Would Obama, Dems Kill 401(k) Plans?

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<em>At 3% return for the defined benefit program, the Obama administration can move inflation up to 10-12% and eliminate the future social security meltdown problem.</em>
Ghilarducci's proposed scheme was 3% <em>inflation adjusted</em>. Which raises the question, how does Obama fund the monster? Presumably higher taxes on the rich.

george of ID 2:37PM October 23, 2008

Miller and his staff members have made some favorable comments about this proposal although they have stopped short of actually endorsing it ... so far. This is how these things get started. They bring in an academic to float it out there as a trial baloon. Then if there's not too much negative reaction they go ahead and introduce legislation.

ERISA guy of OH 2:36PM October 23, 2008

"Precious little attention is being given to those of us who are staring the poor house in the face as we watch our reserves dwindle to nothing!!! I will be broke in less than a year at the rate things are going. Just what will I live on then???"
No problem. Call President Obama at 1-800-NEW-TAXS. He'll wave his magic wand, sprinkle his fairy dust, and then crank up his money printing press. Yeah, I know, the resulting inflation will wipe out the value of the money he gives you, but I'm sure you'll feel much better after His Majesty eloquently tells you how much he "feels your pain."

MarkJ of IN 2:34PM October 23, 2008

HillbillyBill:
Mr. Pethokoukis did not say this was a done deal. Hearing as many different views as you can doesn't make much sense unless you listen to the pros and cons of those ideas. It's called "debate".

Arnold of TX 2:30PM October 23, 2008

perhaps world history. Once they've seized our retirement savings, there's nothing short of a revolution to keep them from spending the money in the general fund (like Social Security surpluses) and filling the accounts with treasury note IOUs.

Not Buying It of NE 2:30PM October 23, 2008

So, you expect those of us working for a living to pay for your retirement, too?
Ever heard of taking responsibility for your actions??
No, didn't think so.
Not to worry, the socialist revolution is coming and King Obama will bail you out courtesy of the productive members of society, I mean 'evil capitalists'.

of CA 2:26PM October 23, 2008

In a sense, this plan is brilliant. At 3% return for the defined benefit program, the Obama administration can move inflation up to 10-12% and eliminate the future social security meltdown problem. Of course, we have to get rid of the cost-of-living adjustments for social security (one of which just kicked in giving rich elderly a > 5% bonus while they performed no work, while most American workers are lucky to see a 1-2% wage adjustment annually).
I'm encouraged that Obama will make our senior citizens earn their paychecks. Michelle spoke at length that people will be made to work and there will be no shortages of volunteering opportunities. Let's clean up our streets, get seniors out raking leaves, picking up trash, cleaning up dog droppings in our parks, mowing city property, mentoring children in the schools and serving other useful functions. Every government dollar provided should be met with enthusiastic joy and reciprocity by the receiving citizen. An idle citizen is an unappreciated citizen.

redherkey of NE 2:22PM October 23, 2008

The committee was hearing as many views as it could find in order not to possibly miss something that might make sense before deliberating on any course of action at all.
Arbitrarily selecting only one of the persons testifying with a view and drawing all sorts of imaginary consequences as a done deal is panic mongering of the worst kind.

HillbillyBill of TN 12:38PM October 23, 2008

Watchful waiting is all well and good for for 401 (k)'s, but what about us retirees and our IRA's???
Precious little attention is being given to those of us who are staring the poor house in the face as we watch our reserves dwindle to nothing!!! I will be broke in less than a year at the rate things are going. Just what will I live on then???

SANFORD BROWN of FL 11:14AM October 23, 2008