Just when you would think that BHO would be calling the Congress and telling them to keep their damn mouths shut, Rep. Barney Frank (MA-D) strikes again!
This time he is talking about taking away the tax break for contributing to retirement funds like 401K's! Are they nuts! When you want capital infusion and capital replacement, you begin by removing the tax breaks for contributing to 401Ks and IRAs. Is that crazy or just liberal/Democrat exuberance that they are going to win big on Nov 4th?
Whatever the motive, the voting public is now getting to see what will happen if a SMDC (see acronyms post) is elected on Nov. 4th. To talk about removing the tax benefits of 401K plans and have 5% of everyone's pay check and given to the Social Security Administration for management.
WHOA!!! Am I glad I don't have any monies with the Social Security Administration. Investing the same monies with the SSA vs. the Stock market would have resulted in about 1/6th the monthly stipend. That's enough to make me sit up and want to have my monies managed by the government!
The USA would have solved its entire capitalization problem if from the beginning of the SSA, all the monies paid into the SSA would have been placed under 2 different rules:
1. The SSA trust fund could not be used by the Congress for short falls
2. The monies of the SSA trust fund would have been invested in the US stock market.
Ah, but alas, these rules were ignored and the retirement plan that all Congress people have which DO adhere to these 2 rules is NOT the same plan that US workers are forced to pay into every work day. Talk about arrogance and hypocrisy.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment