The Constitution was made to guard the people against the dangers of good intentions." --American Statesman Daniel Webster (1782-1852)

Sunday, February 11, 2024

"What if the government Abolished your 401K? "


This is another rant coming on....I see another group of government affiliated Economist making noise about going after the "Hoi Pelloi" 401K's again...I have"ranted before" about government being interested in our 401K's
       I will rant some more after this article....

What if the government abolished your 401(k)? Economists say accounts aren't worth it

The federal government should stop allowing pre-tax contributions to retirement savings, abolishing the 401(k) and Individual Retirement Account, two economists from opposing ideological camps argued in a research brief in January.

Allowing people to shelter their retirement money from taxes is a policy that largely favors the well-heeled, they said. Congress could use that money, nearly $200 billion a year in lost tax dollars, to shore up the underfunded Social Security program.

Their suggestion created a stir. One social media post has drawn more than 700,000 views.


  1. exactly. Save.

    "millions of Americans don’t take advantage of tax-favored retirement savings − or can't."
    Bullshit. They Choose Not To.

    Do you really think that the Federal government would use that money to funs Social Security? They could do that now, except that, again, they choose not to and spend the money on Social Programs.

  2. A policy being pushed by leftists.... a corrupt incompetent group of criminals who have NEVER seen a tax they didn't like or want to impose. The only solution to problems like leftists is a good funeral.

  3. I remember about 30 years ago Clinton planned a one time tax on all 401K holdings, in the name of reducing income inequality. I have one at my employers, and take all the match money, plus a little extra. I also am collecting a defined retirement benefit at this time, and will at the age of 60 start drawing my military pension . The 401k is nice, but it is not my retirement plan, it is going to allow me to afford to retire, by buying off all my debt. If the 401k became taxed as income it would destroy the system, and stop future investment in that rat race. The concept of taking my money, and giving it to someone who whether their fault or not, didn't participate in a retirement plan makes me responsible for people who I have no contract or contact with. How does the retirement of of stranger become my responsibility, and is t that what the ponzi scheme of Social Security is already doing?

  4. Living below your means is NEVER a bad idea, because you never know when it's going to 'rain on your parade'.


I had to change the comment format on this blog due to spammers, I will open it back up again in a bit.