Oct 09 2008
Confirming What I’ve Warned About for Years
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.
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.
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.
(Thanks to M.H. for the article)
Update: Here is more info on this from U.S. News & World Report.
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This upcoming presidential election is very important. You can see what the greedy Democrats with their socialist views want to do with your money. Do you think Obama will veto any Democratic proposal to rob your 401K? After preaching for years to save for retirement, now they want to get their hands on private money. When they get through there won’t be much left to retire on. And they say they are for the little guy! Better vote for McCain.