Corrupt Congressional Crooks eyeing 401K's now.
Wonder if that's a registered trademark yet? Spell it with K's and revered elder statesman Byrd would like it.
WHAT'S LEFT FOR THEM TO LOOT? Your 401(k) account, of course. Congress has its eye on you. From Investment News, here's what the pols and the social workers have in mind:
A wide range of sweeping changes to the 401(k) system were proposed Tuesday at a hearing on how the market crisis has devastated retirement savings plans.
Chief among them was eliminating $80 billion in tax savings for higher-income people enrolled in 401(k) retirement savings plans.
[ Thats a great idea. Sure, the market goes down, let's take away their tax deferral too. That'll help for sure.. ]
This was suggested by the chairman of the House Committee on Education and Labor.
“With respect to the 401(k), it appears to be a plan that is not really well-devised for the changes in the market,” Rep. George Miller, D-Calif., said.
“We’ve invested $80 billion into subsidizing this activity,” he said, referring to tax breaks allowed for 401(k) contributions and savings.
[ Not taxing our private retirement accounts - that's an "investment"? ]
With savings rates going down, “what do we have to start to think about in Congress of whether or not we want to continue and invest that $80 billion for a policy that is not generating what we … say it should?” Mr. Miller said.
Congress should let workers trade their 401(k) assets for guaranteed retirement accounts made up of government bonds, suggested Teresa Ghilarducci, an economics professor at The New School for Social Research in New York.
Thanks to Steve Ambos for the link.
Update... Shawn Smith comments,
Um, isn't that what Social Security is?
Posted by Donald L. Luskin
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