And the bastions of liberal institutions and media march in lockstep with their statist cohorts...just take a look at how they perceive your savings...
TheNewYorkTimes: Every year, the government spends more than $100 billion on tax breaks to encourage Americans to save more for retirement. But a new study suggests such provisions may have little effect on the amount Americans save.
The finding has particular relevance as Congress looks for ways to raise revenue by reducing tax breaks as part of the year-end budget negotiations.
The researchers — Raj Chetty and John N. Friedman of Harvard, Soren Leth-Petersen and Tore Olsen of the University of Copenhagen, and Torben Heien Nielsen of the Danish National Center for Social Research — looked at Danish data, in part because analogous American numbers are much less detailed. Although there is no way to know whether the patterns in Denmark and the United States are identical, the two countries have similar pension systems, and the new research fits with previous findings about how Americans save.
You catch that? DENMARK...they're not even using American data...wait, there's more...
TIME: One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the nation’s debt problems. We’re about to find out if those fears—persistent for decades—have been justified.
Everything including the sacred mortgage deduction is on the table as lawmakers wrestle with the fiscal cliff, a year-end avalanche of scheduled spending cuts and tax increases. With a combined $10 trillion sitting in IRAs and 401(k) plans, retirement accounts make a juicy target. Some of this money has never been taxed, and under current law never will be.
To maintain this savings incentive the government “spends” $100 billion a year in the form of tax breaks to those who stash money in these kinds of accounts. Now, a new study suggests this tax incentive does little to change saving behavior. Some lawmakers, no doubt, are wondering: Why keep an expensive tax incentive that does not incent?
You see, not taxing you now, but allowing you to save your money, growing it in investments over time, then taxing you later, is 'costing government' now. You're cutting into their spending by saving your money, and they can't have that.
TheAtlantic: Imagine there were no 401(k)s. You wouldn't stop saving for retirement, right? Right? Don't worry, I won't tell Suze Orman. Not that CNBC's personal finance guru would get mad at you -- according to a new paper, most households wouldn't sock away any less for their golden years if we eliminated 401(k)s. Which raises a $100 billion question...
Why subsidize retirement saving if the subsidies don't work?
And there's the kicker: Saving MY MONEY is viewed by these parasites as a government subsidy. Unbelievable...I guess I'm just too greedy when I don't want to give the swirling vortex in DC more of my wages.
Additionally, Levin sounded the alarm earlier today on his Facebook page, as well as in Thursday evening's opening monologue, addressing the threat to nationalize your 401k!
During my last few shows, including as recently as yesterday, I have alerted you to Obama's desire to nationalize your 401-k plan and eliminate your mortgage interest deduction.
Some background on the former. Back in October 2008, I got word that Professor Teresa Ghilarducci of the New School had testified before Rep. George Miller's committee in support of a plan to nationalize private pension plans -- in particular, 401-k plans. I not only spoke about it on my show back then, but we tracked down the professor and I conducted the first interview on talk radio. I will discuss this at more length on my program this evening, but I thought you might want to be among the first to listen to that interview again. Please pass it along to as many people as you can.
Levin toys with her brilliantly...
(Rush also warned us about this lady in '08)
Folks, they bailout failure, they induce wasteful stimulus spending, they take over entire industries, they grow entitlements and welfare, redistributing wealth...and it's never enough! Spread the word and tell your congressional members that THEY'VE TAKEN ENOUGH!
