At least one senior citizens' group is suggesting that the Obama administration is going to push for a system that would allow all retirement accounts to be handled by the government. (not privatize; my mistake!) Because, of course, the 0% return on the money we put into Social Security (and going negative for my generation!) beats the 7-10% average return of the stock market since the Great Depression any day.
Worse yet--or in a more basic way--the (theoretical) plan ignores the fact that for an economy to grow, it needs capital, and standing against the 401K and IRA "because it benefits the rich," as an Obama staffer is said to have said, only serves to impoverish us all by depriving companies of working capital.
Hopefully this is either false or a trial balloon going over like a Led Zeppelin. If it's not, the Tea Parties this time around will make those of the last time around look like an ice cream social.
Podcast #125: Why The Great Gatsby Endures With Maureen Corrigan - I know it’s cliche, but my all-time favorite novel is F. Scott Fitzgerald’s The Great Gatsby. To me it offers prescient warnings on the perils of a consume...
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