Under the pension plan Obama spelled out this week, employers would be required to enroll workers in a direct deposit retirement account that invests a small percentage of each paycheck. Workers would have a choice of opting out or adding to the account. The account could be taken with the worker to a new job.
Incredibly innovative, yes......if we didn't already have 401(k) plans, SIMPLE plans, and IRAs that do the same thing. Indeed, you can set up IRAs that are direct-deposit from your paycheck without even having to have your employer sponsor it. Furthermore, as of the Pension Protection Act of 2006, employers are allowed to institute mandatory participation and contribute a fixed amount of each employee's paycheck to their 401(k), SIMPLE, or IRA plan.
It sort of begs the question: is Obama that clueless that he doesn't know these things are there......or does he think that voters are so dumb that they don't realize what he's proposing already exists?