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With the Republicans’ help and armed with their powerful lobbyists, Wall Street cunningly held off fair regulations by Congress, arguing that Americans would be better off if left to their own devices.
As Congress continues our investigations into this crisis, we cannot allow those responsible to emerge unscathed. The American people are paying the price of this go-go, Wild West approach to governing.
One cost will be the concern that our nation’s workers will not have sufficient savings to ensure a secure retirement after a lifetime of hard work. In the coming months, this committee will examine what measures may be needed to ensure a safe and secure retirement for workers, retirees and their families.
For starters, we know that 401(k) holders lack critical information about how their money is managed and what fees they pay.
I’m here to say right now, those days are over.
We must have more transparency in 401(k) investment practices. The Wall Street veil of secrecy must end.
I propose that since 401(k) accounts and the like are financial
institutions -- the bank about where 38% of the workforce2 can intend to save for their
retirement -- Congress let workers trade their 401(k) and 401(k) - type plan assets
(perhaps valued at mid-August prices) for a Guaranteed Retirement Account composed
of government bonds (earning a 3% return, adjusted for inflation). When the worker
collects Social Security, the Guaranteed Retirement Account will pay an inflation
adjusted annuity, based on the accumulated funds.
Originally posted by nyk537
Where are the usual liberal suspects here to defend this?
Isn't this the type of thing they all claimed would not happen?
Originally posted by bdswetty
reply to post by pyrytyes
You can't fix a problem using the same methods that created it. Why is the American majority so thick headed? All it takes is a few moments worth of thinking...