Posted on 03/10/2009 12:17:18 PM PDT by Red in Blue PA
So Mr. Obama’s plan would piggyback on existing payroll direct-deposit systems, siphoning off 3 percent or so of everyone’s salaries and funneling it directly to an individual retirement account, probably a Roth for those who qualify. Employers would have to do little more than select a provider of the I.R.A.’s. There would be a standardized default investment, probably some kind of mutual fund with a mix of stocks and bonds that gets more conservative over time.
The key to making this truly widespread, however, is something called auto-enrollment. That means that unless workers opt out of the plan, the money will come out of their paychecks automatically. The White House figures that by using this approach, the savings participation rate among low- and middle-income workers will increase to 80 percent from 15 percent, though there is talk of exempting employers with fewer than 10 workers.
(Excerpt) Read more at finance.yahoo.com ...
One more decision made by govt for we the people.
another tax. the government will fill them with IOU’s too. just another kind of tax.
Funneling it directly into the Government's general funds account.
...a strict limit on the number of investment choices.
Strictly limited to Government bonds!
“siphoning off 3 percent or so”
Or so!?
What...The....Hell?
This is just another untapped source of money for these crooks to raid for other programs like they do with SS funds. Stop the planet, I want to get off.
That's what they originally said about Social Security.
Curious how the people struggling to make ends meet will feel about that?
SpinnerWebb: __ in _X_ out
In other words, the 12% of your income that we confisscate for your so-called social security retirement is actually getting spent by the government on Harry Reid’s pork barrel projects, so we need to confiscate even more to hide the fact that you are getting nadda from social security.
Another tax, wrapped in feel-good advertising. Kiss every single dollar in these accounts goodbye.
hi sweetie
Pretty much sums it all up.
They have to keep the Ponzi stock market afloat with new money. When the money stops coming in the gig is up. Now the Government is gonna twist your arm for the money.
Inflate or die.
As they would say on icanhascheezburger.com, DO NOT WANT!!!
Not the way the handled Social Security. Not a chance in hell. Soon as they open it up to general funds every time of our savings is going to be gone to pay for some art park or tea cup museum.
Screw that crap.
Pass this story around to everyone you know. I am not sure how many people actually know this is just down the road. (I didn’t know about it until today)
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