Obama wants to cap retirement accounts at 3 million dollars

[DSOs]

Originally Posted by texdav

that maybe governamnt's reson but nopt individuals purpose at all. They created IRA's after thwe 70's recession because for one thign retil investors dd not return tot eh markets to any degree. Its like we are seeig now as they keep cash o the sidelines from main street to wall street.

IOW the creation of IRAs/401ks(?) has run its saturated course? Now what's needed is for the consumer to do both—invest in the market & copiously consume with deflating wages? The consumer is worn-out via FIRE, price, healthcare & education INFLATION. The financial apparatus/Big Business didn't engineer the investor-consumer concept correctly, they wanted it all.

Originally Posted by Robyn55

{from WSJ article?}The danger for rank-and-file workers, whose account balances typically fall under the proposed cap, is that the people who would be among the most affected by it—business owners and other successful investors—could disband 401(k) plans for all employees and move money into other tax-sheltered tools, retirement-industry experts say…

…FWIW - I'm a retired employer who terminated my firm's (very generous) qualified defined contribution pension and profit sharing plans in the 1990's when the plans no longer were advantageous to me personally in terms of my retirement savings (as a result of new government rules). So I wouldn't rule out this type of behavior on the part of employers. Robyn

These quotes further explain the unintended consequences of tax-deferred/other-type retirement accounts. Sorry about that Robyn55.

[MrWillys]

Originally Posted by bUU

You clearly don't know what you're talking about:

Does Congress raid Social Security? - CBS News

Social Security has cumulatively collected far more in payroll taxes dedicated to the program than it has paid out to recipients—nearly $2.6 trillion in 2010. This annual surplus is credited to Social Security trust funds that hold special non-marketable Treasury securities. This surplus amount is commonly referred to as the "Social Security Trust Fund". The proceeds are paid into the U.S. Treasury where they may be used for other government purposes.

United States federal budget - Wikipedia, the free encyclopedia

Please feel free to expound?

[bUU]

Where does any of what you've posted defend the comment I was responding to?

Originally Posted by MrWillys

That's our money, and doesn't belong in the budget.

There was no raiding. There was nothing untoward in what went on. Nothing.