Hendricks County Flyer, Avon, IN

Breaking News

Commentary

January 25, 2013

Americans are raiding their 401K accounts

There was a clear undercurrent of alarm when a Washington Post story reported that more than a quarter of American workers with 401(k) and other retirement savings accounts were using them to pay for current expenses.

This is draining nearly a quarter of the $293 billion deposited into those accounts every year.

Matt Fellowes, a former researcher for the liberal-leaning Brookings Institution and now chief executive of the financial advisory firm HelloWallet, told the Post that employers who match their workers' contributions, "are dramatically overpaying for retirement, but it is not benefiting the employee."

To which I wonder, why is anybody, especially the left-leaning Post and other liberals, surprised?

I agree that, back in those long-ago days when personal responsibility was considered important, this would have been seen as a very big problem. But now? The ones raiding their retirement accounts are the smart ones. You can count the ways.

First, why shouldn't they spend it? At least they're spending, or borrowing against, money they actually have, unlike our benevolent federal government, which is spending trillions that it doesn't have - borrowing it from China and leaving crippling debt for the coming generations to clean up.

Time and again in his first term, and now going into his second, President Obama has declared that true fiscal responsibility lies basically in just getting a bigger limit on your credit card.

His recent self-righteous declarations on raising the debt ceiling (which he spoke and voted against as a senator) are just the latest absurdity.

Obama slams Republicans for resisting raising the debt ceiling, saying that the U.S. has always been a nation that pays its bills.

That's worth a "Saturday Night Live" skit - which will never happen since SNL wouldn't consider mocking a president not named Bush. And even if they did so, no matter how SNL framed it, they would be accused of using "racist dog whistles."

Text Only
Commentary
  • Benefits of hiking minimum wage are just an illusion |I don’t know anyone averse to making more money. Sure, I have friends who demonstrate, through words and actions, that money is not the most important thing in their lives. But I haven’t seen one of them turn down a raise. I wouldn’t, either. (That'

    March 3, 2014

  • Benefits of hiking minimum wage are just an illusion |I don’t know anyone averse to making more money. Sure, I have friends who demonstrate, through words and actions, that money is not the most important thing in their lives. But I haven’t seen one of them turn down a raise. I wouldn’t, either. (That'

    March 3, 2014

  • Letter to the editor |To the Editor: As the dust has settled somewhat in the state legislature over HJR-3, with its endless debates, and other matters are given credence in the media, I'm given to reflecting on a phrase made famous by a folk singer of the 1960s who harmo

    February 27, 2014

  • Letter to the editor |To the Editor: As the dust has settled somewhat in the state legislature over HJR-3, with its endless debates, and other matters are given credence in the media, I'm given to reflecting on a phrase made famous by a folk singer of the 1960s who harmo

    February 27, 2014

  • A military budget of delusion |The Obama administration says that we need to end what it calls "the era of austerity" in Washington. Notably excluded from this admonition is the one department of government that is actually experiencing austerity worthy of the name. Defense Secre

    February 26, 2014

  • Brent Glasgow Sherman, Miller apples of the same tree

    There was a wide array of reactions to Seattle DB Richard Sherman’s post-game “interview” with Erin Andrews following the Seahawks’ NFC title win over San Francisco.

    Mine? Laughter, as the shout-down was the most entertaining thing I saw all day.

    January 28, 2014 1 Photo

  • Brent Glasgow Cash greener, but grass not so far for Butler

    Butler is still a long way from saving its 2013-14 men’s basketball season, but if the Bulldogs turn it around fully and reach the NCAA Tournament, it will have started this past Saturday at Hinkle Fieldhouse.

    January 21, 2014 1 Photo

  • Brent Glasgow Downer finale doesn’t change Colts’ positives

    A fine season for the Indianapolis Colts ended with a whimper Saturday at New England, but in recent team history, it was far from the most disappointing postseason defeat.

    January 14, 2014 1 Photo

  • Brent Glasgow Colts have chance to pen masterpiece

    The Indianapolis Colts’ miraculous 45-44 wild card victory over Kansas City on Saturday ended just after 8 p.m. After leaving Lucas Oil Stadium, it took until around midnight for the pounding in my head to subside.

    January 7, 2014 1 Photo

  • A manufactured ADHD epidemic If at any time while reading this article your attention wanders, you may have ADHD. If you pause to check your e-mail sometime during the next three paragraphs, you should consult a doctor. If you fail to read this article all the way to the end, yo

    December 31, 2013

House Ads
Hendricks County Marquee
Email News Sign Up
Facebook
Twitter Updates
Follow us on twitter
Poll

New poll question: Will you be attending this year’s Indianapolis 500?

Yes
No
Undecded
     View Results
AP Video
Bon Jovi Helps Open Low-income Housing in Philly Pipeline Opponents Protest on National Mall Hagel Gets Preview of New High-tech Projects S.C. Man Apologizes for Naked Walk in Wal-Mart New Country Music Hall of Fame Inductees Named 'Piles' of Bodies in South Sudan Slaughter New Yorkers Celebrate Cherry Blossom Blooms SCOTUS Hears Tv-over-Internet Case Justice Dept. Broadening Criteria for Clemency Chief Mate: Crew Told to Escape After Passengers 'Miss Meadows' Takes Holmes Back to Her Roots Biden: Russia Must Stop Talking, Start Acting David Moyes Out As Manchester United Manager Raw: Leopard Bites Man in India Iowa College Finds Beauty in Bulldogs High Court to Hear Dispute of TV Over Internet Stowaway Teen Forces Review of Airport Security
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Must Read