this post was submitted on 14 Apr 2024
302 points (96.9% liked)

News

37090 readers
1240 users here now

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.

2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.

3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.

4. Post titles should be the same as the article used as source. Clickbait titles may be removed.

Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.

5. Only recent news is allowed.

Posts must be news from the most recent 30 days.

6. All posts must be news articles.

No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.

7. No duplicate posts.

If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.

8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.

9. No link shorteners or news aggregators.

All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.

10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 2 years ago
MODERATORS
JonsJava@lemmy.world
gedaliyah@lemmy.world
little_cow@lemmy.world
jeffw@lemmy.world
enu@lemmy.world
rjc@lemmy.world
Tenthrow@lemmy.world
302
‘The 401(k) industry owns Congress’: How lawmakers quietly passed a $300 billion windfall to the wealthy (www.politico.com)
submitted 2 years ago by MicroWave@lemmy.world to c/news@lemmy.world
87 comments fedilink hide all child comments
 

Greased by lobbying and campaign cash, tax breaks for retirement savings are one thing Congress agrees on. But they also blow out the deficit and add to income inequality.

Five months before Congress faced a near-catastrophic standoff over the debt ceiling, with Republicans demanding restrictions to food and Medicaid programs to rein in spending, a bill that raised the cost of private retirement savings accounts to $282 billion per year was quietly signed into law.

In this era of deeply divided politics, the 2022 bill known as Secure 2.0 was hailed as a bipartisan success — a victory for average Americans. It had sailed through the House by a whopping 414-5 vote. It followed four other major bills passed between 1996 and 2019 that dramatically expanded taxpayer savings – all equally lauded as bipartisan victories.

But that rare issue that brought a divided Washington together also increased wealth disparities and the federal deficit. And the victory was most strongly applauded by the burgeoning financial services industry, for whom tax-advantaged retirement savings has transformed a $7 trillion retirement market in 1995 to a $38.4 trillion behemoth in 2023.

you are viewing a single comment's thread
view the rest of the comments
[–] protist@mander.xyz 2 points 2 years ago (1 children)

You're misunderstanding my point. I'm saying it's not healthy to tell your young child explicitly that you're making this choice between buying them a toy or saving for retirement. This conversation started with you saying you just had that conversation with your daughter yesterday.

[–] FlyingSquid@lemmy.world -3 points 2 years ago (2 children)

Do you think the conversation was literally "I'm making a choice between buying you this toy and saving for retirement?" For one thing, she's almost 14.

[–] ripcord@lemmy.world 3 points 2 years ago* (last edited 2 years ago)

The only person I've seen attempting to make that argument in this thread is you. It's been a really weird strawman thing.

[–] protist@mander.xyz 3 points 2 years ago (1 children)

Egad man, what is happening in your head

[–] FlyingSquid@lemmy.world 2 points 2 years ago (1 children)

Here is what is happening in my head.

You said:

I’m saying it’s not healthy to tell your young child explicitly that you’re making this choice between buying them a toy or saving for retirement.

I agree. But I don't have a young child anyway.

This conversation started with you saying you just had that conversation with your daughter yesterday.

That was not the conversation we had.

I hope this clears things up.

[–] protist@mander.xyz 0 points 2 years ago (1 children)

You should probably go up top there and change where you said "I just had this conversation with my daughter yesterday"....

[–] FlyingSquid@lemmy.world 1 points 2 years ago (1 children)

I did not say that. That is false. This is what I said and this is it in context:

In other words, I was talking to my daughter about people who think you should invest money rather than buy groceries.

Once again, I hope this clears things up.

[–] protist@mander.xyz 2 points 2 years ago (1 children)

Not even a little 😕 Who exactly is telling you to invest your money instead of buying groceries?