Tony Snow's Empty 401(k)-If Snow won't save for retirement, why sho

[RamboLiberal]

From the time he joined the Bush administration in May 2006 until he delivered his final briefing last week, White House press secretary Tony Snow had the unenviable job of defending an increasingly unpopular administration to a press corps intent on making up for its earlier fawning treatment. Snow has also been a chief spokesman for the Bush administration's domestic agenda, forced to argue continually that the typical American is doing just fine, and bravely pushing the unpopular elements of Bush's vaunted "ownership society": privatizing social security, eliminating defined-benefit pensions in favor of 401(k)s; and replacing insurance with health savings accounts, high-deductible policies, and other consumer-driven health-care initiatives.

And yet Snow's own life in many ways symbolizes the downside of the ownership society—and suggests how much a government role in health and retirement benefits is necessary.

When Snow came to the White House after several years at the Fox News Channel, it was clear that he had relied entirely on others to save for his retirement. Snow conceded: "As a matter of fact, I was even too dopey to get in on a 401(k). So there is actually no Fox pension. The only media pension I have is through AFTRA ." Even though his employer provided a 401(k) and would have matched contributions, and even though he was earning hundreds of thousands of dollars, Snow had not shown either the interest or financial capability to manage his own retirement benefits.

As part of his press secretary job, Snow had to spin economic news to make it seem as if the typical American was doing well in an economy in which gains have been distributed unevenly. A report issued by the Census Bureau last month showed that median household income, at $48,201, hasn't budged since 1999. Snow admitted to feeling pinched on his salary of $168,000, which is about 3.5 times the median U.S. income. "We took out a loan when I came to the White House, and that loan is now gone," he said. "So I'm going to have to pay the bills."

http://www.slate.com/id/2173288/entry/2173202/nav/ais/

What a doofus. I was wondering why "poor" Snow Job had to take out a loan to work at the WH in a freakin' $160,000+ job.

[Name removed]

1. Deleted message

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[beberocks]

2. Goes to show what some people will do/pay to kiss B*sh's backside. n/t

[RB TexLa]

3. I doubt he is concerned with retirement money

Sad, but what concern would he have about it?

[redqueen]

5. Not like they're blues masters, living on crumbs after producing works of genius.

These whores will always find johns to pay their bills.

[Ilsa]

6. One would think that maybe a decade ago, or whenever his

pre-cancer days were, he would have been concerned and started saving, especially with matching at 25% or higher. I hope he at least has a good insurance policy to help out the wife and kids when he is gone. I bet SSI won't keep them in the lifestyle to which they are accustomed, not if he was borrowing money to accomplish that at $150,000 a year at the WH.

[DangerDave921]

4. lavish spending?

My guess is that he was living beyond his means, as do many folks who earn the higher incomes. Once you travel in the upper circles, it's easy to convince yourself that you are one of those people and can do the same things they do. $168,000 a year is not a lot IF you're going to be living like you're making half a million.

Or maybe he had a lot of health bills. Who knows.

[Sadie4629]

7. Depends on where he lives, too

I'm sure $168,000 isn't much in some of the DC burbs.

[bunkerbuster1]

13. I'm sure his employee-paid health insurance was/is excellent

not buying the "bankrupted by bills" business in his case. The guy just didn't practice what he and his thug masters preach, pure and simple.

I'd never wish ill upon the man; I hope he manages to recover, or to at least enjoy a productive, pain free life. But I have no sympathy for his financial situation; he had the wherewithal to provide very well for himself in his dotage had he chosen to.

[leftofthedial]

8. only the super wealthy--mega-millionaires

are thriving as a class

[Mabus]

9. Why should he save for the future?

He was probably waiting for the rapture to occur. Afterwards, he wouldn't be here so he wouldn't be responsible for his debts.

[rurallib]

10. Good thing he had medical insurance

Just think where he'd be without it now.

[rurallib]

11. May I add - maybe W will go out and help him 'fill the coffers'

Good old compassionate George. I am sure he cares. "Tony who?"

[LSK]

12. he makes more than 3 times what most people make as Press Sec

Multiply your salary by 3 and he probably makes more than that. And he needed a loan? He has to quit because thats not enough money????

My only guess is maybe he has huge medical bills.