this post was submitted on 14 Apr 2024

0 points (NaN% liked)

News

23275 readers

3307 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 right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.

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.

Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.

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 or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.

7. No duplicate posts.

If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. 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.

The auto mod will contact you if a link shortener is detected, please delete your post if they are right.

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 1 year ago

MODERATORS

[email protected]

‘The 401(k) industry owns Congress’: How lawmakers quietly passed a $300 billion windfall to the wealthy (www.politico.com)

submitted 7 months ago by [email protected] to c/[email protected]

51 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

[–] [email protected] 1 points 7 months ago* (last edited 7 months ago) (1 children)

Do you really think she's just going to let you starve and live on the street?

And yes, that's exactly what you say. Funny how it's not things that make kids happy, it's spending time with them. Reading to my daughter her favorite book for the 1000th time is much more enjoyable than just buying her a new doll.

It's also a great lesson in short term happiness vs long term happiness.

[–] [email protected] -1 points 7 months ago (2 children)

You bought her a book? When you could have put that money in a Roth IRA?

You're clearly an abusive parent!

[–] [email protected] 1 points 7 months ago (1 children)

Stop being obtuse. You know what he means.

Also, libraries are great for kids to choose their own books. You just assumed he spent money on a book instead of time taking his kid to the library. It's true, kids don't care about money. They care about time you spend with them.

[–] [email protected] -1 points 7 months ago

True, I did assume that someone who claims to have read the same book to their child 1000 times did not get it from the library.

[–] [email protected] 0 points 7 months ago* (last edited 7 months ago) (1 children)

You're saying you only have enough extra money each month for either a children's book, OR that book's value in retirement savings?

And assuming that's their life situation as well?

[–] [email protected] -1 points 7 months ago (1 children)

I'm the one being told that it's either buy a child a toy or invest in retirement.

[–] [email protected] 1 points 7 months ago (1 children)

Not by anyone in this thread.

[–] [email protected] 0 points 7 months ago (1 children)

Me:

People think that if you spend $30 or $40 a month on things that make you and those you love happy, you’ll never save enough to make yourself marginally more comfortable in the last 10-20 years of your life (if you’re lucky) that will be uncomfortable no matter what.

You:

I promise you, if you put that $30/month into your own IRA, you’ll make her a lot happier when she doesn’t have to support you when she’s grown up.

Me:

“I know you want that doll, honey, but I’ve put the money for it into an IRA and it will make you a lot happier when you don’t have to support me when you’re grown up.” You do you with your kids, I’m going to get mine things that will make her happy.

You:

And yes, that’s exactly what you say. Funny how it’s not things that make kids happy, it’s spending time with them. Reading to my daughter her favorite book for the 1000th time is much more enjoyable than just buying her a new doll.

So yeah, you did say either buy a child a toy or invest in retirement.

[–] [email protected] 1 points 7 months ago (1 children)

No I didnt.

[–] [email protected] -1 points 7 months ago (1 children)

Okay, well, you can do the whole "what are you going to believe, me or your own eyes?" thing, but I still quoted what you said.

[–] [email protected] 1 points 7 months ago (1 children)

No you didn't.

[–] [email protected] -1 points 7 months ago (1 children)

Really? This is what you're going with? That I didn't actually copy and paste directly from what you said when anyone can just scroll up and see that I did?

[–] [email protected] 1 points 7 months ago

Dude, there are more than just you and me here :)

I didn't say any of those things. That was someone else.

However, in that case, the starting premise appears to have been you saying that there is only $30-40...no, nevermind. This is why I replied with short replies before. I really don't care enough about arguing on the Internet about this. Whatever it was, you're right. I said those things and everyone thinks whatever it was.