The Peoples Republic of California Decrees…

Good day all. Once again, the totalitarian scumbags of the Peoples Democratic Republic of California have come up with another thing to screw over the taxpayers.

This time it’s a mandatory retirement account run by the Central Committee morons who have run California into the ground already. Here are some of the details from Fox News:

California lawmakers are pushing a controversial, first-in-the-nation plan that would require private-sector employers to remove 3 percent from every worker’s paycheck. The money would go into a new state fund with a guarantee that all withheld funds plus investment gains will be available for distribution at retirement age.

Now, anyone who relies on Social Security deserves everything that will happen to them when it finally collapses in a few years. You should have at least a personal IRA ((Individual retirement account)), as well as putting money aside in a savings account. There are many reasons people don’t do this. One, they simply can’t afford to. They are living paycheck to paycheck. Another reason is shear stupidity and laziness. There are many ways to fix the former, but I can’t think of one good reason to do anything about the latter. In nature, stupidity kills. It’s one way to clean out the gene pool. So what is the basic plan behind this Baldrick ((Baldrick)) like “Cunning plan?”

The idea behind the Secure Choice Retirement Savings Program, which got preliminary approval, is for it to be a state-run supplement to Social Security, but only for people who don’t have traditional workplace retirement plans. For an estimated 6 million working Californians, the benefit of a pension or 401(k) is out of reach — so state lawmakers are trying to implement the new mandatory retirement fund for private sector workers.

Oh I LOVE the name “Secure Choice.” Talk about your Newspeak ((1984’s Newspeak))! There is absolutely NO choice in joining this plan. Then there is the small detail of who will be running this program. With 401K’s and IRA accounts, everything is handled by private companies such as Fidelity or Trowe Price. They are set up to keep the money as safe as possible while increasing the value of the account holders account. If they screw up, people will move their money elsewhere and the money managers basically go out of business. Try doing that with a state mandated and run program.

But critics wonder how the state with a turbulent record of budget keeping and a much-ridiculed public worker pension system can be counted on to protect people’s money.

“I think you’ll find out that what is promised in the (Secure Choice plan) is not possible to deliver,” lobbyist Marc Burgat contends. “If you could deliver guaranteed returns with less than one percent costs, no employer liability, no government liability — that’s a fantasy.”

The answer to all this is simple. The morons running California can’t handle this. Take a look at CalPers ((California Public Employees’ Retirement System)) and think how well they’ve handled their investments. One thing private business managers don’t do is play politics with their investors money. Their only concern is maximizing their investors profits within the law. Government run pension and investment systems are just the opposite. They will invest in politically correct businesses, and not in any that their political masters deem “Evil.”

Another problem is “Who the Hell are these people and what gives them thew right to tell me how to handle MY money?” Do you really need to ask?

There is also concern that this is another example of government do-gooders trying to force better behavior by its citizens.
Do-gooders and other idiots think they are smarter then everyone else and know, KNOW, that the individual can’t be trusted to make any decisions at all. Another term for this is “Plantation Owner.” The people they “managed” also had a different name. They were called “Slaves.”

“There are pros and cons to the various approaches,” behavioral finance expert Shlomo Benartzi explained to Fox News. “But I think the critical ingredient is to make it easier for people to save for retirement.”

I don’t have a problem with this. I’m a firm believer that people should have every opportunity to keep their own money and handle it the way they see fit.

Benartzi, who teaches at UCLA and represents the Allianz Global Investors Center for Behavioral Finance, understands the argument of critics but but disagrees that this is an area where the government should butt out.

Now I did a search on Shlomo Benartzi and didn’t find much other then some books on Amazon and links to the Allianz Global Investors Center for Behavioral Finance. The latter seems to be some sort of Think Tank. If what I’m finding is accurate, Mr. Benartzi is an academic with little real world experience. Just the sort of person you want to keep far away from decision makers.

“We eat too much. We drink too much. We don’t save enough. I think the difference in the case of savings is that I think we can fix it. By making it easier to spend less and save more,” he said.

Yep, that statement tells me he is part of the “Ruling Elite” headed up by that noted constitutionalist and lover of indiviualism, Mayor Michael A. Bloomberg.

Of course, this is California. The people who work there are not noted for their common sense, self reliance or intelligence.

“Most people can’t save money and then to save it for when you’re retired is very hard. It would be like saving it for 50 years,” said Coty, a waitress.

Pascal, who works on movie sets, said, “you need to look for the future and it’s just too hard at this point to do it by yourself.”

What a pair of idiots. How do they tie their own shoes are even breathe on their own without someone there to help them? Hey you idiots, allow me to provide a link to someone who can help you set up your own retirement accounts. (Note: I once worked at Fidelity on a contract basis. I have accounts there, but no other association with them and I do NOT represent them in ANY way, shape or form. AW)

Now, what about the employers who will have to deduct 3% from an employee’s paycheck? What if they don’t want to do this?

Employers who don’t conscript workers into the program are subject to fines, though they will not have to provide any matching funds.

Not yet they won’t.

Burgat wonders if that requirement will soon follow.

“So for the employer in California, it becomes another huge burden in a state that CEO magazine is already calling the state that is the hardest to do business in America. It just becomes another opportunity for liability. Another opportunity for a lawsuit and yet another burden we’re placing on the employer,” Burgat said.

There is also a couple of other things Mr. Burgat hasn’t considered. First, yet another cost dumped on employers will drive a number out of business. Others will reduce staff. If they are then forced to match the 3% they have to steal withhold from their employees paycheck, even more will close.

Then there will be the temptation by the legislature to help themselves to that money. California is broke. Thanks to the Progressive Liberal Democrats out there, California is just shy of becoming a third world state.

Now this is NOT a done deal. There is a lot that has to happen first, such as getting approvals from the Infernal Revenuers Service and the Labor Department. Of course, with the current administration in Washington, this will be a simple rubber stamp. And as no bad idea from California is ever ignored:

The California plan is the first in the nation, though other states have expressed interest as well as lawmakers in Washington.

That would be Lawbreakers such as Senator Tom Harkin ((Thomas Richard “Tom” Harkin)). You may recall that after the 2010 blowout, Harkin held hearings on seizing all the 401K accounts in the country and transferring them to the Social Security system. I have no doubt he would love to institute this plan on the federal level as a precursor to grabbing all the private retirement accounts “For the people’s own good” of course.

California is a total loss and if this plan goes through, you will see the state unemployment levels increase by at least 3 more points. We’re already seeing this happen with Obamacare. Businesses that were making it before, will go bankrupt after it’s implemented. When will people finally understand that Government is not the answer, it is the problem? Probably not until half the population has died from all the government “help” they’ve been given.

Thatisall

~The Angry Webmaster~

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