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Absolute absurdity. 4 other states already do this. This has broad based support from both Democrats and Republicans and overwhelming support from small business owners.
Quote:
The only responsibility of employers under the program is to give their workers the enrollment paperwork. A state feasibility study estimated that roughly 7 million workers could benefit.
Surveys have shown broad support for such programs from small business owners, Democrats and Republicans. Two-thirds of California business owners surveyed last year by the Small Business Majority, a national trade association, last year were in favor of the plan. And 72 percent of Republicans and 83 percent of Democrats polled in a national survey this year by the National Institute on Retirement Security said they supported such programs.
It's opt out rather than opt in thought isn't it? That's always tricky. Saying "we know what's best, give us your money" to low-income people makes them lower-income in the short them, offers no guarantees that I can see, and will tax the money on the other end. It doesn't offer anything that isn't already available but creates more State bureaucracy in a State that doesn't exactly have a great track record with money. And I'm not foolish enough to think that opt out will always be available either.
It's opt out rather than opt in thought isn't it? That's always tricky. Saying "we know what's best, give us your money" to low-income people makes them lower-income in the short them, offers no guarantees that I can see, and will tax the money on the other end. It doesn't offer anything that isn't already available but creates more State bureaucracy in a State that doesn't exactly have a great track record with money.
Nope. This is already done in 4 other states and there is no reason not to try this in CA.
Most of these 7 million people are not offered 401Ks through their employers and this is voluntary.
Nope. This is already done in 4 other states and there is no reason not to try this in CA.
Most of these 7 million people are not offered 401Ks through their employers and this is voluntary.
I know a couple legislated something similar but I don't think it takes effect till this summer. NJ offers and IRA "marketplace" for people who choose to take advantage. Similar but different. Point is, it hasn't actually been tested anywhere yet.
I'm not saying it's a bad idea, I'm saying it might be. We won't know until we know.
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