Automatic Enrollment, (401K)

[allagash]

What do I think of it?

Thievery on a grand scale.

While my hunch may be wrong....it's pet project work of "lobbyist" Lawrence Summers and his speaking engagement associates.

Are we all to become catatonic zombies for the black box traders of Wall Street?

We all know what that's like....think back to the opening of mailed statements in March of '09.

You sure do package it nicely, though:

http://www.ustreas.gov/press/releases/ls785.htm

-Mike

[Bluemoon06]

You guys are too young to know this but when I got out of college as a young engineer, I went to work for DuPont.  The first day they talked about benefits work hours etc.  Then our Director of Human Resources came in to talk to us about retirement.  He said that retirement is a 3 legged stool.  It doesn’t work without all 3 legs.  The first is a pension, the second is social security the third is personnel savings.  The USA had a very small personnel savings leg and it concerned the government so the government passed this section of the tax code 401k to encourage us to save.  401k was an enhancement to the system and now it is the system.

Fast forward to today.  Companies decided that they were going to get rid of pensions and go with the 401k.  We all know how social security is doing.  That is like deciding that instead of giving people hamburgers you are no just going to give them the mustard and call it a hamburger.

You wonder why nobody retires anymore.  Those of you that work need to ask yourselves when was the last time they decorated up the conference room at the end of the hall and old John came in and brought his wife all dressed up.  They had cake and ice cream and said nice words about him and gave him a watch and he headed off into retirement.

Now compare that to how may times you saw the boss go into John’s office and close the door.  An hour later John comes out with a box and heads to his car.

Nobody retires anymore.  It is like invasion of the body snatchers.  Nobody sees what is happening.  We act like it is normal for nobody to ever retire!

[sellnbama]

 Bluemoon,
Good points.But we all must ask ourselves with the massive spending the govt is doing with no talk of cutting back.How will they fund it?I think they have realized they're broke and instead of cutting back,,they are trying to figure out new piggy banks to rob.Kinda like how americans got theirselves into the mess we're in,except we can't just go and legally rob someone to fund our spending.

The govt is foaming at the mouth to get into healthcare for the money,also they are eyeballing retirement plans.Obama just flatout lied last night not mentioning the numerous pages in "healthcare plan" that are new taxes and increased taxes.Alot is directed at oil companies(our gas prices)which I beleive are their next takeover.Which anyone can admit that gas price inflation was part of what created this economic mess.

[Bluemoon06]

The govt is foaming at the mouth to get into healthcare for the money

Very good point.  I had not thought of that!!