Thursday, October 23, 2008

Squeezing retirement - McQ on Q&O writes that Congress is preparing to phase out 401(k)s in favor of government-sponsored private accounts. He has some well-founded criticism, but it's based on the elimination of tax breaks for matching employee contributions and, frankly, I don't think that's going to happen. The 401(k) program is undoubtedly the most popular private retirement program with millions of participants and the $80 billion in tax breaks pale in comparison to other forms of government spending.

Extra - CNN: "Candidates ignoring coming Social Security crisis, critics say." There's a crisis coming? Who knew?

2 comments:

Anonymous said...

I suspect that you are underestimating just how socialist the leadership of the House is these days. The safest districts are the most left wing so the most senior Democrats are invariably the most Marxist. With Obama and the general greed within the Senate, I would expect that 401k's would be ended. All they would need to do is to continue to drive the market down so that enough people will be grateful to get a govt. account. Plus, such a changeover would be the easiest way for the govt. to nationalize many companies.

Anonymous said...

Indeed, the secret Bolshevik plan is entering its final phase. You just can't slip one past Len S.