We already have a government mandated retirement program called Social Security, and it’s not in very good shape, either.
If Hillary was elected I’d be worried. With Trump as president I don’t think this will happen
I want everybody to remember that this bitch is the same Teresa Ghilarducci who under the first Clinton Administration proposed a one-time "assessment" [in actuality, a TAKING by government] of 15-20% of ALL retirement accounts so they could do Hillary Care.
Just like that damn Jamie Gorelick, Robert P. Reicccch, and so many others, these socialists have stolen away in the night to come to light under new identities to enforce their rabid socialist evil plans on Americans.
NOTHING this woman has to say is valid, nor should it be given any credence. They are all out there under their rocks and some out in the open having shed their former skins, but they are still there waiting to strike. Old farts like me still have good memories and still remember!
“More than half of workers — roughly 55 million — don’t have access to a retirement plan on the job and 29 percent of households with members age 55 and older don’t have a nest egg or a traditional pension plan.”
Boo-Hoo! It’s not your employer’s responsibility to set up a retirement plan for you! It’s YOUR RESPONSIBILITY to save up personally for your retirement.....PERIOD!
If you don’t have the individual discipline to do so, screw you! Don’t screw your employer.
Time for self-responsibility had returned like it or not for I’m tired to having our “nanny” government take our candy away from us and putting it our to reach so that they can eat it when they want.
The dollar that I was forced to put into Social Security back in 1965 could have been worth at least $25 today. Now, that $1.00 is worth $.15 in buying power (after taxes). $.85 has been wasted by the government.
This loon has been pushing this for at least a decade. I lead the Ramsey FPU class and, for several years now, I have used an article describing what she wants as a warning to students to keep an eye on things.
I stopped reading when I saw the reference to the ‘New School’. No thanks. But, when it comes to Gov’t programs, I would like to say that , after paying into Medicare for 50 years, I have never paid so much for my health care and my prescriptions. It would appear that I am being personally penalized because my husband is still working. And Medicare WAS NOT supposed to be a ‘welfare-like’ program, with means testing!
Sooo... because a number of Americans don’t have a 401(k), I should stop contributing to mine? What kind of garbage is this?
Your employer does not have to offer a 401(k)/Roth plan for you to invest in one.
... run by the federal government and managed by investment firms ...
This is a joke, right?
Run by incompetents and managed by crooks and gamblers.
If the stock market devalues to what it is actually worth, we could have a crash of 30 - 80%. Even President elect Trump described the current stock market as a big, inflated, dangerous bubble (September 2016). IRAs, 403(b)s, 401Ks, TSPs, pension plans, and the like are all tethered to the overinflated, QE injected, ZIRP fueled market of the Obama era. If push comes to shove in a crisis, expect the unexpected.
I’m sick of the words “government mandated”.
Noooooooooo, thank you. /0\
It’s Earth-shaking. The head of an investment management firm thinks giving him 5% of everyone’s earnings to charge fees on (and siphon off most of whatever they earn over 2%) would be dandy.
And what could possibly go wrong with that scenario? </sarcasm>
Money management firms are pushing this as a source of a massive pool of assets for them to manage for fees on behalf of the SSA.
It’s a bad deal and a bad idea.
This bimbo was pushing this all during the Bush Administration. Her plan is simple; take over all funds in 401-k, Ira, etc and under government control distribute the money “proportionately” and “equitably”.
Basically a big FU to anyone who has tried to put away money for retirement.
“Mandate” - the favorite word of big government liberals who hate freedom. No, thank you. I will manage my own life and make my own mistakes . . . but also benefit from my own good decisions.
FAKE NEWS!
Those who work jobs that don’t offer a retirement plan must do their own plan. Ain’t that hard if you commit yourself to it. I preach it to my 15 yr old grandson, who can only work PT. Put $5 away each pay period, increase where possible. Don’t spend every dime you make, put any extra back into savings. When you get enough invest it in an annuity at least and don’t touch it, add to it when you can.
This wench, Ghilarducci, has been trying to get her hands on 401(k) money for the last 20 years. Probably longer. My 401(k) is very healthy and I’ve been very diligent about feeding it. Taking anything from our accounts would result in revolt in this country. We’ll take a lot of crap but when you start stealing folks life’s savings you’re going to a problem on your hands.
Like hell. Entrust the government with one’s money? and when there’s another hillary or bammy and they decide how much you need and take the rest to give it to their voting block? Go to hell.
But, but, they do such a great job with AMTRAK.