55-65 have been totally fucked after putting money into retirement accounts for years. I know MANY who planned on retiring in the next few years and now they can’t. So unfair. I’d like to know who in congress knew what, Democrat or Republican, and get rid of them. What a huge slap to the American people who have worked hard and saved for their golden years, only to watch it disappear. I wouldn’t wish death on anybody…..but I sure have visions of Wallstreet suits like Paulson, Gramm, Greenspan, Bernake and that dickwad from Lehman jumping. And while they’re at it, I’m sure there’s some politicians from both sides of the aisle they could take with them.

Americans’ retirement plans have lost as much as $2 trillion in the past 15 months, Congress’ top budget analyst estimated Tuesday. The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers’ savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office.

As Congress investigates the causes and effects of the financial meltdown, the House Education and Labor Committee was hearing from retirement savings and budget analysts on how the housing, credit and other financial troubles have battered pensions and other retirement funds, which are among the most common forms of savings in the United States.

“Unlike Wall Street executives, America’s families don’t have a golden parachute to fall back on,” said Rep. George Miller, D-Calif., the panel chairman. “It’s clear that their retirement security may be one of the greatest casualties of this financial crisis.”

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