Investment Idiocy

(In answer to an op-ed piece in the Washington Post by Senator Jeff Sessions (R-AL) and his plan to re-introduce a new version of the president’s “personal savings accounts” as a fix for future retirees need for additional savings. My answer was posted on that paper’s web site.)

This man is an elected Senator of the United States? Shows how little brains it takes to become one. Give every baby born in the US $1,000 in an investment account? Allow huge tax deductions for investment into these accounts? Have employers match the 1% placed each year automatically into these accounts? Looks like the Republican Senator wants to run our federal deficit and borrowings up through the roof, as if it wasn’t already there thanks to the present administration and the rubber stamp Republican congress.

Doesn’t Mr. Sessions realize that Americans are in negative savings due to two things: 1) Americans are following the lead of our federal government and spending more than they take in, without regard as to how it will be paid back, and: 2) The middle and lower class do not make enough money to set aside an additional 1% of their earnings. In case Mr. Sessions didn’t know it, people are hurting financially while top earners (and senators and congressmen) are gorging themselves with raises and bonuses.