Burgess Admits Rescue is Working

Mr. Burgess says we are moving in the right direction.

Americans' retirement plans have lost as much as $2 trillion in the past 15 months about 20 percent of their value.

Unlike Wall Street executives, members of Congress and Senate, America's families don't have a golden parachute to fall back on. It's clear that our retirement security will be may be one of the greatest casualties of this financial crisis.

A new AARP study found that because of the economic downturn, one in five workers 45 and older has stopped putting money into a 401(k), IRA or other retirement savings account during the past year, and nearly one in four has increased the number of hours he works. More than one-third of these workers have considered delaying retirement, according to the study, which also found that more than half now find it difficult to pay for basic items such as food, gas and medicine.

The current market turmoil adds to an already difficult retirement savings picture for Americans, who are increasingly shouldering the burden of managing and funding their own company-sponsored retirement savings plans as firms eliminate traditional pensions.

Falling home values and now the decimation of much of their savings will plunge older Americans into period of austerity not seen in decades, the fear factor is huge, and I do not see the availability of resources for them to do this retirement thing well.

The period that we are experiencing is arguably the greatest collapse in confidence that we have experienced since the Great Depression, My wife and I have seen a 40% loss in our 401k. On the other hand, as my wife says. Twenty-five years of work down the drain. The massive losses have already reopened a bitter and long-running debate about what role, if any the government should play in helping workers save for retirement

I made a mistake when I with drew my name from the U.S. House seat race this year for the 26th district. I thought it was important that both the Democrats and the Republicans have a clear field to show choices with such an important race at the top of the ticket.

I was wrong. Mr., Burgess is pretty much running un-opposed this year as Mr. Leach continues not to be around. I will seek this seat in 2010 as a Texan Independent. I will not do photo ops about grocery cost in a closed grocery store so as not to be bothered by people asking tough questions of me. I will not wine on the television saying they wouldn’t let me in the room. I will be in that room. But, as Mr. Burgess says we seem to be moving forward………….. Forward to where???