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....