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October 21, 2011     Post-Gazette
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October 21, 2011

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Page4 POST-GAZETTE, OCTOBER 21,2011 FinanciallYoSpeaking Democrats Finding Ways to Cut 401Ks and IRAs Democrats are finding ing to help lower-wage work- share. JPMorgan fell in ac- ways to cut deductions ers save for retirement by tive trading as it bought back for 401Ks. In a little no- reducing contribution limits $4.4 billion shares and war- ticed meeting that ex-plored is like trying to cure a head- rants. Continuing low in in- changes to retirement ache with a guillotine." The terest rates. Fitch may cut plans, principally employer NYSE Index was up 25% JPMorgan and Goldman sponsored 401Ks that could before giving up 1/2 of the Sachs but they're still navi- cut their tax deductions. The gain. Volume was low by 12% gating the slew of new regu- tax breaks are their tempt- below average. The forever lations to see what is al- ing targets that will cost the changing action of the mar- lowed. It's called capital con- government over $436 bil- ket average. On Friday fusion, as they don't know lion over the next 5 years; stocks surged late as the what to do and how they are Senate Finance Chairman Dow, S&P 500 jumped 6.7%. supposed to do it. JPMorgan Max Baucus says they are Volume jumped across the will remain in the mortgage not saving nearly enough for board with institutional buy- business but it will be a bet- retirement. Saying the ex- ing being the heaviest trad- ter business going forward. isting system benefits the ing in a month. Advances In August, 203 million rich 80% of the tax system beat declines by 24-17 on the Americans voluntarily quit benefits the rich, 80% of NYSE and 119-7 on NASDAQ. their jobs as employees are the earnings go to the top The indexes are coming off becoming more optimistic 20% of earners. The work- the lowest level in a year. about finding new work. With ers end up paying more in The Dow Jones is still focus- the jobless rate at 9.1% taxes when they take the ing on the market's recov- workers where the payrolls money out. The current sys- cry and European crisis, are still negative and many tern has led to an explosion Greece will launch another of the jobs lost may be gone in retirement savings with round of financing next forever. They face a skills $4.7 trillion in 401K(s) and month. Worries over a Greek mismatch where expanding $4.7 trillion in IRAs. Presi- default had industry under sectors in healthcare and dent Obama's Debt Commis- pressure in the early going some employees retiring is sion proposed cutting the cap last week although the considered the unemployed. on 401Ks from $49,000 now. country said it had enough It was a bold and choppy ac- The limit is $16,500 a year. cash to last another month, tion and we saw a number Workers age 50 and older Acme Packet fell in Dow vol- of double hutlons. can add another $5,000. The ume. The turnover plunged It's time to call your finan- $20,000 cap would hit more than 15% after warn- cial advisor or me call me at older income workers caus- ing the 3 rd quarter would 617-337-5712 ing a reduction in their badly miss estimates. It retirement savings. Senator pegged sales at $70 million I DRIVERS: Hatch (R-Utah) said, "Any verses sales views of $82 Regional & OTR. Start up to limit to cut the current tax million, or a forecast of 20/ $.41/mi + Excellent Benefits. deduction would be folly. Try- share versus views of 30/ 401K + Bonuses. Miles & Guaranteed Hometime! CDL-A 6 mos. Exp. I (888) 219-8041 I DIAMONDS ROLEX ESTATE JEWELRY Bought & Sold Jewelers Exch. Bldg. Jim (617) 263-7766 . PRAYER IN HONOR OF ST. LUCY O God, our Creator and redeemer, mercifully hear our prayers that as we venerate Thy servant, Saint Lucy, for the light of faith thou didst bestow upon her, Thou wouldst vouchsafe to increase and to preserve this same light in our souls, that we may be able to avoid evil, to do good and to abhor nothing so much as the Blindness and the darkness of evil and of sin. Relying on Thy goodness, O God, we humbly ask Thee, by the intersession of Thy servant, Saint Lucy that Thou wouldst give perfect vision to our eyes, that they may serve for Thy greater honor and glory, and for the salvation of our souls in this world, that we may come to the enjoyment of the unfailing light of the Lamb of God in paradise. Saint Lucy, Virgin and martyr, hear our prayers and obtain our petitions. PC-STAFF Remember Your Loved Ones The Post-Gazette accepts memorials throughout the year. Please call 617-227-8929 and ask for Lisa r by Sal Giarratani  .... Michael F. Flaherty Post-oon Strategy Former City Council Presi- dent Michael F. Flaherty is running for Boston City Council after failing to beat Mayor Thomas M. Menino for mayor two years ago. Back in 2009, he pulled off an amazing campaign strat- egy by teaming up with then-City Councilor Sam Yoon who had been defeated in the 2009 mayoral pre- liminary election. The Flaherty-Yoon team concept didn't win but it did breathe new life into the general election, but not enough for "Flaherty-Yoon to pull off the upset of upsets. Sam Yoon is now long gone from Boston politics but Flaherty is still alive and well and back on the cam- paign trail. This year, though, there is no cam- paign splash. One would hardly know he's around. I call it a stealth campaign. I think he has a great strat- egy for a non-mayoral year. He keeps flying but always it would appear under the radar. While other candidates running for those at-large seats bring in large contin- gents of sign carrying sup- porters, Michael Flaherty showed up without fanfare or crowds. He made his pres- ence known quietly. Some may ask what's going on here? Is Flaherty serious? I think Flaherty has always been good at Campaign 101 and he is still good. Only this time I see the silver foxed Flaherty being sly as a fox. I also see him getting returned to office too. As of right now, I believe both City Councilor John Connolly and Council Presi- dent Stephen Murphy will be re-elected. They each have great name recognition and should do well. The battle is between two friends of mine, Felix G. Arroyo and Ayanna Pressley. They each were elected two years ago with Mayor Menino at the top of the ballot. With both Yoon and Flaherty giving up safe council seats to take on the mayor, it opened the door for both Arroyo and Pressley. This time around only the City Council is on the ballot. No mayor's fight to generate voter turnout. A low turnout is expected, but of course not in Districts 2 and 3 while there are fights for district council candi- dates. District 2 City Coun- cilor Billy Linehan is taking on challenger Suzanne Lee who surprised everyone by topping the preliminary bal- lot against the incumbent. Over in District 3, Frank Baker who won the prelimi- nary against John O'Toole who was endorsed by out- going Councilor Maureen Feeney means a big vote come November too. This November 8 th, I expect the Election Day turnout m these two districts to be huge, which means lots of Dorchester and South Bos- ton voters going to the polls. Flaherty can only benefit by huge turnouts in these areas which traditionally have been important in all of his campaigns. The real race is going to be between Arroyo and Pressley. Both of these camps are pulling out all stops in generating their voter base. Pressley looked extremely affective in the Roslindale Parade and came with a large group of support- ers working for her cause. With all transparency, I was among her supporters because I think she is a needed presence on this City Council at this time in the life of the city. However, I am also friendly with Arroyo and he has been working just as hard to get out his vote. Lots of voters over the last near decade have seen the "Arroyo" name on the ballot when his father Felix Arroyo became the first Latino elected to the Boston City Council. The battle is for the bottom two slots. Will Arroyo get more votes out than Pressley or will Pressley garnish enough supporters for a sec- ond term? Right now, things are still too close to call after ceding Connolly and Murphy their respective City Coun- cil seats. This is a race wor- thy of taking interest in and certainly one that should get people out to vote. 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