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I mean every one will talk a good game, but no one will actually do anything to stop it.
That should be obvious by the fact that they steam-rolled legislation to allow employers to automatically enroll employees into 401k plans without the consent of the employee and no one did anything except whine pedantically. I mean we all know and understand how "opt out" does not work (since it requires effort on the part of the individual).
What do you suppose the real purpose and intent of that legislation was?
It's actually a moot point since the government can declare certain types of emergencies and seize your retirement assets anyway.
I'm not aware of anyone being forced to participate in a 401K plan. Do you understand what you're talking about? A 401K plan allows an employee to save money for retirement using pre-tax dollars. And those contributions are matched at some level by the employer. But if an employee doesn't want to save anything he doesn't have to. So what's the problem?
I have one of those things and I think I will start spending it before Wall Street gets the rest. If it wound up in the Federal Treasury at least I would get all of it back instead of what is left after the next looting.
You hope you get it back. Basically the purpose of this proposal is to give government a chunk of the retirement funds now privately invested in exchange for government bonds. If the government defaults on its obligation the bonds are worthless. Poof! There goes your retirement. Or if the government is unable to meet its obligations it can simply deflate the currency so that what they give you for your bonds is worth less than what you paid for them. Think it can't happen? It did in Argentina. And it is happening with state pension funds.
I have one of those things and I think I will start spending it before Wall Street gets the rest. If it wound up in the Federal Treasury at least I would get all of it back instead of what is left after the next looting.
You're kidding, right?
Quote:
Originally Posted by Mircea
Is there some point to this thread?
I mean every one will talk a good game, but no one will actually do anything to stop it.
That should be obvious by the fact that they steam-rolled legislation to allow employers to automatically enroll employees into 401k plans without the consent of the employee and no one did anything except whine pedantically. I mean we all know and understand how "opt out" does not work (since it requires effort on the part of the individual).
What do you suppose the real purpose and intent of that legislation was?
Well, according to you we're all a miserable, apathetic, whiney populace, aren't we. Are you a politician by any chance? That's how they view us.
Contrary to what you say, people can and do make the effort to opt out if they want to opt out. It's no effort, and no one is forced to participate.
It was passed as a result of investment lobby efforts since they all wanted more $$ under management. Gives them a boost up on the big Board. And better buying and leveraging opportunities. When the market is doing well, it's also a good boost to the employee to be in it and watch the company match and their contribution growing.
An evidence of this is to not extend the Bush tax cuts to those making over $250,000. A group that represents about 1% of the American public. That's a strange way to grab up more money.
Why?, that 1% gets 15-20 percent of all US income,hard to tell exactly since the bulk of it is in foreign banks in tax-havens worldwide.
Well, according to you we're all a miserable, apathetic, whiney populace, aren't we. Are you a politician by any chance? That's how they view us.
Contrary to what you say, people can and do make the effort to opt out if they want to opt out. It's no effort, and no one is forced to participate.
It was passed as a result of investment lobby efforts since they all wanted more $$ under management. Gives them a boost up on the big Board. And better buying and leveraging opportunities. When the market is doing well, it's also a good boost to the employee to be in it and watch the company match and their contribution growing.[/quote
In many big corps opting out and not buying the company stock ended your career if not cost you your job.
If the US economy was a cancer patient it would be in stage 7 .
I did some digging around online and what I found referred to elimination of the tax break from having a 401k, not taking your money and rolling it into a national plan.
This article is from 2008 and there hasn't been any other news traffic about it anywhere online that comes after 2008. Don't buy into the partisan panic mongering that happens when none of this stuff can be substantiated by any NEW facts.
Don't know about the site that the O.P. posted, it seems pretty extreme.
Go search the congressional record if you really want to know what's going on.
The web has a lot of nonsense around. Don't allow your good brain to be washed by propaganda.
She wants to save all our pensions..both SS and 401Ks
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That's how they view us.
