"Government is trying to keep people from outliving their savings"
Then WHY all the SOCIAL SECURITY, MEDICARE, and MEDICAID CUTS?
"Calls for mandatory savings plan arise" by Alexis Leondis and Margaret Collins | Bloomberg News, May 13, 2013
NEW YORK — BlackRock’s Laurence D. Fink, head of the world’s largest asset manager, says that US employers should be required to put money aside for their employees’ retirement, similar to what is done in Australia’s superannuation system.
Hey, at least they are one of the good money-managing firms, right?
‘‘The current system is not working, and we need a comprehensive approach that includes some form of mandatory savings in addition to Social Security,’’ Fink, chief executive of New York-based BlackRock, said last week at New York University’s Stern School of Business. ‘‘The longer we wait to fix it, the tougher the task becomes.’’
The name Fink fits! This is just ONE MORE MONEY JUNKIE SCHEME to get their grubby little hands on ANY PILE of LOOT they can FID!
In Australia, employers must contribute at least 9 percent of part-time and full-time employees’ income into accounts that belong to workers.
In the United States, Senator Tom Harkin, an Iowa Democrat and chairman of the Senate Health, Education, Labor, and Pensions Committee, said he plans to introduce legislation this year to require businesses that do not offer a pension or 401(k) plan with a company match to automatically enroll workers in a so-called USA Retirement Fund.
A mandatory retirement savings system would have to be phased in gradually and would relieve pressure on the federal budget, Fink said....
The government is trying to keep people from outliving their savings, because employers have shifted to 401(k)-type plans, where workers are responsible for investing their contributions, from traditional pension plans, which guarantee income after retirement.
Yeah, this government that has given tax breaks to ship jobs overseas and which now wants to insource cheap foreign labor cares so much about your retirement.
I guess that's why they stole the social security trust fund and tossed in a bunch of IOUs, 'eh?
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You know, when you get to thinking about it this BANKRUPT and DEBT-RIDDEN GOVERNMENT actually WANTS YOU TO DIE before drawing benefits. That would explain them not giving a shit about environmental and health safety.
Related: Fidelity Wants Into Worker Wallets
Looks like they found a way.
