Braindead Dems Strike 401k Fear: Opinion

Think it’s tongue-in-cheek? Think again

Let's hope they move slow.Let's hope they move slow.

Love or hate him, if you need another reason for why Donald Trump was elected, Illinois certainly has it. Call it the Chicago way.

The state’s pension debt hit a whopping $130 billion in 2016, up 17 percent from 2015. While many blame profligate government spending for the Land of Lincoln’s financial ills, the Chicago Tribune specifically points to said pension debt as its cause.

Now, barring a block from the feds, the Illinois Secure Choice Savings Program, a state-mandated IRA, is set for full implementation in June. It follows similar plans from equally frugal stewards of the people’s purse in other locales, most notably California. Apparently the introduction of state-run IRAs and 401ks like these, overseen by the same people, is the answer to our retirement woes.

(Rest assured, the mandatory Illinois plan is “designed to impose minimal burdens on employers.”)

We’re all for a 401k-style retirement system for government workers; anything is better than the outdated and antiquated DB pension system. Heck, we don’t even have an issue with state governments that simply establish a retirement marketplace to promote coverage, like New Jersey. But a mandatory government-run system for private sector workers is another matter.

If you still need convincing, consider this—as the Illinois budget heads for financial Armageddon, state lawmakers are busy preparing for Armageddon of another type. The Wall Street Journal reports on Springfield’s efforts to designate October 2017 as Zombie Preparedness Month.

Think it’s tongue-in-cheek; a whimsical nod to the recent pop-culture popularity of the undead? Think again.

“Whereas, if the citizens of Illinois are prepared for zombies, than [sic] they are prepared for any natural disaster,” the resolution reads. “While a Zombie Apocalypse may never happen, the preparation for such an event is the same as for any natural disaster. Resolved … that all Illinois residents are encouraged to participate in preparing for a Zombie Apocalypse.”

This is where, in all seriousness, they choose to focus. Zombies—we could be so lucky.

9 Comments on "Braindead Dems Strike 401k Fear: Opinion"

  1. noname noslogan | March 7, 2017 at 1:23 pm | Reply

    this is rude and offensive. opting out of your NL

  2. Sounds like the setup of a Ponzi Scheme. Going to mandate new monies to be paid into the system and they’re most likely going to use those new monies to pay old obligations.

  3. Industry Person | March 7, 2017 at 3:51 pm | Reply

    This headline and article is obnoxious. How about reporting on our industry and leave the gross politics at the door? This isn’t the first time you have posted rude partisan headlines. Stop.

  4. Your agree with other commenters here. Your insultis and sarcasm are a deeply unintelligent substitute for rational discourse.

  5. I find it laughable that those chastising the writer believe he is rude and obnoxious, yet can’t offer one counterpoint to prove he is wrong. The facts show that a vast majority (I know you’ll find some outside the lines example) of all of the financial problems on the State and Local levels are tied to places where the democrats control the government and / or decision making process. What’s even more laughable is that whenever the “ultra-sophisticated” democrats destroy a community or a state, they then move to a state that is very prosperous and low on taxes, crime, welfare, etc. If you REALLY believe in what you preach, you should be willing to move into the communities where there are massive pension shortfalls and beg for the politicians to raise your taxes to pay your fair share.

  6. Gerald Johansen | March 8, 2017 at 7:37 am | Reply

    This is a bunch of hog wash….it is really about the greed in the financial industry doesn’t want the states in the their action. Personally, I would love to have access to a 401k style plan patterned after the highly successful Thrift Savings Plan (TSP)….instead, all I get access to is expensive and actively managed mutual funds sponsored by Edward Jones.

    Opting out of your news letter….guess it is more for firms like Edward Jones who have been sued twice by 401k participants for their business model….

  7. As an Illinois resident I wish there were more articles like this TRYING to educate people. Who said “it’s the financial institutions fault”?? Seriously? It’s greed, graft, corruption and stupidity and Illinoisans are voting with their feet. A mandatory IRA is illegal. Of course there will be an opt out clause which anybody in their right mind will exercise. Just another government program for Illinois to steal from, mismanage and run into the ground. They refuse to fix the outdated and unsustainable pension problem. Their only solution has been and always will be to raise taxes until there’s nobody left in the state but the welfare recipients and pension holders who will get nothing in the end anyway because they too are delusional and greedy. Your pension may look good on paper…good luck collecting when there’s nothing actually in there.

  8. Christopher Flanagan | March 9, 2017 at 9:47 am | Reply

    Opting Out. I don’t need insults and half truths. Agreed, its a difficult situation but it’s impossible to take what you say seriously when you start with, and continue with infantile name calling. Take me off your distribution list.

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