re: #273 Vicious Babushka

Reading this conversation on Twitter. Just jaw-dropping.

I’ll have to find it, but there was a report the other day that a quarter of Americans with 401Ks are dipping into them, even though it means incurring steep penalties, in order to cover things like mortgages and bills.

I’ve had more than one faux economist wingnut tell me that, if people could keep all the money “taken” from them to pay for SS and were able to “invest it wisely,” they could not only have plenty of money to retire on, but could leave what’s left to their descendents. Yet the payroll tax cut holiday’s end pretty much snuffed that out, because all we’re hearing now is lamenting about how people have less money to spend, not invest.