Monday, October 27, 2008

All of your 401k are belong to us

So according to this story, the House Democrats are intrigued by an idea of nixing the tax breaks people get for having 401ks and diverting some of that money into the Social Security trust fund. Most people (myself included) that have 401ks have them because they want to manage their own money and most likely know Social Security is going to be destroyed or at least in very bad shape by the time they reach retirement age.

The fact that they try to paint this as a "help everyone save" pisses me off even more. Here's an idea Democrats; how about nixing social security all together and let people control their own money. To my understanding social security in it's current state is not collecting for my generation (generation Y) of workers but we are currently supporting those in retirement already. One issue I hear raised time and again is when the massive influx of Baby Boomers that retire happens it will choke the system as those see that there aren't enough workers to sustain such an influx. God help our seniors when that happens.

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