AP Photo/J Scott Applewhite: Secretary Geithner
U.S. Treasury Secretary Timothy F. Geithner today announced an initiative designed to improve Americans' ability to save toward retirement. The initiative's four-prong approach includes expanding opportunities for automatic enrollment in 401(k) and other retirement savings plans; making it easier for Americans to save portions of their tax refunds; allowing Americans to convert a portion of their unused vacation into savings; and help Americans better understand their retirement options through clearer language. To expand opportunities for 401(k) enrollment, Mr. Geithner is proposing streamlining the process that allows 401(k) plans to adopt automatic enrollment; making it easier to increase savings over time; and allowing automatic enrollment in SIMPLE-IRAs. Acknowledging that only one out of ten Americans eligible to make IRA contributions are doing so, Secretary Geithner emphasized the Obama administration's proposal to automatically enroll workers without workplace retirement plans into IRAs through payroll deposit contributions at the workplace. Secretary Geithner also reiterated the administration's proposal to expand a savers tax credit which would match half of a family's savings up to $500 per individual each year.
Comments
And now, the wingnut rebuttal:
"NO, NO, NO!!! Nobody's going to tell ME to save my money into a 401K!! Stop Obama's SOCIALIST, NAZI, Charles Manson agenda NOW! DOWN WITH SAVINGS!!!"
lol!
Oh Geithner is a genius. How is anyone going to save more when all the Libtard programs steal more via taxes and there are fewer non-government jobs.
Keep swinging from Obama's nuts Linda Libtard.
*"the Obama administration's proposal to automatically enroll workers without workplace retirement plans into IRAs through payroll deposit contributions at the workplace"*
"Automatically" enroll?? "Automatically" taking additional money out of workers' paychecks without their prior consent?? Automatically taking additional money out of a workers' paychecks, and giving it to IRAs' & 401Ks'--whose main beneficiary is the Wall Street Cosa Nostra? This is just what we DON'T need, with aggregate workers' wages crashing, along with the spending those wages fund.
It's just another plan to enable Wall Street to stick their hands even deeper into the pockets of working Americans, pilfering even more of their money--but this time without even their knowledge or consent.( www.examiner.com/x-17571-LA-Populist-Examiner~y2009m8d8-Bank-Bailouts-WethePeople-vs-the-Wall-Street-Cosa-Nostra ) Obama, Bernanke & Geithner are finishing our conversion into the perfect Corporate Welfare state.
Yes, Mike Chapman.. that's right its automatic. Of course, once you put your stupid exploding head back together, you'll find out that you can tell your employer you do not want to participate in an IRA or 401(k) plan, and the measly 3% that was going to it would be returned to you.
So once again, a wingnut goes off the deep end before learning about the whole program.
By the way, when you turn about 48 or so, I hope you wet your pants when you realize you have nothing saved for retirement.
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