Thread: End All 2-Tier Pay/Retirement Plans : They Don't Work

Minimum wage - those were the days! I started at minimum wage (woo, $3.55!), and after working 5 years there the minimum wage rose nearly as much as my raises, so I was making just nickels and dimes more than the lazy teeny-boppers I was training. Wow, a couple days of overtime during peak season and I'd have a HUGE $200 paycheck! Ah, the joys of retail. Not much money, but we did have a nice fringe benefit...cute young cashiers.

December 02, 2005 10:04 AM ET
Greenspan renews warning

Greenspan -- whose remarks to Friday's Fed conference were pre-recorded as he is in London for a G7 meeting -- said U.S. economic activity is expanding "at a reasonably good pace" into 2006 despite disruptions from hurricanes that battered the southern United States in a record storm season.

He warned, however, that "this period of relative stability will soon end" as demographic pressures take hold.

"I fear that we may have already committed more physical resources to the baby boom generation in its retirement years than our economy has the capacity to deliver," he said, adding changes to Social Security and other programs "should be made sooner rather than later" to ease disruption.

http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=OBR&Date=20051202&amp ;ID=5323652



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This is classic.


Easy Al is covering his arse before he goes out, because he knows what is on the horizon and wants to be able to tell everyone, at the appropriate time, that he told us what was going to happen on December 2, 2005. He is publicly washing his hands of the loose monetary policy he initiated and promoted during his tenure as FED chief. Bernanke will take the fall. Timing is everything and Easy Al was one of the best.