Gov run? Just like the post office and social security?
For the government, the mechanics of looting GRA’s when they feel they need to are probably much easier. :)
Toldya they were getting ready to pull the trigger on her plan.
Just needed to co-opt some Wall Street types. Just like they did with the health insurers in Obamacare.
You didn’t really think they wee going to leave all that money in 401k plans alone did you?
L
If you need any more final proof that Wall Street crony capitalists have completely sold-out to Left/Progressive government, here it is.
Just like Obamacare, Wall Street would love to have a deal with government where you are forced to give them your money. They’d be happy to do whatever the US government tells them in exchange.
I think the word I’m thinking of is “fascism”
If Tony and Theresa place one filthy finger on my savings they will lose their fingers.
Why not just raise the limits on 401K’s, 403B’s, 125’s and IRA’s? Or better yet, abolish the income tax. Retirement will be a lot easier for everyone if they don’t have to give half of their earnings to the government throughout their working life.
Crony capitalism in action.
regulation=control=the benefits of ownership without the costs.
Um... I though we already had this. Called SOCIAL SECURITY?
The feral government would NEVER spend that money and put worthless IOUs in it. It would be in a “lockbox” after all, just like Social Security.
“It needs to be mandated”
...so he can increase his bonuses.
Obey. The Elite has spoken.
What could go wrong with that?!!! How's the ole universal, federally managed Social Security working out?
And put in a lockbox?
Mandated government-run savings accounts now, and two years or so down the road once everyone has exhausted their waivers and had more than enough time to roll over from 401ks, IRAs, Roths etc, they’ll “mandate” that all these GRAs be converted to government bonds “to ensure maximum stability”. A year or so after that, once the conversion is finished, voila: the government has stolen the entire accumulated wealth of the Middle Class for a doomed-to-failure stealth bail-in of itself.
““I think we can sell it because it’s not a tax,†he said. “The G.O.P. does like the idea of people taking responsibility for themselves and not relying on the government.—
What a steaming load of falsity!
The word “Mandatory” clarifies that this is theft.
401Ks or even non-tax deferred mutual funds & savings work fine IF people will use them and save. The biggest problem is that many people won’t save 10-20% or more of their income. But each person should be allowed the freedom to succeed or fail.
Sixteen or seventeen trillion in private savings is too much for the federal government, academics, and Wall Street investment firms to resist playing with.
Over time the money will be taken:
Step #1 is the conversion of 401K, IRA, and other savings plans to government accounts. You’ll have your own account with your own money. The only difference between the new accounts and the personal accounts you once controlled is a “guaranteed” return.
Step #2 is to limit withdrawals to an approved schedule. Of course this is for your own benefit to make sure the money lasts your lifetime.
Step #3 will be means testing of traditional social security. The government will look at your total savings. Those who have excess savings will not receive traditional social security payments. After all, it isn’t fair for the government defined “wealthy” to benefit from social security.
Step #4. Government appropriation of retirement accounts at the owner’s death. Just like social security benefits end at death, even if there is residual money in the savings account.
Step #5. Roll social security and individual accounts together. Means test all benefits.