Crossposted at Conservative Badlands.
The definition of insanity is doing the same thing, but expecting different results.
Yet, there appears to be growing consideration being given to revamping the 401(k) system, and possibly establishing a mandatory employee contribution into a government plan.
Wait, where have I heard this before? Social Insecurity, anyone heard of that?
We already have one bankrupt retirement entitlement system. Why the hell would we want another?
Part of the discussion involves removing the tax breaks from current 401(k) plans.
Wait. We have tax incentives to encourage savings, personal responsibility, and self-reliance in retirement. Well, we can’t have that under a Democratic administration, can we? No, it’s obviously better to pour even more of our money into a supposedly secure retirement fund administered by the government.
Never mind that this is the same government that raided Social Insecurity and bankrupted it.
Who are they trying to kid here? This is pure insanity.
I understand how severely the market crash affected many American’s 401(k) balances. My husband and I won’t be retiring as early as planned, and it is very disappointing. But, it was our investment decisions and we’re paying the consequences.
That’s life. Sometimes it kicks you in the ass.
But I have much more faith in our ability to recover from this debacle if the Feds just leave us alone to figure it out for ourselves.
If they’re that interested in providing a guaranteed return on a mandatory retirement plan contribution, do it with the money they’re already confiscating for Social Insecurity. Leave our 401(k) alone.