NATION

NATION

Estimate: Retirement plans have recently lost trillions

WASHINGTON — Americans’ retirement plans have lost as much as $2 trillion in the past 15 months, Congress’ top budget analyst estimated Tuesday.

The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers’ savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office.

Credit crunch threatens hundreds of auto dealers

DETROIT — The chairwoman of the National Automobile Dealers Association says the credit crunch and economic problems are likely to cause 700 auto dealers to go under this year.

Speaking to the Automotive Press Association in Detroit, Annette Sykora on Tuesday urged fast government action on putting a $700 billion financial industry rescue plan in place.

The Texas auto dealer says quick action will thaw frozen credit, restore consumer confidence and help the auto industry.

Associated Press