Even though the left, particularly Obama, love to blame Bush for the housing bubble bursting in 2007-2008 which was actually a result of years of government interference in the housing market, I'm NOT going to blame Obama for what is happening in China this week which is making mincemeat of my pension funds.
China's economy has become so powerful, the only protection is for us is to have a president and Congress who are capitalists instead of socialists in heart and policy. Socialists only know how to tax the workers to spread the wealth. That doesn't grow the economy. The irony is that China got this strong by kicking out its communist economists and liberalizing its capitalists. Right now, China's economy is in free fall.
I just got my TIAA-CREF December account report. I withdrew (by law it's required after 70.5 years) about $4,000, but my gains in investment were about $8,000, so I ended the month at a higher balance than I started with. That's how every retiree hopes it will work out. However, the top .01% of the population lost billions on paper this week, and it is now trickling down to those of us who saved and scrimped during our working years to have enough to retire. I socked away 15% every month from my paycheck (maximum allowed) in addition to the required amount for the state pension. My health care comes out of my pension, and that's about 13%. If all I had was a pension, I'd be in poverty.