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Just what we need, another federal behemoth of waste. Does anyone think this money would be in a lockbox just for people's retirement? Govt just loves to spend our money and they cannot stand to see money just sitting there.
A better idea would be to expand and relax rules on IRAs etc so people can contribute more.
This bill, conceptually, sounds like a great idea to me. But I agree with John that there is no safe-guard for government raiding the funds for other "needs" - ones that get them reelected.
Expanding or relaxing rules around IRA's doesn't really get to the problem of getting more people to prepare for retirement though. That would help those that have the means to save, which is great, but it doesn't help lower income earners that seem doomed to hit retirement age without sufficient money.
Great idea, but would never get Republican support because it comes from a Democrat. If the bill was proposed by a Republican, Democrats wouldn't support it. God, are doomed...
Washington can craft a better retirement plan for people without much money than private sector can for them (not enough RoI there). Private sector can craft a better retirement plan for people with money than Washington can for the same people (not efficient or accountable). Also applies to most things.
Washington could craft a better retirement plan if they would take the Ponzi scheme which is Social Security and privatize it and have others outside of Government come up with rules for investing in equities. The funds should belong to the worker. The worker should NOT be able to withdraw or borrow from it for any reason, prior to retirement. If the worker passes before the funds are depleted, the remaining funds would rollover to their heirs. Of course, provisions would need to be made for those who can't do for themselves, but even this percentage should not be trusted to politicians.
The interesting thing is, lately we've seen multiple so called ideas coming out of Washington which are supposed to be for the people. One shameful idea is the myIRA which is simply a means to have the sheeple pay for the ever increasing spending within the beltway. Politicians have no shame.
Now that I'm reading more, the Danish system is far better than the Australian. So, if Washington was truly interested, a blueprint already exists. The question is, do you think they're truly interested.
Comments
A better idea would be to expand and relax rules on IRAs etc so people can contribute more.
Expanding or relaxing rules around IRA's doesn't really get to the problem of getting more people to prepare for retirement though. That would help those that have the means to save, which is great, but it doesn't help lower income earners that seem doomed to hit retirement age without sufficient money.
Great idea, but would never get Republican support because it comes from a Democrat. If the bill was proposed by a Republican, Democrats wouldn't support it. God, are doomed...