We should have a 401 (k) plan because 401 (k) plans are a proven failure.
– Tim Worstall writing No, Really, These People Are Insane 🤣
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Samizdata quote of the dayApril 26th, 2021 |
 4 comments to Samizdata quote of the day |
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Fedgov employees are automatically enrolled in a Thrift Savings Plan, which is really the same as a private 401k/IRA.
The difference? If you’re a private worker, you have an option to sign up for the 401k. If you’re a fedgov employee, you’re automatically signed up.
So of course the TSP works better. But it’s the same.
Of course, as the Fed Gov in the US runs out of actual $$, they will seize all those 401K’s and issue IOU’s. The question then becomes, will they seize those TSP’s as well? Then what happens as the nation realizes that everything they sacrificed for the future has been stolen from them? For “The Greater Good.”
The crash is coming. Look at the massive inflation spikes in just about anything that can be classed as a hard asset, even things such as building supplies.
People working for the government or the Corporations have the same “pension plan” – it is called the Federal Reserve, creating money (from nothing) to prop up the stock market and-so-on. This absurd system is going to collapse – as it is based on nothing.
A better “pension plan” would be a farm and children with useful skills. Knowing how to work with wood and with metal.