Clinton Proposes 401(k)s for Everyone

Clinton Proposes 401(k)s for Everyone

www.iowacaucus.com

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.

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 ...

(visit the link for the full news article)


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That's it, now I now she wants to transform the US into a socialist country.

Anyway, who does she think is going to pay for this? THE RICH!

Who lobbies congress and who is in congress, THE RICH!

Do you believe congress will EVER pass a bill that would cause them, their family, their friends and the people that lobby them to have to pay more taxes?

NEVER!

It will never happen!

www.iowacaucus.com
(visit the link for the full news article)

[edit on 10/10/07 by Keyhole]

She is for this but against partial privatization of Social Security?

Her last 2 proposals involve getting people either a bond account or a 401K account. She obviously wants people to have some sort of control of their money. Why not do this for existing and future Social Security accounts instead?

Could it be that since it was Bush's idea, she wants nothing to do with it?

up to $1,000 in annual matching funds

That's amazing. The taxpayer would increase my income by 50%?

Ha! Suckers!

I guess the real humor is that since we cannot afford an expense any where close to this the money to be paid would have to be over printed dept certificates and worth less and less with each pay out.

Sure I could have 24K a year going into my retirement savings but it will have the buying power of about 50 bucks and carry more real debt than I could ever accumulate in my personal life.

Good job Hillary. Good job.

Let me know when she starts promising plasma TV's and Xbox's to everyone.

Originally posted by Keyhole
That's it, now I now she wants to transform the US into a socialist country.

[edit on 10/10/07 by Keyhole]

Good. Hilary wants you well and living old and happily. For those that say that is socialist, every culture outside your own tends to wish happiness, health and long life on everyone. Just coz the socialist states do that, doesn't mean you can't. Socialist states believe that we need two eat to live, does that mean you think we don't need to eat to live?

And just where is she going to find all this money?

Perhaps by raising taxes even higher and taking away even more of our money in each paycheck? As it is I am currently losing about 12% of every paycheck to Social Security and Medicare and thats not even counting New York State's unemployment fund taxes and everything else.

reply to post by ChrisF231

Mate, you are the richest country in the world, and most of the other (less) rich countries manage it.......

Ah but we also have a much much bigger population then most countries with systems like this.

ex. Sweden has to provide universal health care to a mere 9 million people. Thats how many people live in New York City alone. Can you imagine what it would be like for 300 million people?

Originally posted by ChrisF231
And just where is she going to find all this money?

Perhaps you could cut the super high expenditures of the Pentagon and CIA. Im sure if you overhauled the systems there, maybe emptied a few of the black ops slush funds into the public coffers you'd find the cash.

Originally posted by ChrisF231
Ah but we also have a much much bigger population then most countries with systems like this.

1. Your are richer per head than any other country.

OR DID YOU MEAN THE COMPLEXITIES OF YOUR SYSTEMS?

2. Split them up into areas.

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.

I'm struggling for words. This is like when some moron walks into a room and everyone else gets dumber because of it.

There are two types of people who withdraw money from their 401K. First are people who legitimate fall into a desperate situation and have to use the money to prevent foreclosure or bankruptcy. These are the minority. Second are people who fail to properly manage their money and through their financial irresponsibility make hardship withdrawals, get slapped with the income tax and penalties (usually almost 40%), and don't change their habits that brought about the withdrawal in the first place.

So by permitting people with withdraw money from a retirement account for use on a house or schooling she is encouraging and enabling financial misbehavior for the participants. There will be even more people working into their 80s who own their home free and clear, and are college educated, but have zilch in savings.

Stupid. Stupid. Stupid.

The country is TRILLIONS of dollars in debt, how is the country going to pay this off if Hillary becomes president and puts all these programs of hers into affect?

I'd much rather hear the candidates talk about how THEY will lower the countries debt than about programs like this one.

MAYBE someday the country will be able to afford programs like this, but not when the country is trillions of dollars in debt and the currency is losing its value!

Come on, somebody wake Hillary up out of her daydream and bring her back to reality.

It seems like all she wants is the government to get bigger and to spend more money.

McCain, yeah, tax cuts, half of G WIII Bushes tax cuts. Your tax level is by moderate Republican standards too low.

Originally posted by thisguyrighthere

up to $1,000 in annual matching funds

That's amazing. The taxpayer would increase my income by 50%?

Ha! Suckers!

I guess the real humor is that since we cannot afford an expense any where close to this the money to be paid would have to be over printed dept certificates and worth less and less with each pay out.

Sure I could have 24K a year going into my retirement savings but it will have the buying power of about 50 bucks and carry more real debt than I could ever accumulate in my personal life.

Good job Hillary. Good job.

Let me know when she starts promising plasma TV's and Xbox's to everyone.

Are you that ignorant? It wont increase "your income" 50% unless your total annual income is $1000. Its matching "up to" $1000 into controlled accounts to motivate ignorant Americans WHO EXPECT someone else to take care of their ass when they get old (social security), to actually save their money and invest it. IT WILL BE PAID FOR BY PEOPLE WITH ESTATES OVER $7 MILLION DOLLARS! I dont care about all the cry baby $7+ million estates out there, boo hoo, now you have $6.25 million. You benefited most from our country and you should share a little. Socialism will save us all.

[edit on 12-10-2007 by thatblissguy]

reply to post by thatblissguy


I currently put 1K/month into various savings, funds and accounts at least. That's from my income. Hillary gives me another 1K. Just to keep it simple and easy lets say I stop dividing my savings and put all 1K in into this 401K that qualifies for matching.

Okay?

No. My income hasnt increased by 1K/month but what's the difference? Semantics? It all goes into the same place. Unless the assumption is that If I am receiving matching funds from these magic millionaires who apparently owe it to the world to support everyone out there that I should reduce my personal saving to $500/month and let the government complete my current savings rate of 1K/month for me so I have an extra $500 to blow on spinning rims or whatever other stupid consumable people are obsessed with?

No. I'm not ignorant. I'm just not a disingenuous literalist like some people.


[edit on 12-10-2007 by thisguyrighthere]

What Hillary is proposing is known as Superannuation in this part of the world.
Here in New Zealand the scheme works like this and has just been recently re introduced . When you get a job you are automatically enrolled in Kiwi Saver you have six weeks to opt out . The governments starts you off with one thousand dollars and will match your savings each year to that amount. Your employer puts in a percentage of your savings each week this is being incrementally increased to six percent.

You can access the money to put down a despot on a first home or when you are sixty five.

The downside is that the cost of living has gone up and that hurts the people who need the savings the most. But not has any better ideas even National the party that canned this back in the 80s or 90s more or less support the scheme in a roundabout way . Personally I would like to see people and not the government investing the money but other then that the scheme is sound.