SIROTA: Clinton financier & potential Treas Sec - pushing plan to shift retirees' savings to Wall St
My vote for Hillary will not be a vote for this.
Can someone please debunk this with Hillary's track record on Social Security.
The investment colossus is most famous in politics for its Republican CEO likening an Obama tax plan to a Nazi invasion. James, though, is a longtime Democrat and one of Clintons top fundraisers. The billionaire sculpted the retirement initiative with a prominent labor economist whose work is supported by another investment mogul who is a big Clinton donor. The proposal has received bipartisan praise from prominent economic thinkers, and James says that Clintons top aides are warming to the idea.
It is a plan that proponents say could help millions of Americans but could also enrich another constituency: the hedge fund and private equity industries that Blackstone dominates and that have donated millions to support Clintons presidential bid.
The proposal would require workers and employers to put a percentage of payroll into individual retirement accounts to be invested well in pooled plans run by professional investment managers, as James put it. In other words, individual voluntary 401(k)s would be replaced by a single national system, and much of the mandated savings would flow to Wall Street, where companies like Blackstone could earn big fees off the assets. And because of a gap in federal anti-corruption rules, there would be little to prevent the biggest investment contracts from being awarded to the biggest presidential campaign donors.
http://www.ibtimes.com/political-capital/hillary-clinton-wall-street-financial-industry-may-control-retirement-savings
Cooley Hurd
(26,877 posts)...my SS funding a shitty casino in Atlantic City.
OKNancy
(41,832 posts)No one knows who she will appoint.
I can assure you Hillary won't mess with Social Security. However, some of the ideas for increasing retirement savings are a good idea. I have a small IRA but unfortunately health bills have depleted a lot of it.
By helping with healthcare costs, strengthening Social Security, and figuring out how to use other retirement plans to increase savings, life for seniors could be greatly improved. I'm not one of those people who think investments are 100% negative. Investing in index mutual funds really saved us. ( we could pay medical bills)
Oh, I need to add that we are not rich people either! My husband is/was a house painter. I owned a dance school, but retired in 2010 due to the recession and bum knees! LOL
nolabels
(13,133 posts)Or maybe that was another one, oh well
tonyt53
(5,737 posts)geek tragedy
(68,868 posts)role he could play in developing major legislation that maybe one day could possibly be introduced
emulatorloo
(44,130 posts)4lbs
(6,858 posts)<snip>
The website International Business Times began as a clickbait factory, one that Google used allow to flood Google News with nonsense along with a ton of aggregated content. Then it bought Newsweek (probably for next to nothing) and it was hard not to take IBT Media seriously at least for a while.
IBT Media always felt like it was run on a shoestring budget. Reports like this one from Mother Jones and Fortune wondered just who was behind IBT Media. I was more concerned with the quality of its journalism and its business acumen.
IBT Media was founded about a decade ago by Etienne Uzac, who has served as CEO, and Johnathan Davis, who serves as Chief Content Officer. Just who are these guys, and why are they running a media company? I could never understand it, and really still dont.
<snip>
Blue_Tires
(55,445 posts)geek tragedy
(68,868 posts)emulatorloo
(44,130 posts)This is yet another pseudo-"progressive" hit fact free piece full of speculation, negative spin and innuendo.
See post 5 by geek tragedy. A very succinct analysis.
Bill USA
(6,436 posts)Fast Walker 52
(7,723 posts)though I'm sure there will voices in her administration who will push this