Fidelity: Debt crowds job-based savings

The following appeared in the January 11, 2008 issue of the St. Paul Pioneer Press business section, page 2C.

Fidelity: Debt crowds job-based savings
High consumer debt is slowing growth in retirement savings accounts, according to a study released Thursday by Fidelity Investments. The mutual fund company, which is based in Boston, found one in three employees of nonprofit organizations increased their contributions to job-based savings plans in 2007. Some 44 percent of participants in the survey also admitted to personal debt exceeding $5,000, not including mortgages, the study found. The impact of debt could be seen in the breakdown of savings by people who considered themselves investors, savers or spenders. The spenders tended to carry higher debt than people in the other categories. Some 42 percent of people who considered themselves investors raised their contributions in 2007, compared with 30 percent of savers and 25 percent of spenders, the study found.

Happy New Year

It's pretty sad when one has to celebrate for NOT hitting a milestone. I'm celebrating because we still haven't hit the $10 Trillion National Debt level. Sadly, the way things are going, I'm sure we'll hit it by the end of the year.

Since I've been out of town and have had computer problems, I haven't been able to post for the past two months. Needless to say, despite my inability to monitor our debt for the past two months, it kept creeping up.

Here are the latest statistics from TreasuryDirect.com pertaining to the National Debt (effective Jan. 4, 2008).

Debt Held by Public: $5,116,199,834,200.04
Intragovernmental: $4,081,378,046,617.39
Total Debt (4 Jan): $9,197,577,880,817.43

Interest Payments FY08:
October 2007 - $22,310,362,733.54
November 2007 - $25,344,987,578.31
December 2007 - $106,138,177,851.45

Total 1st Q: $153,793,528,163.30

Gifts to reduce the Public Debt:
November 2007 - $27,617.15
October 2007 - $189,907.48
FY08 to Date: $217,524.63

Gifts to reduce the Public Debt in FY 2007: $2,624,862.42

Now that we are into the Presidential Primary season, it would be nice if the politicians who want to be our next leader would finally address this key issue. The silence is deafening!!