Financial Coup d'Etat & Your 401k: Uh-oh

Now that social security is being looted, the time has come to replenish it with the remaining balances in our 401k’s.

The George Orwell award to Dean Baker, who thinks the solution is to give the government more power over our retirement savings. After all, an organization that has refused to produce financial statements for more than a decade, has failed to comply with the laws regarding financial management and is missing over $4 trillion, is the asset manager we need to manage our remaining savings.

Miller Says 401(k) Plans Are High-Stakes ‘Crap Shoot’ by Alexis Leondis (Bloomberg)

“Retirement savings are too exposed to market risk, according to Dean Baker, co-director of the Center for Economic and Policy Research in Washington and another witness at today’s hearing. Baker proposed a government-managed system that would provide a modest rate of return for employees. He said it would build on Social Security and allow workers a voluntary default contribution of at least 3 percent of their salaries.”

As Bill King says, “You couldn’t make this stuff up.”

Financial Coup d’Etat & Your 401k – Part I