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401Ks are retirement robbery


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2014 May 11, 3:18am   465 views  0 comments

by tovarichpeter   ➕follow (6)   💰tip   ignore  

http://www.salon.com/2014/05/10/401ks_are_retirement_robbery_how_the_koch_brothers_wall_street_and_politicians_conspire_to_drain_social_security/

On the eve of the Reagan presidency in 1980, Milton and Rose Friedman published “Free to Choose,” a proposal for gradually phasing out Social Security. The entitlements of retirees would be honored as would the accumulated credits of contributors who had not yet retired. But no new payroll taxes would be collected. The final elimination of Social Security would allow “individuals to provide for their own retirement as they wish.” Among the advantages would be that “it would add to personal saving and so lead to a higher rate of capital formation [and] stimulate the development and expansion of private...

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