Presented without comment for your edification:
House Democrats recently invited Teresa Ghilarducci, a
professor at the New School of Social Research, to testify before a
subcommittee on her idea to eliminate the preferential tax treatment of
the popular retirement plans. In place of 401(k) plans, she would have
workers transfer their dough into government-created "guaranteed
retirement accounts" for every worker.
The government would deposit $600 (inflation indexed) every
year into the GRAs. Each worker would also have to save 5 percent of pay
into the accounts, to which the government would pay a measly 3 percent
return. Rep. Jim McDermott, a Democrat from Washington and chairman of the
House Ways and Means Committee's Subcommittee on Income Security and
Family Support, said that since "the savings rate isn't going up for the
investment of $80 billion [in 401(k) tax breaks], we have to start to
think about whether or not we want to continue to invest that $80 billion
for a policy that's not generating what we now say it
should."
Larry Miller
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