Posted on 01/02/2017 11:45:22 AM PST by abb
snip
Economist Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis, says she offered assurances at union board meetings and congressional hearings that employees would have enough to retire if they set aside just 3% of their paychecks in a 401(k). That assumed investments would rise by 7% a year.
snip
Ms. Ghilarducci wants to ditch the 401(k) altogether. She and Blackstone Group President Tony James are recommending a mandated, government-run savings system that would be administered by the Social Security Administration and managed by investment professionals. While both are Democrats, they believe their solution has bipartisan appeal.
She says she has already reached out to President-elect Donald Trump’s advisers to float the plan.
snip
(Excerpt) Read more at wsj.com ...
Ping
And throw gubermint overhead on the plan? I don’t think so. And who held the rates so artifically low for so long so their cronies would make a killing? /rhetorical
“These Marxists NEVER give up. “
They’ll get bi-partisan support as soon as the Republicans get their bribes.
Too late. Bush tried back when it might have helped and the progtards accused him of murdering grandma.
>>Ms. Ghilarducci wants to ditch the 401(k) altogether. She and Blackstone Group President Tony James are recommending a mandated, government-run savings system that would be administered by the Social Security Administration and managed by investment professionals.<<
The Onion?
As if there isn’t enough corruption as it is???!!
Democrats/goldman sachs/banks/brokerages/ipo markets/etf and index rigging/Silicon Valley.....
There are hundreds of billions per year being illegally dished out in the scheme above.
Social security is INSOLVENT!
Let me repeat - SOCIAL SECURITY IS INSOLVENT.
It cannot afford to pay everyone off which is why they’ve raise the retirement rates and cut benefits, increases and payments.
But sure, they’re perfectly capable of administering a one-size fits all retirement plan.
(and don’t even get me started on the government’s “success” with Obamacare)
And let us bail out of the damned Socialist Insecurity program if we want to!
I cancelled my WSJ subscription so what’s the gist of this article? That 401(k)s are now bad because common people are doing so well with them?
If you allow Democrat government employees access to your money, they will help themselves to some of it.
And how long before a future Democrat administration would start transferring the money into the general fund?
Yes, let’s let the government control investing our money ... that’s all these big government nutcases know!
What’s wrong with people just finally giving up their delusions that everyone should retire?
CalPers for everyone!
Hopefully, we will have 8 years of Trump/Pence and 8 years of Pence/?.
That will settle this bs re trying to take away our 401 k’s and IRAs.
My wife and I decided that if they tried to take over our IRA, we would cash them out and take the tax hit.
Then, get a reverse mortgage and not need our monthly IRA checks.
It’s Fascist not Marxist. Gigantic private businesses relying on government to force the public to buy their products is a feature of Fascism.
Trust the government to be responsible? Say Nope to DOPE.
Oh yeah….let the federal government manage your retirement fund,after they have spent all the money in the Social Security fund which is set to go broke in 2023. No one with common sense should fall for this scam.
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