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House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker.
It goes on to say the gov't would contribute a paltry $600/yr into the accounts, with each person required (ie taxed) to contribute 5%, and the gov't would pay a whole whopping 3% return.
God it looks like another social security plan that is one of the worse plans that ever has existed. But for years it has provided government with alot of cheap money to fund other government skeems. What do you want to bet they want to divert the money people pay in to pay their obligations in social security.Any young worker that doesn't just scream about this is crazy.Bet the government can borrow the money at the big interest of 1 1/2 per cent. Its just cheap money for the government and a trust fund that would otherwise be illegal if not run by the government.Of course the government has already spent much of the money already before any bill has passed.
Talk about making a mountain out of a molehill. The Pethokoukis editorial especially is alarmist. All sorts of people appear before congress to give their opinions. Heaven forbid anyone should have an outlying idea.
If Ghilarducci's idea were to make it into a bill, it would not have a snowballs chance, even in a majority Democratic congress.
Talk about making a mountain out of a molehill. The Pethokoukis editorial especially is alarmist. All sorts of people appear before congress to give their opinions. Heaven forbid anyone should have an outlying idea.
If Ghilarducci's idea were to make it into a bill, it would not have a snowballs chance, even in a majority Democratic congress.
Would that be like the bailout bill that no one wanted passed ?
Don't be too sure these days. Corporate heads would love this..no more matching contributions..no more plan mgmt fees.
Oh lovely, another way the government is going to try to steal from me.
Thats OK though, I have a safe in my house..they do this, I'll take the penalty on my 401k (Yes I have one and Im only 21) and put the remaining money in my fire-proof-water-proof, 1000lb safe in the house.
Then build it back that way. The First Home Bank of Colddiamond102- Shot-gun and Crazy dog insured.
I'll go with First National Bank of the Mattress. Bad interest rates but a 100% guarantee of principal.
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The Pethokoukis editorial especially is alarmist. All sorts of people appear before congress to give their opinions. Heaven forbid anyone should have an outlying idea. 
