Posted on 08/25/2020 2:03:44 PM PDT by karpov
I postulated, under Obama, that if the Dems win, they will alter the 401k rule such that the ONLY investment available is US bonds and notes.
CA floated getting rid of 401k about 7 years ago.
It died a week later in silence.
“Close... Biden wants to steal your 401(k).”
As I recall the proposal that came from the Obama white house it went something like this. The government would take all of the cash in 401ks, IRAs and other related accounts and replace them with government bonds. At the time, as I recall, this amounted to something around 15 trillion dollars. (Not sure of the number.)
One problem with that was these accounts are invested in stocks. Would the government take the stocks and sell them for the cash? What would be the impact of a substantial selloff on the market? Also, the bonds they would replace the stocks with would probably not even keep pace with inflation. The whole idea was idiocy. But it came from the cash-for-clunkers people. We saw how poorly that worked out.
But imagine how many high speed trains, wind farms and battery factories the government could “invest in” with that much cash.
the D’s want to confiscate as much of your income and wealth as they can get away with without getting their heads blown off trying
they will keep pushing to take your money
and pushing hard too
no sane person would want to reduce Americans’ very low rate of saving, which of course provides the resources for investment in our future economy and jobs
The they can call it “Social Security”!
They need a piggy bank. So what will replace it?
The actual Democrat plan is to seize money in 401ks and let the wise people in Washington take care of it.
Also to spread it around because saving is racist.
Maybe the old rule of property owners only being able to vote wasn’t such a bad idea.
Exactly.
The government would take the stock, vote it, and then force companies to do its will.
Just another method of socialism.
“Bold” “reform”
“Joe Bidens retirement reforms are the boldest weve seen in generations”
https://www.marketwatch.com/story/why-a-joe-biden-presidency-would-help-older-americans-2020-05-29
My prediction. Democrats will propose a retirement tax credit. This will be made refundable for low income people, turning it into a government funded retirement account. Tax favored savings contributions for higher income people will be capped at the government-paid welfare level. Any retirement savings above the welfare level will be fully taxable.
Rework retirement plans that people have been paying into for decades?! Tax them into poverty? Yes, this will go over well.
The last time I read much about this, they were going to means test away SS based on your 401 k input.
If you tried to project any type of retirement this way in an excel spreadsheet you would get a circular reference.
Yep.
F corrupt Biden and the Kleptocrats.
“There are few ways that an average wage earner in this world can save $1 million for their retirement. The 401 k is the way for most folks”.
My 401K did. Politicians have lots of ways don’t they.
Interestingly the Roth version came from Delware Senator Roth. Now a President Biden will kill the benefit.
I guess crashing the stock market will help poor people!
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