Bipartisan Push for Automatic 401(k) Plans
By Randy Hall
CNSNews.com Staff Writer/Editor
May 17, 2006
(CNSNews.com) – Former vice presidential candidates John Edwards and Jack Kemp joined forces on Tuesday in Pentagon City, Va., calling on corporations to offer automatic 401(k) options in an effort to boost the financial security of middle and lower-income American families.
As usual, when the two political parties agree on anything, you can be sure of one thing, it must benefit them.
Once again, the public is being "helped" by Mommy Government, backed up by the rules of Father State.
You're too dumb to save money on your own, so Mommy is going to make sure you are "signed up" from Day One. And, of course, Father State will make rules to interfere with the established employer employee relationships.
AND, it ignores the fact that "one size fits all" solutions are be their very nature not what some people need.
401ks can be subject to errors in judgement by selecting badly or failing to diversify because of restricted choice. DOn't forget that most 401k offerings come with high fees as well.
Now let's look under the covers and question why these two politicians are worried about you. Hmmm, could it be that the Ponzi scheme Social Security "Insurance" is broke and gettin' broker!
So there we have it!
We're being given something that won't work for most "for our own good" backed up by laws by a pair of politicians with something to gain. Hmmm!