It’s Bush’s Fault For Millions Losing Money In Their Pensions
Remember the good old days, when newspapers could get away with spinning the news and no one could call them on it? Ah, those were the days before the rise of the Internet(s), when liberals owned whatever they wanted to make news, and none would be the wiser. Case in point
Shortly before the first signs of the stock market collapse, the Bush administration made a crucial decision that has propelled an estimated one to two million workers into stock-heavy retirement funds.
Many of the funds in which workers were automatically enrolled dropped more than 25 percent last year, while a more conservative investment strategy rejected by the Bush administration would have resulted in a gain of 4.7 percent.
I’m sure the Globe would be complaining if the market continued to go well and the recipients only received a small gain. And if those conservative investments had gone south, they would be complaining about that. BDS.
The administration’s decisions came in response to a congressional mandate to encourage more workers to participate in company-sponsored retirement savings plans. The Bush administration came up with a rule that enabled businesses to automatically enroll their workers in tax-free 401(k) retirement plans.
Said Congressional mandate, known as the Pension Protection Act of 2006, received almost no support from Democrats in the House, but, had all but two Democrats voting Aye in the Senate, including, yes, Barack Obama! So, can we blame him for this, as well? It only seems fair, right? He is The President now, and Democrats have been telling us that the buck stop at the White House, so, let’s blame Obama. (and Clinton, Biden, and Reid, as well as the previous Democrat rented candidate, John Kerry)
….The Bush administration came up with a rule that enabled businesses to automatically enroll their workers in tax-free 401(k) retirement plans.
If the workers failed to specify how they wanted their money invested, the company would be required by law to place their retirement money in investment funds that, for the most part, relied heavily on stocks. The administration specifically rejected calls for a more conservative investment option.
So, basically forcing companies to enroll lazy employees in 401(k)’s. Up to a 3rd of workers never bother. And at the time the law was signed, August 2006, and the time it started, in 2007, there was no sign of a recession. Even if we use the most lax start date for the recession, the 4th quarter of 2007, was Bush supposed to have the Wizard Cheney look in the crystal ball? We could always go with the talking point that the recession didn’t start until Democrats were well in control of Congress, and Barack Obama was looking more and more likely to be the Democrat presidential candidate.
Interestingly, the article author, Michael Kranish, failed to even mention the name of the Act, failed to mention who voted for it (our current president,) and failed to mention, as most papers, including the Boston Globe, have failed to mention, the roles of Democrats and their legislation, such as the Community Reinvestment Act, in creating the conditions for this recession. Heck of a lot more then 1-2 million people with all sorts of money and credit related issues involved because of liberal policies such as the CRA.
Imagine, someone in our Credentialed Media leaving out facts in favor of Bush Derangement Syndrome. Hard to believe, eh? Maybe if so many papers acted more like Joe Friday (just the facts, Ma’am) they wouldn’t be on the verge of going under.
PS: Humor quotient raised to 8. Was scrolling through the Obameter, and found out one of his campaign promises was to create auto-enrollment in 401(k)’s, which seems to be going through with his 2010 budget. You would think Obama, the smartest President Evah!!!! could at least remember one of the few votes he did not vote “present” on.
Will The Boston Globe take Obama to task if the rates of return are not good enough or lose money? Provide the Globe is still around, of course.