Friday, October 17, 2008

Following Up on that Horrible, Horrible Idea

I mentioned yesterday that I'd like this story to get further play--because the more people who know about it, the better things are likely to turn out--and so today, Lo and Behold, Glenn Reynolds--the Instapundit--commented on the story. In a typically terse post, he writes:
PLANS TO ABOLISH 401(K) ACCOUNTS in favor of a government-run fund? Sounds like a loser to me.
He'll forgive me for reproducing this post in its entirety, I'm sure. After all, it was pretty hard to excerpt. ;-)

The link was to the blog of an outfit calling itself the American Shareholder's Association, which has also come to the conclusion that Representative George Miller (D-CA) is trying to socialize the 401(k) system. Their post had some links to a couple of PDF transcripts from the subcommittee hearings where they were floating the ideas.

So it's not actually legislation yet. But it's pretty clear that there are some important committee chairs who would like it to become legislation.

Speaking as one who would just assume that the Feds not tell us how we are supposed to save, invest, or spend our own money, I think this is one we need to keep our eyes on. Thankfully, given that the Instapundit has noticed it, it means that all his readers have noticed it too....


Anonymous said...

tim- it's a certain drinking and skiing blogger posting here anonymously. I can't link directly to my blog because my position is a little sensitive to posting about politics, but I just can't resist this.

The only reason I would be glad to see this happen is knowing that in two years, a certain party that rhymes with "bureaucrat" would probably be down to about 2 seats in the house and 1 in the senate (well, apart from that one-third election every two years rule), and 4 years from now they'd lose control of the Presidency for the rest of our natural lives. Other than that... is this a sign of the deranged ideas that are going to be coming out of the next Congress????

Big Doofus said...

Obama actually told Joe the Plumber that he wants to share the wealth with the American people. I'm sure an idea like this would appeal to him should he get elected.

I posted on Joe earlier today. I'm sure that I'm one of many bringing this story up, but I want it to get heard by as many people as possible (i.e. both of my readers--heh, heh).

I'm just guessing that most of the people who will vote for Obama have no idea what he really stands for.

Arby said...

Most of the people voting for Senator Obama are voting against President Bush, even though he is not running. It is scary.

Timothy Power said...

Good comments all. Yes, I do find that I have to control myself this election season or I start getting really, really angry. Though to be fair, while this 401(k) stuff chaps my hide, nothing yet has made me as angry as what's been happening to Joe the Plumber. Do NOT get me started on that. The other stuff is just policy; but THAT is personal.

Anonymous said...

Tim- the anonymous skier/drinker again here. I just found out something horrifying today. Do you know who was proposing that before congress, a professor named Theresa Ghilarducci? Yeah, she was my intro to economics professor in undergrad. I couldn't believe it.

But then again, I could. It was the fall of 1993, and she spent most of the semester arguing to us- and to the school via the school newspaper- that the Dow, at 3500, was in a bubble that would burst at any time.

So you can see, she has a record of really having her head on straight about the market. On top of that, she is a labor economist by training (not a Labour economist, don't confuse the two!). Her expertise in markets, in other words, both as demonstrated by current and past pronouncements as well as her own academic background, is trivial.

The point, though, I know this lady, I didn't like her much when I first knew her, I don't respect her judgment, and I'm growing increasingly concerned about my undergraduate education! :o