Creating an unimaginably HUGE political slush fund (run by a hand-picked Socialist, of Course), to buy votes, and make huge payoffs to political cronies.
Your money will buy "bonds, just like Social Security does. WHAT COULD POSSIBLY GO WRONG???
And when it fails, which it eventually will, they will confiscate those "UNFAIR!" private retirement accounts, just like Poland did.
I can see already see the hand-writing on the wall for this, as clearly as if I was standing 20 years into the future.....
Ha...and all those video game playing 20-30 year olds resident in parents basements/garages that didn’t buy into Obamacare will also give this a miss.
But the devil is in the details.
It is my understanding that this new plan would allow retirement contributions of as little as $5 per paycheck. Even if the pay period in question is weekly, that would amount to just $260 per year at that rate.
Or $2,600 over a 10-year period.
Or $10,400 over a 40-year period (roughly the length of one's working lifetime).
Who mght be able to retire on just $10,400 plus any extra that may have accrued over that time period?
It will be voluntary at first, later it will change to mandatory. It’s social security part II. Good luck to the youth who voted for the scumbag
It is important to get people at all income levels in the habit of saving. It’s more important that be done than how it’s done, or which Party does it. There are many responsible people that make minimal wages and yet still save because they pay no attention to the propaganda of media and the advertisers.
My personal outrage comes from a Federal Reserve with their QE programs which have undercut savers, the insurance, pensions, retirees, etc. It was done to pump the pump for their bankster friends on Wall Street, and an Obama DOJ that let many these thieves go unpunished because they were campaign donors.
Ift is a scam to steal YouRA.
your post number 1 is right on target.