Uh. what’s wrong with 401K and other investment vehicles?
This Mussolini wannabe is delusional.
“Uh. what’s wrong with 401K and other investment vehicles?”
I didn’t read the article as I’m too annoyed. However at a first blush you’d be buying government bonds. But you’d be paying today’s dollars. You can bet the bond’s interest rate will not keep pace with the Fed’s printing of money. So, you’d be at a net buying power loss when you withdrew it. This is a version of Clinton’s original plan to seize all 401k’s and replace them with IOU’s like they did with Social Security. The woman who designed that scheme is in an office down a few doors from the Oval office.
“Obama to launch government-backed retirement savings program”
Government-backed retirement savings program????
I thought THAT was called Social Security!
“Uh. what’s wrong with 401K and other investment vehicles”
they rasist because the fo’ks don’t have them, only the “rich” have 401K and IRA (leftover money they can save) because their taxes too low, because there no opportunity for the hard workin’ middle class, income not distributed fair, need government program to do that
yada yada yada
read the democrat party manifesto
What’s wrong with those others?
Why, YOU have control of them, that’s what’s wrong with them.
Seriously, that IS what they see as WRONG with them.
What to watch for now is that at first it will be voluntary,
then it will be required.
"If you like your 401K, you can keep your 401K"
this will be the vehicle to federalize and “hair cut” private 401k / ira / 403b funds.
If the government can control your savings for retirement they can dictate the terms when you can access the money. Don't kid yourselves, this is the first step in making a "fair" retirement pool for everybody which usually means it won't work out well for those who have planned individually.
Or even savings bonds. From the brief description, all Obama is suggesting is a minor variation of existing government investment vehicles.