Clinton Proposes 401(k)s, Matching Funds

Clinton Proposes 401(k)s, Matching Funds Oct 9 12:49 PM US/Eastern
By NEDRA PICKLER
Associated Press Writer

WEBSTER CITY, Iowa (AP) - Every citizen could get a 401(k) retirement account and up to $1,000 in annual matching funds from the government under a plan offered Tuesday by Democratic presidential candidate Hillary Rodham Clinton. Article 1, Section 8 lists all the things government can spend money on. Passing this would be felony treason.

At a cost of $20 billion-$25 billion a year, the plan is Clinton's largest domestic proposal other than her plan for universal health insurance. The New York senator said it would be paid for by taxing estates worth more than $7 million per couple and would help narrow the gap between the rich and those who don't have enough savings for retirement. More "punish the rich" economics. $25 billion a year, paid for by taxing people who make more than $7 million. Income tax was only supposed to be paid for by 1% of the population, remember? This is yet another reason to die penniless...having spent all your money on gold, the hiding place of which is known to your children.

At the same time, Clinton said she has given up another idea for a savings incentive—giving every baby born in the United States a $5,000 account to one day pay for college or a first home. Stake out one vampire, and another one rises. This is like playing Whackamole with dumb*ss legislation.

She made that suggestion last month before the Congressional Black Caucus, saying it was just an idea and not a policy proposal. The idea was criticized by Republicans, and she told The Wall Street Journal in an interview published Tuesday that it's off the table.

The campaign of her Democratic rival John Edwards suggested it was an example of Clinton setting her positions by polls. "Apparently, new polling data seems to have pressured the Clinton campaign to throw out the baby bond with the bathwater," said Edwards spokesman Chris Kofinis. John Edwards seems to think that printing up money to issue every child in this country roughly $19 grand at age 18 is a good idea. Brilliant idea, you moron. Ever hear of the national debt? Devaluing currency?

As for the retirement accounts, Clinton said during a campaign stop in small-town central Iowa, "They will begin to bring down this inequality that is eating away at our social contract." She said, "This is a major commitment to how I believe we can begin to right the balance again."
She said that for every $7 million estate that gets taxed, at least 5,000 families would receive the matching funds. There isn't supposed to BE a "balance." Nothing's promised here. You work for success, for prosperity, it isn't handed to you.

Clinton said she wants to create "American Retirement Accounts" in which everyone could put up to $5,000 annually in a 401(k) plan. The federal government would provide a tax cut to match 100 percent of the first $1,000 for anyone who makes less than $60,000 a year and 50 percent of the first $1,000 for those who make $60,000-$100,000. So despite this plan to give everyone retirement accounts, those who take care of themselves shoulder even more of a tax burden. What happens to those making more than $100k? They get nothing?

She said she would encourage employers to have direct deposit from paychecks into the accounts.
The federal and state governments already reach into my paycheck before I even get it and take about 20-30%. Then in April, I have to pay in even more. The thought of an employer being forced to take even more is simply repulsive.

Clinton said less than half the families in the United States have retirement savings accounts and those who have them aren't saving enough. She said she often meets people working even into their early 80s because they don't have enough savings.

"We don't have much of a nest egg to fall back on," she said.
Who is this "WE." She does, and I sure will. It is NOT the job of the government to redistribute the wealth of the industrious or the just plain lucky to take care of others.

Although the money would be intended mainly for retirement, she said people should also be able to use the savings to buy a house or pay for college and the government should consider letting workers use a portion for hard times like an illness or accident. So...people will be able to get this money prior to retirement? Will government have to approve each and every use for it? If not, how do we keep people from using it to buy platinum grills and coke?

Clinton said the accounts should not be used to replace any part of Social Security and that she is committed to addressing the long-term challenges of that program. Social Security payouts on a 1=1 scale AND government mandated 401ks. And somewhere I got the silly notion that buying votes was illegal...

"We have to fight and finally bury the idea of privatizing Social Security," she said. Let's not privatise it. Let's stake the damn thing out like a vampire. The system is completely untenable.