HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Topics » Activism » Socialist Progressives (Group) » GM to move all salaried w... » Reply #1

Response to TBF (Original post)

Fri Feb 17, 2012, 04:48 PM

1. 401K Fraud


The 401 plan is a massive fraud on workers. For one very few people will ever save enough money for themselves to retire in comfort. The 401K was meant to be a supplement to Social Security and traditional "defined" benefit plans. The GOP wants to take away Social Security and Medicare. So that leaves today's workers virtually nothing when they are old enough to retire.

The 401K give Wall Street to pump these plans of money for fees for decades up to 50 years. It also allows the Wall Street to money pump these plans as the market goes up and down. A weekly donation from you paycheck can disappear the the next morning. And you will have to wait until you are nearly 60 to get any money without penalty. And now we have a corporate philosophy" where workers are discarded by the time they are 45.

The 401K is the biggest "bait and switch" fraud since 1900. The money that would have been put into "defined benefit" plans are being given to CEO's and wealthy investors instead of workers. All CEO's have a golden guaranteed retirement funded by workers.

For the greedy the world is not enough.

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 8 replies Author Time Post
TBF Feb 2012 OP
LineNew Reply 401K Fraud
TheMastersNemesis Feb 2012 #1
limpyhobbler Feb 2012 #2
white_wolf Feb 2012 #3
socialist_n_TN Feb 2012 #5
white_wolf Feb 2012 #6
TBF Feb 2012 #7
socialist_n_TN Feb 2012 #8
Starry Messenger Feb 2012 #4
Please login to view edit histories.