American military operations in Iraq had hit $3.9 billion a month, far more than anticipated. The White House revised the deficit up to $455 billion for 2003 and about the same for next year. That totals up to just under a trillion dollars. Interest rates and inflation are on the horizon with this type of economic outlook.
http://www.nytimes.com/2003/07/18/business/18NORR.html?ex=1373947200&;en=90cc8c4d90a8112b&ei=5007&partner=USERLAND
The Pension Benefit Guaranty Corporation (PBGC), the government agency that insures these pensions, estimates the underfunding at $300 billion, a total that was only $23 billion as recently as 1999.
AARP says that 4.5 million senior citezens have been pushed back into work. There are a veriety of reasons but medical costs is the major one. The Seattle job market is non-existent with no job growth until 2005.
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