Now that social security is being looted, the time has come to replenish it with the remaining balances in our 401k’s.
The George Orwell award to Dean Baker, who thinks the solution is to give the government more power over our retirement savings. After all, an organization that has refused to produce financial statements for more than a decade, has failed to comply with the laws regarding financial management and is missing over $4 trillion, is the asset manager we need to manage our remaining savings.
Miller Says 401(k) Plans Are High-Stakes ‘Crap Shoot’ by Alexis Leondis (Bloomberg)
“Retirement savings are too exposed to market risk, according to Dean Baker, co-director of the Center for Economic and Policy Research in Washington and another witness at today’s hearing. Baker proposed a government-managed system that would provide a modest rate of return for employees. He said it would build on Social Security and allow workers a voluntary default contribution of at least 3 percent of their salaries.”
As Bill King says, “You couldn’t make this stuff up.”
Financial Coup d’Etat & Your 401k – Part I
Rene, makes an interesting point. If the trend is to corral all the 401K corpus to prop SS, one has to wonder if the fat fed, state and local retirement funds for govt workers will be similarly confiscated or excluded. Fascinating.
It’s kinda “Christian” with an anti-christ twist to it. “Each man gives according to his ability, each man takes according to his need” Jesus didn’t need anything, not even a place to rest his head. Our leaders however need EVERYTHING and lean towards demanding everyone else be perfect and need not even a place to rest their head. That’s where it seems to be heading.
Another government program to help us retire with security is exactly what we need. You see if we all contribute to a sound government program, we can all retire in prosperity. If you expire before your retirement your “contrubutions” will go to the collective “fund” for the benefit of all those who cannot contribute; due to excuseable reasons. I like the idea of another tax on my wage to supplement the current tax on my wage for our own good. The mere thought of ownership of my labor is kinda outdated. The mere thought of owernship of my own retirement is too, outdated.
Shared sacrifice comes to mind as we should all take care of each other. Those who can pull the wagon should! There is honor in sacrifice for our fellow retirees. Such a program that is so well planned should include all government employees and our congress. One system for EVERYONE! Just think, We could do the same with health care!…. God help us!! Please!
brgds
rene