So when Santelli finally gets around to throwing those junk derivatives in the river, are our 401k's going to be floating right along beside them? About once a month, Neel Boortz froths at the mouth that Democrats in Washington are going to take your 401k's, IRA's, etc and roll them into some new government-controlled pension plan. I don't buy into slippery slopes and crap like that so I've largely ignored him until today. It seems Boortz claims talk has started on just such a seizure.
And I have a hard time believing it. If you think Pat is politically in the tank just wait until a political Party takes the retirement money I spent the last decade of my life saving up and dumps it into Social Security Part Deux. So naturally I don't believe it and I dig deeper. I went to ABC News to get more info. Looks like I was right. Democrats aren't planning further Seppuku. The lady promoting this plan hardest is even backing off the idea of ending private contribution plans. All they really want is another layer of Social Security pension checks disguised as retirement accounts, which is equally stupid but isn't going to lead me becoming Pat(R).
Look, private industries don't do pensions anymore for a reason. You can pretend this is some sort of individual account but as long as your balance depends on "each worker's contributions and income level" (emphasis mine) you're probably using a pretty nonstandard definition of "account." Offering a "guaranteed a fixed rate of return that exceeds inflation by 3 percent?" Hell, Wall Street can't do that. How's the Party that can't find a candidate better than Barney Frank to chair the House Financial Services Committee going to do any better? I'll tell you how: they'll introduce us to yet another ponzi scheme. This is a train wreck waiting to happen, but fortunately not for the big reason Mr. Boortz would like us to think.