PROMISES, PROMISES: Vision to collide with reality (AP) and Comcast, Cox to slash jobs in slowing economy (AP)

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City of Industry, CA --(www.USEquityNews.com)-- 11/07/2008 - Retirement industry alert provided by U.S. Equity News. WASHINGTON (AP) -- Over a two-year campaign, Barack Obama laid out a vision for the nation's future in soaring speeches that enthralled his audiences. With his victory in the presidential election on Tuesday, those goals will collide with daunting realities.
President Obama will inherit a budget deficit that many analysts say could hit a trillion dollars for the first time in history, severely crimping any promises for tax cuts or spending on new programs. He faces a diving economy that has traumatized Americans trying to buy a home, pay for college or plan for retirement. And he'll confront the complexities of trying to extricate U.S. forces from Iraq, and a resurgent conflict in Afghanistan. [Read the full article]


PHILADELPHIA (AP) -- Comcast Corp. (Nasdaq: CMCSA) and Cox Communications Inc. are cutting jobs as both cable operators restructure operations to boost efficiency in the face of a slowing economy.Atlanta-based Cox told employees on Monday that it is cutting 460 jobs -- or 2 percent of its work force -- through early retirement offers, attrition and possibly layoffs.
Philadelphia-based Comcast is laying off most of the 300 employees -- out of a work force of 100,000 nationwide -- at CN8. [Read the full article]

In a Nov. 4 story about companies suspending their 401(k) company match, The Associated Press reported Prudential Financial Inc. was one of several companies that had suspended 401(k) contributions between 2001-2003. The story should have explained that it was Prudential Securities, at the time a subsidiary of Prudential Financial Inc., that suspended its match in 2002.

An revised version of the story appears below. DES MOINES, Iowa (AP) -- Retirement accounts already battered by a steep market decline may get hit again as several companies suspend or reduce their 401(k) match to save cash.Workers at General Motors Corp. and Frontier Airlines Holdings Inc., for example, could potentially lose thousands of dollars in company contributions from their retirement accounts.GM, which recently announced it was suspending company matches for its 32,000 eligible salaried workers, said Monday its U.S. [Read the full article]

COLUMBIA, S.C. (AP) -- South Carolina voters uneasy about the economy refused to let state and local officials invest some money to pay for future retirees' health care and other benefits in the stock market, so residents may end up with higher taxes or reduced services instead.

About 90 percent of voters who rejected the pair of constitutional amendments expanding where the benefit funds can be invested said the economy was in not-so-good or poor shape, according to exit polls Tuesday.Supporters of the proposals said more money was needed for the benefit funds because of new rules requiring governments to have enough saved to pay for all employees at one time, even if the workers are years away from retirement. They also said investing some of the money in stocks was the best way to go because they pay the largest returns over years and decades.But the market's recent dive seemed to doom the measures. [Read the full article]

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