Skip to main content

The 401(k) Blues

Conservative columnist George Will hits the nail on the head

But the McCain-Palin charges have come just as the Obama campaign is benefiting from a mass mailing it is not paying for. Many millions of American households are gingerly opening envelopes containing reports of the third-quarter losses in their 401(k) and other retirement accounts -- telling each household its portion of the nearly $2 trillion that Americans' accounts have recently shed.

I got mine yesterday. -11% for the quarter. -30% for the year. And that was before this week's round of losses. Now, I've got (knock on wood) about 35 years to ride the market out, but many voters don't. If you are at or near retirement years the global economic collapse has devastated your future in a way we haven't seen for a long time. And somehow a politician talking about an obscure '60s radical won't quite cut the mustard.