Posted on 11/28/2019 9:30:37 AM PST by karpov
Democratic presidential candidate Pete Buttigieg, the mayor of South Bend, Indiana, released Monday a new proposal for a public 401(k) option as a companion to his health care proposals.
Buttigieg “is proposing to create a government-run 401(k) plan that would be attached to Social Security,” said Brian Graff, president and CEO of the American Retirement Association in Washington.
“Similar to his health insurance proposal, employers with existing defined benefit plans would be able to keep those plans,” Graff explained. “Employers with existing defined contribution plans would be able to keep their plans as long as they met minimum requirements including a 3% contribution requirement on behalf of employees.”
Buttigieg “is subscribing to the view of many of his other Democratic presidential candidate colleagues that the government always does it better,” Graff opined.
On his website, Buttigieg states that “as Baby Boomers continue to approach retirement, more and more Americans are confronting the challenges of aging. After full careers, many Americans continue working longer because they can’t afford to retire. For the first time in our nation’s history, there will be more older adults than children. In 2020, half of adults who reach 65 will require long-term care. By 2026, we will require 7.8 million new care jobs. At the same time, more and more Americans are becoming eligible for Social Security — even as the Trump Administration has attempted to undermine Americans’ retirement by cutting billions of dollars from Social Security over the next decade.”
He declared on this website it’s “time for a new approach.”
As for long-term care insurance, Buttigieg has proposed the Long-Term Care America services and supports program.
Those eligible will receive a benefit of $90 per day for long-term care for as long as they need it.
(Excerpt) Read more at thinkadvisor.com ...
> a government-run 401(k) plan that would be attached to Social Security <
LOL! Then the race would be on to see which program Congress would drive into bankruptcy faster.
Just another pool of money for the Democrats to steal.
Ah... NO, anything the government touches goes to sht. so I’ll take a hard pass on the government running a 401k.. That and the Bidens, clintons or obams witl just steal it
The government has been wanting to take over IRAs/401(k)s for quite some time.
“Look at that pile of money just sitting there. The privileged people who own it obviously don’t need it. Let’s spend it!”
what could possibly go wrong
I used to describe baby boomers (I’m one) as the lump you see in a large snake after a big meal. Our lump is getting smaller all the time as we approach the snake’s anus.
I just can’t believe that this openly sodomite pervert (is that redundant?) thinks for even a moment that he can be president. But I’m sure that lots of the money sent his way will be spent by him and his “husband”. Incredible that he even darkens our TV screens even for a moment.
What in the world is anyone thinking who supports this sick puppy?
I just can’t believe that this openly sodomite pervert (is that redundant?) thinks for even a moment that he can be president. But I’m sure that lots of the money sent his way will be spent by him and his “husband”. Incredible that he even darkens our TV screens even for a moment.
What in the world is anyone thinking who supports this sick puppy?
Gubamint-run? Oh that’s a good idea... NOT!!!!
Pooof Politics or what?
Your Money goes in..
Ridiculous rules and regulations come out.
Does this stupid idiot even understand what he’s saying outside of polled talking points?
Social security was conceived as and IS a supplemental retirement plan.
But it failed and thus was created 401k’s along with IRAs.
ANYONE can get an IRA, even if their company offers a 401k and you can even get the tax credits for your IRA if you don’t contribute to your 401k (which I did for awhile because my company’s 401k sucked).
Now here comes buttgood who wants to offer a 401k TO social security.
It doesn’t make sense as a plan - it doesn’t benefit anyone... except the government which will take in more money and harm the individual.
Transitioning Social Security to a 401(k)-ish program would stimulate demand for U.S. stocks and bonds, right at a time when #OKBoomers are cashing in their own 401(k)s.
So would this be mandatory like Socialist Insecurity, or would it be an opt out policy.
“Lock Box” - Algore.
...Our lump is getting smaller all the time as we approach the snake’s anus.
I snakes it’s called a cloaca
“Just another pool of money for the Democrats to steal.”
exactly. if this was actually done and if/when leftists felt securely in power, they’d simply apply “means testing” to the such accounts and re-distribute the money from “undeserving” makers to “deserving” takers, you know, so the takers would get their “fair share”, according to little mike’s 31 million dollar TV ad ...
“If you like your plan, you can keep your plan”. Sounds familiar.
Just say no to Butt01-K.
Politicians already have been salivating over all 401K and IRA plans. Over the years bills have been placed in the Hopper trying to take them and make them a type of Social Security 2 system.
Their reasoning is since the funds aren’t taxed up front they think the Government owns all the funds. Buttigieg’s plan is just another try at taking the People’s retirement savings.
How about making SS a real fund again like before Congress raided it? Build up a the SS fund account instead of the current pay as they go. At least a partial build up and subject part of it to growth funds like a stock index funds. It would grow some compounding interest at least.
Butt’s govt run 401/k? Like investing with a casino. The house wins, we lose.
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