OCTOBER 7, 2008
Retirement Security. A hearing was held on the effect of the financial crisis on pension funds and workers' directed retirement accounts, such as 401(k) plans. Congressional Budget Office Director Peter Orszag said that American brokers have lost as much as $2 trillion in retirement savings in the past 15 months. Other topics included a trend for older Americans to work longer into their 60s, and changes made by Congress in recent years that shift decisions, costs, and risks from employers to employees, who often lack investment knowledge.
Much of this testimony is coded by the Left to obfuscate their real intentions: nationalize 401Ks, IRAs, and pension plans in the name of "security" and "fairness."