California creates state run private retirement plan

Discussion in 'Politics' started by Dissent, Sep 28, 2012.

  1. Dissent
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    Dissent BANNED

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  2. Oddball
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    Oddball BANNED Supporting Member

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    A "private" plan that's state-run?

    Somewhere in the cosmic ether, Orwell is having a big fat belly laugh.
     
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  3. WillowTree
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    WillowTree Diamond Member

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    Cause they're so good at it?
     
  4. ShootSpeeders
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    ShootSpeeders Gold Member

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    I was just gonna say the same thing. More liberal loonybirdisms. Like saying persecuting whites via affirmative action is a way to fight racism!!!
     
  5. OKTexas
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    OKTexas New Life Member of the NRA 12/15 Supporting Member

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    They will mismanage the money, won't be able to keep their promises and then will want the feds to bail them out. Too bad the feds are broke also.
     
  6. Trajan
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    Trajan conscientia mille testes

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    jerry brown is a riot.


    from the link;

    The program directs employers to withhold 3 percent of their workers' pay unless the employee opts out of the savings program, which can be done every two years. It would be administered by a seven-member board chaired by the state treasurer. The board would select a professional fund manager, which could be a private investment firm or the state's public pension system, to maintain the money.



    right, nothing can go wrong here:rolleyes:
     
  7. Toro
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    Toro Diamond Member

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    Why do you believe that creating a state-run voluntary pension plan does this?
     
  8. Full-Auto
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    Who in their right mind would give government (especially democrats ) their money to invest???


    However, I strongly suggest every democrat take part. Its a win win for them.
     
  9. Katzndogz
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    Katzndogz Diamond Member

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    Here's why.

    "SB1234 looks like nothing more than a cynical effort to prop up the floundering public employee pension debt with new funds from private investors," Walters wrote in a blog ahead of the bill signing.

    In 30 or 40 years when private sector workers retire and find that all the money was taken for the PERS system they won't be able to do anything about it.
     
  10. Toro
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    This should be an opt-in program, not an opt-out program, and should be strictly voluntary. But otherwise, I don't have a problem with this.

    I started my career as a stock broker. I was stunned at how many people had inadequate savings. I would go and meet with 50-something couples who had $15,000 in savings and wanted me to turn it into $500,000 in 10 years. Study after study has shown that people a.) do not save enough, and b.) usually do poorly when doing it on their own. Such a program helps mitigate the number of people receiving government aid when they are seniors.
     

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