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Pushing Aside 401(k)’s for Mandatory Savings Plans
NYT ^ | December 11, 2015 | Mark Miller

Posted on 12/17/2015 1:48:41 PM PST by QT3.14

Tony James and Teresa Ghilarducci are unlikely allies. He is president of Blackstone, the giant private equity firm; she’s a labor economist who has long advocated replacing 401(k)’s with a universal, federally managed saving plan.But the two have teamed up to push what they are calling Guaranteed Retirement Accounts, a government-sponsored plan that would require participation and contributions from any employer without its own 401(k). They both view the 401(k) defined contribution retirement system as a faulty experiment that covers too few workers, generates inadequate savings and replaces too little income in retirement.

(Excerpt) Read more at nytimes.com ...


TOPICS: Crime/Corruption; Culture/Society; Government
KEYWORDS: 401k; retirement; savings
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1 posted on 12/17/2015 1:48:41 PM PST by QT3.14
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To: QT3.14

Gov run? Just like the post office and social security?


2 posted on 12/17/2015 1:48:57 PM PST by QT3.14 (USA is facing assisted-suicide by the Left)
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To: QT3.14

For the government, the mechanics of looting GRA’s when they feel they need to are probably much easier. :)


3 posted on 12/17/2015 1:50:56 PM PST by Mr. Jeeves ([CTRL]-[GALT]-[DELETE])
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To: QT3.14

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.


4 posted on 12/17/2015 1:51:38 PM PST by Buckeye McFrog
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To: QT3.14

You didn’t really think they wee going to leave all that money in 401k plans alone did you?

L


5 posted on 12/17/2015 1:52:12 PM PST by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: QT3.14

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”


6 posted on 12/17/2015 1:52:17 PM PST by PGR88
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To: QT3.14

If Tony and Theresa place one filthy finger on my savings they will lose their fingers.


7 posted on 12/17/2015 1:54:10 PM PST by jwalsh07
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To: QT3.14

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.


8 posted on 12/17/2015 1:54:28 PM PST by SeeSharp
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To: QT3.14

Crony capitalism in action.


9 posted on 12/17/2015 1:54:31 PM PST by MNJohnnie ( Tyranny, like Hell, is not easily conquered)
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To: QT3.14

regulation=control=the benefits of ownership without the costs.


10 posted on 12/17/2015 1:56:39 PM PST by o_1_2_3__ (Obama lied, people died - Holiday Edition)
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To: QT3.14

Um... I though we already had this. Called SOCIAL SECURITY?


11 posted on 12/17/2015 1:56:51 PM PST by fwdude
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To: MNJohnnie

And the GOPe will love the idea while they are kicking and screaming about it.


12 posted on 12/17/2015 1:57:27 PM PST by headstamp 2
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To: QT3.14

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.


13 posted on 12/17/2015 1:59:25 PM PST by E. Pluribus Unum ("We are not a nation of immigrants. We are a nation of citizens." -- Mark Levin)
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To: QT3.14

“It needs to be mandated”

...so he can increase his bonuses.

Obey. The Elite has spoken.


14 posted on 12/17/2015 2:00:54 PM PST by ReaganGeneration2
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To: Lurker; QT3.14
You didn’t really think they wee going to leave all that money in 401k plans alone did you?

The plan has already been drawn up to seize them all. It is just a matter of time.

This is not "Black Helicopter" conspiracy, this will happen.

15 posted on 12/17/2015 2:01:18 PM PST by SkyPilot ("I am the way and the truth and the life. No one comes to the Father except through me." John 14:6)
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To: PGR88

Don’t worry. If you want your 401 you can keep it. Of course, we have to tax away most of it to give to all the new “citizens” (illegal aliens). Surprise!


16 posted on 12/17/2015 2:01:33 PM PST by Wilhelm Tell (True or False? This is not a tag line.)
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To: Mr. Jeeves
For the government, the mechanics of looting GRA’s when they feel they need to are probably much easier. :)

Fedzilla will rob it of every penny, same as "Social Security".

17 posted on 12/17/2015 2:01:47 PM PST by NorthMountain ("The time has come", the Walrus said, "to talk of many things")
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To: fwdude

Social Security is insolvent ... nothing but unfunded liabilities. They’re looking for a new cash-cow.


18 posted on 12/17/2015 2:03:08 PM PST by NorthMountain ("The time has come", the Walrus said, "to talk of many things")
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To: QT3.14
...replacing 401(k)’s with a universal, federally managed saving plan

What could go wrong with that?!!! How's the ole universal, federally managed Social Security working out?

19 posted on 12/17/2015 2:03:12 PM PST by Road Warrior 04 (Molon Labe! (Oathkeeper))
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To: MNJohnnie

For close to 3 years now the Left has been chattering about the “failed 401K scheme” in the oddball places on the web where they hang out.

Generally that’s a sign they are getting ready to pull the trigger on something.

End game is to absorb all the underwater union pension plans and make Uncle Sam the majority shareholder in most corporations (giving D.C. unbelievable power). Of course it will be more “fair” as resources will be distributed evenly from a central pot.

They’ve been chattering about student loan forgiveness for just as long. Look for that shoe to drop soon.


20 posted on 12/17/2015 2:04:37 PM PST by Buckeye McFrog
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