I am stunned. The Democrats are way ahead of the game. They are already planning the early steps for nationalizing 401k accounts.
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Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
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Take a careful gander at that last line. "Guaranteed retirement accounts to which all workers would be obliged to contribute." Guaranteed?! By the government?! Government has already spent all the Social Security money. This is just a glorified socialist first step in taking over 401k accounts. Republicans wanted to privatize Social Security. The Dems want to nationalize 401ks. I am beginning to lose my incentive to work hard.
3 comments:
I will pay attention to this.
Question. Do you support privatizing the SS system?
If so, I have a question, I have understood that the proposed privatization requires all participants to invest in the stock market primarily. Is that true?
I haven't studied the Republican plan in detail, but it would seem prudent to allow investments other than the stock market, examples of which would include public and private bonds, simple cash instruments, and commodities such as gold. However, I know it might be too much to ask government to be prudent.
I am not against privatizing accounts for those who so select in the future. But I really really want to make my own decisions on this if I am given the reins. But probably, it is too late for me anyway. In any case, I would need some real details, if I would be forced to invest where I think it imprudent, I would be livid.
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