This could lead to armed revolt if it were to happen, and possibly the return of the pillory stockade for all errant politicians who would vote for such a crazy idea!
I hate to destroy your delusion, but all your US dollar denominated returns, regardless of their source, are going to be in devalued dollars. This is a separate issue from a plan to allow the equivalent of voluntary supplemental contributions to a SS-like retirement plan. In other words you would have the option of paying in an additional amount for a higher monthly income in retirement. Probably not a terrible idea for lower income folks, or anyone without the skills or inclination to manage their own retirement program. And if the plan maintains the shared risk feature of defined benefit plans, which it likely does if it is an annuity like plan, than that could be very much superior to a 401K or an IRA for the average worker! This sounds like a great idea to me. This is the first i've heard of it, but i'd like to learn more. It seems that several options are being considered, but one of them is the option of converting your 401K or IRA to a defined benefit plan. Though it's a wonderful idea, it will be fought tooth and nail by Wall Street and the investment community. Don't get overly excited about the neo-con propaganda you read in IBD. It is worse than even the WSJ in that regard. Remember IBD is NOT an unbiased and disinterested party -- they make their money by selling investment advice and stand to lose big if a lot of folks opt out of 401K's and convert then to government supervised defined benefit plans, which anyone not wealthy should do if given the chance, assuming the proposed plans have the shared risk feature.
note your use of the phrase "opt out" It will not be voluntary for US account holders. that is your delusion. when the return will it be in near worthless dollars it will not have been a"wonderful idea". that is another of your delusions.
Wow, now they want to force a 20-year-old minimum-wage worker to contribute more towards her/his retirement instead of putting food on the table, or go out for a cup coffee or snack occasionally?
Are you sure that conversions of 401Ks and IRAs would be mandatory? I really doubt that that is what's being considered in any serious way. Wall Street would go berserk! I would think there is zero chance of anything like that passing congress. This has got to be, as usual, an IBD hallucination. You have to realize that W. O'Neil is a radical right winger.
lol. debating breeders on ET is like debating a retarded rock. You forget the majority in this sorry board think like O'neil
http://news.yahoo.com/s/ap/20100226/ap_on_bi_ge/us_biden_retirement_savings/print "The proposed regulations would require retirement investment advisers and money managers to either: base investment advice on objective computer models certified by independent experts or .. "independent experts" certified by the government or some quasi government organization.