Say it ain't so, Joe. Is Congress really considering capping 401(k) contributions at $2,400 per year which is down from $18,500 per year now? Let's hope not. This would be a huge mistake and I cannot imagine that it is even true. This would never pass into legislation.
What are these people (idiots) thinking? If you are over 50 years old, you can contribute an additional $6,000 on top of the $18,500. What are they going to do? Allow 50 year old and up people an additional $600 to make it $3,000 total? Seriously?
I just wonder if this is really fake news by the media to try and destroy the Tax Cut 2.0 plan by the Republicans. It fits their playbook 100%. Scare people to death with their outlandish claims in order to win votes from stupid people who don't have any sense and who listen and read fake news all day.
If true, this has to be the dumbest thing to ever come out of Washington, D.C.
President Trump tweeted that the 401(k) will be left alone. I cannot imagine him signing this middle class destroying legislation, nor any President for that matter.
Another thing I heard was they are talking about allowing people over age 70 1/2 to be able to make contributions to their IRA's. Currently, this is not allowed. This is give an old guy a break thinking which would be better than capping contributions. This makes me wonder if the news that came out about capping 401(k) contributions at $2,400 was in reality just another line of fake news.
It always blows my mind that the government has disincentives for people to work. I guess they want everyone on the government dole. Don't these Washington, D.C. idiots understand that if people cannot contribute deductible money to their 401(k), then this means that they will have less money in life which increases their possibility of becoming dependent on the government in the future. Dumb with a capital "D".
Showing posts with label Congress. Show all posts
Showing posts with label Congress. Show all posts
Wednesday, July 18, 2018
Monday, March 13, 2017
Holding Pattern
Not much has changed lately. Everyone wants to see some action out of Congress. Normally, they can get away with doing nothing, but not this time. As my dad used to say, "It's time to chin the pole". In other words, get it done. I am optimistic that things will work out. Stay tuned.
Tuesday, July 5, 2011
Its the Jobs Stupid
One of the Blogs that I follow, http://www.calculatedriskblog.com/, that is fantastic by the way, just published a table of recent Employment Statistics. The table was a comparison from the month when this recession started, December 2007 and the latest month of data, May 2011. These numbers are staggering to say the least.
A few that popped out at me were that on population growth alone, we are down 6.157 million jobs. In December 2007 the unemployment rate was 5.00%. Today it is 9.1%. There are 6.2 million people unemployed for 27 weeks or more as of May 2011. This is in comparison to December 2007 when it was only 1.3 million. That's worth saying again. 6.2 million vs. 1.3 million!
The true unemployment rate is 15.8% today, which includes the Unemployed, the Part-Time for Economic Reasons, the Marginally Attached to the Labor Force and the Discouraged Workers. In December 2007, it was about half that number at 8.8%.
In order to get back to December 2007 levels, we need to add 6.94 million jobs. Not Part-Time for Economic Reasons, not Marginally Attached to the Labor Force, but Full-Time Jobs!
You would think with numbers like these, the Obama Administration and Congress would be burning the midnight oil trying to come up with some solutions. They seem to be squarely focused on kicking the can down the road and going on summer vacations.
The voters really have to clean house in the upcoming 2012 election and also for a long series of elections to come. We need some people who will put America first, rather than those who only care about their own self interests. The only kind of legislation that we are going to see from this group is ideologically correct legislation. In other words, the Democrats will only agree to things that benefit their electability and the same holds true for the Republicans.
No matter what. Get out and Vote!
A few that popped out at me were that on population growth alone, we are down 6.157 million jobs. In December 2007 the unemployment rate was 5.00%. Today it is 9.1%. There are 6.2 million people unemployed for 27 weeks or more as of May 2011. This is in comparison to December 2007 when it was only 1.3 million. That's worth saying again. 6.2 million vs. 1.3 million!
The true unemployment rate is 15.8% today, which includes the Unemployed, the Part-Time for Economic Reasons, the Marginally Attached to the Labor Force and the Discouraged Workers. In December 2007, it was about half that number at 8.8%.
In order to get back to December 2007 levels, we need to add 6.94 million jobs. Not Part-Time for Economic Reasons, not Marginally Attached to the Labor Force, but Full-Time Jobs!
You would think with numbers like these, the Obama Administration and Congress would be burning the midnight oil trying to come up with some solutions. They seem to be squarely focused on kicking the can down the road and going on summer vacations.
The voters really have to clean house in the upcoming 2012 election and also for a long series of elections to come. We need some people who will put America first, rather than those who only care about their own self interests. The only kind of legislation that we are going to see from this group is ideologically correct legislation. In other words, the Democrats will only agree to things that benefit their electability and the same holds true for the Republicans.
No matter what. Get out and Vote!
Wednesday, November 24, 2010
Budget Deficit Spin Doctors
I just about fell out of my chair yesterday when I heard a Democratic pundit on TV say that "you cannot fix the deficit problem by cutting spending alone." Come again? As a Certified Financial Planner with a ton of number crunching experience, I find that statement to be totally false.
If I am spending $50,000 a year, but my cash flow from income is only $45,000 a year, then I can reduce my spending by $5,000 a year and solve my deficit problem. I didn't have to raise my income in order to do this which is the equivalent of the Democrats wanting to raise taxes.
This is as simple of a mathematical computation as it takes to solve a spending/deficit problem. The Democratic pundits on TV just do what they always do and that is mislead people into believing their spin on things.
Truth be told, you can reduce the deficit of this country by only reducing spending and not having to raise any taxes. Of course if you truly were to reduce spending in government, then this means that you would have to run it like a business and lay people off from their jobs. Or, better yet, take advice from a Certified Financial Planner and cut spending where you can. The problem is that the Democrats and some Republicans want to protect their turf. These people have never had to be on a budget. Why should they start now? Their thinking is to just stick it to the American people like they have always done.
Unfortunately for Democrats and Republicans alike, the American people are paying attention. In the past, nobody paid much attention to Congress, but now they have taken notice. If they simply raise taxes and do not cut spending, then the American people will do the cutting in terms of Congressmen in the next election.
If I am spending $50,000 a year, but my cash flow from income is only $45,000 a year, then I can reduce my spending by $5,000 a year and solve my deficit problem. I didn't have to raise my income in order to do this which is the equivalent of the Democrats wanting to raise taxes.
This is as simple of a mathematical computation as it takes to solve a spending/deficit problem. The Democratic pundits on TV just do what they always do and that is mislead people into believing their spin on things.
Truth be told, you can reduce the deficit of this country by only reducing spending and not having to raise any taxes. Of course if you truly were to reduce spending in government, then this means that you would have to run it like a business and lay people off from their jobs. Or, better yet, take advice from a Certified Financial Planner and cut spending where you can. The problem is that the Democrats and some Republicans want to protect their turf. These people have never had to be on a budget. Why should they start now? Their thinking is to just stick it to the American people like they have always done.
Unfortunately for Democrats and Republicans alike, the American people are paying attention. In the past, nobody paid much attention to Congress, but now they have taken notice. If they simply raise taxes and do not cut spending, then the American people will do the cutting in terms of Congressmen in the next election.
Monday, August 24, 2009
Vilification is Getting Old
The liberal playbook is getting old. The problem is that they believe most Americans are stupid. What the liberal's do to get their way is now common knowledge. Their playbook has not changed. It is:
- State that there is a major problem.
- State that they have a solution to the problem.
- Vilify opponents publicly.
- Vilify major corporations publicly.
- Threaten opponents and major corporations.
- Bring forth legislation to fix the problem.
- Vote in favor of the legislation.
- Ignore constituents.
- Spread the rewards to their cronies.
The problem with the Health Care Reform Public Option is that it affects most everyone. If Congress is passing legislation to build a bridge in some far off state, then that does not really have much effect on everyday Americans. However, health care affects everybody, so people are more engaged on this topic and they are making it known to their Representatives and Senators.
Keep up the good fight America.
I say VTO in 2010. VTO stands for Vote Them Out in 2010! Maybe it should be VTAO. Vote Them All Out!
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