Archive for April, 2009
Timmeh!
Sunday, April 5th, 2009
“I have not taken anybody’s vane, and dead people can’t sue.”
Social Security Version 2.0
Sunday, April 5th, 2009
The flaws of 401(k)s have come under sharp scrutiny in Washington. At a February hearing the Senate Aging Committee examined 401(k) target-date retirement funds, which posted surprisingly large losses, particularly for older workers who were seeking safety. “Despite their popularity, there are absolutely no regulations regarding the composition of target funds,” said committee chairman Sen. Herb Kohl (D.-Wi.). “With more and more Americans relying on 401(k)s and other defined contribution plans as their primary source for retirement savings, we need to make sure their savings are well-protected with strong oversight and regulation.” The House Education and Labor Committee has also held hearings on 401(k) plans—at the most recent one, committee chairman Rep. George Miller (D.-Calif.) labeled 401(k)s plans a “a high-stakes crap shoot.”
As the criticism mounts, some policy experts are seizing the opportunity to push for a new tier of savings plan designed supplement or replace the 401(k), which would provide a steady stream of retirement income. A flurry of proposals have already been issued, including one last month, backed several policy groups and Service Employees Union International. This latest plan calls for a universal retirement program that would mandate contributions from employers and employees, with the government subsidizing lower-income workers.
These idiots want a new government managed “universal retirement plan”. Forced contributions, managed by government, and invested in safe securities like U.S. bonds. Sounds familiar, oh yes – that retirement investment system we currently have that’s insolvent – Social Security. Brilliant!
