August 24, 2009

Editorial - About Your 401(k) - NYTimes.com

Editorial - About Your 401(k) - NYTimes.com

The New York Times advocates increasing the nanny state even more. They would have the rules governing 401(k)s revamped so that the government picks up much of the risk inherent in private investing. Where has Life, Liberty and the Pursuit of Happiness gone? Like Team Obama, the Times would have the government ever more deeply involved in the private and personal lives of people promising to 'guarantee' happiness (and dependence and votes).

That's a fool's errand.

"....The effect of these and other proposed retirement reforms would be to shift risk that is currently borne by individuals onto corporations and the government. That would be anathema to some entrenched corporate interests and their political supporters. But as the recent crisis has so amply demonstrated, having each and every American bear all of the risk is not the path to a secure retirement."

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