Question about Obama and 401k's

[SteelPenguin]

working on a relative to vote for Obama and they said this...

"Supposedly Obama is talking about buying back all 401k accounts and then former owners of the accounts would get 3% interest on those amounts and the payouts would be added to the social security amounts when the time comes. 3% interest is outrageously small."

I can't find anything concrete on this...

http://news.aol.com/political-machine/2008/10/24/obama-dems-seek-to-end-401-k-plans/

that smacks of BS. Any real info?

[Kokonoe]

1. Its from democratic allies in Congress, not Obama.

Maybe some people say. Looks like hodge podge.

[olkaz]

2. It's also outrageously generous.

3% appreciation or 25% depreciation.....


hmmmmm..

[Rabrrrrrr]

3. Just more Republican lies to cause fear.

There's no way in hell that this idea could ever fly, and certainly no way in hell that Obama would ever think it a good idea.

[Roland99]

4. It's BS! Follow the link!

http://www.usnews.com/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans.html

And note this comment:


Panic mongering

The committee was hearing as many views as it could find in order not to possibly miss something that might make sense before deliberating on any course of action at all.

Arbitrarily selecting only one of the persons testifying with a view and drawing all sorts of imaginary consequences as a done deal is panic mongering of the worst kind.

[antigop]

5. Where did Obama say anything about this? I'm trying to find proof.

The article talks about a professor who testified at a congressional hearing.

NOWHERE does it say that Obama supports taking your 401(k) money and moving it to a universal fund.

I'd like to see some PROOF that Obama supports what the professor said in her testimony.

Edit to add: Seems to me they are trying to use this to paint Obama as a "socialist".

[Princess Turandot]

6. Here's another article on this..

http://www.workforce.com/section/00/article/25/83/58.php

This has nothing to do with Obama. House Education and Labor Committee Chairman George Miller, D-California is totally against 401k/403b contributions being made on a pre-tax basis. He called an academic pension 'expert' to testify before his committee a few days ago named Teresa Ghilarducci whose claim to fame is a proposal creating a new retirement system for the US. She is quoted as saying that Miller is interested in aspects of her proposal. Republican blogs are now spinning this as some sort of done deal to 'take' peoples' private retirement funds.

[enid602]

7. no

This idea is no doubt being promoted by people who´ve never bothered to save in such plans. The government´s nationalization of private savings accounts would lower the US´s credit rating so fast it will make your head spin. Argentina just tried it with private pensions, and their economic well-being might well be in jeopardy. Many of the private pension administrators that the Argentine Gov´t has threatened to nationalized are based in Spain or the US; Argentina´s announcement last week lead to huge losses in the MERVAL (BS AS stock exchange), and the losses quickly spread to Spain. Argentina´s ´crisis´ of 2001 stemmed from Menim´s attempt to privatize their social security system. Argentina´s constant tinkering with pensions and its economy keeps Argentina from living up to its potential.

[SteelPenguin]

8. Thanks for the Responses

i've conveyed the information, and the person I'm talking to now tacks it onto the other distortions and lies.