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...retirement age is the only way for boomers to prevent a decline in their standard of living and not drag down U.S. economic growth. The report estimates that a two-year increase in the median retirement age - from 62.6 to 64.1 over the next decade - would add nearly $13 trillion to real U.S. GDP during the next 30 years while reducing by half the number of boomers who would find themselves without enough money for retirement. Two-thirds of older boomers have not prepared sufficiently for their golden years, and many don't even realize it, according to the report...
...ASCE estimates that it would take $1.6 trillion over a span of five years in order to bring the nation’s infrastructure into a state of good repair. Looking at merely one subcategory of these projects—transportation infrastructure—the Department of Transportation estimates that in order to simply maintain current highway and bridge conditions, it will cost $78.7 billion per year. Unfortunately, in reporting on the current state of US infrastructure, the ASCE gave it a ‘D,’ thereby indicating that simply maintaining it will not be sufficient...
...high of 10% of the $970 billion in revolving debt, a chunk of that total will get paid off in full every month, which would result in an aggregate default of less than $100 billion. That number doesn't come near the losses that have occurred in the $14 trillion U.S. mortgage market. Moreover, credit card asset-backed securities aren't as far-reaching or as complex as mortgage asset-backed securities, and they don't have large amounts of credit-default swaps piled on top of them like mortgages do. As a result, a total collapse of the credit...
...isn’t exactly clear on what distant reality the show is based. Unlike in “ER,” where innumerable patients must be treated at a moment’s notice, House is able to spend days diagnosing one patient and doing several trillion dollars worth of tests. In real life, hundreds of people would have died, waiting in triage, while House made cranky jokes about a man whose skin had miraculously turned all the colors of the rainbow. You can also bet that the man’s insurance company wouldn?...
...where the government announced a $586 billion stimulus package in an attempt to soften the blow of the coming recession. The China package was big and bold - and a tacit challenge to the Obama Administration. It represented 18% of the Chinese gross domestic product, the equivalent of a $2.4 trillion program in the U.S. Of course, China has bigger problems to solve than we do. Its social safety net is made of tissue; vast sums will be needed to establish a proper health-care and pension system. But much of the $586 billion will also be spent on investments...