A Quote by Virgil Goode
The retirement system that is in place for members of Congress and other federal workers features what is known as the Federal Employment Retirement Plan.
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It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote "maximum employment, production, and purchasing power." But it has never directly counseled the Federal Reserve.
The simple index fund solution has been adopted as a cornerstone of investment strategy for many of the nation's pension plans operated by our giant corporations and state and local governments. Indexing is also the predominant strategy for the largest of them all, the retirement plan for federal government employees, the Federal Thrift Savings Plan (TSP). The plan has been a remarkable success, and now holds some $173 billion of assets for the benefit of our public servants and members of armed services.
ESG investing poses particular concerns under the Employee Retirement Income Security Act, or Erisa, the federal law governing private retirement plans.
Perhaps you should say there should be mandatory retirement even of members of the court, members of the federal judiciary. I'm sure there can be questions about whether one does as good work when you get into your - you know, I'm 67.
In Western Europe, most countries have variations of the lifetime pension system for most workers so they are keeping the system that we are walking away from. By comparison, 50% of the American workforce is not offered any retirement plan by their employers. And of those who are offered a plan, roughly 25% do not choose to join. In other words, everything is voluntary, and that's one of the reasons our results are so perilous for most people.
But did the Founding Fathers ever intend for the federal government to involve itself in education, health care or retirement benefits? The answer, quite clearly, is no. The Constitution, in Article I, Section 8 - which contains the general welfare clause - seeks to restrain federal government, not expand it.
The federal government is the balance wheel of the federal system, and the federal system means using counterweights.
Working for company X and having a substantial portion of your retirement plan in company X is simply exposing yourself to too much risk, because the company is both your employer and the source of your retirement income. So if something goes wrong, you lose both your job and your retirement plan.
Workers are most likely to save for retirement if they have access to a workplace savings plan and are automatically enrolled in that plan.
We need to reorganize our entire system of retirement plan investing and to develop federal standards of fiduciary duty for pension trustees and fund managers. These require "top down" intervention. But we also need investors to look after their own economic interests, a bottom up approach to our problems that is well within our individual power to undertake.
If the Federal Reserve pursues a policy which Congress or the President believes not to be in the public interest, there is nothing Congress can do to reverse the policy. Nor is there anything the people can do. Such bastions of unaccountable power are undemocratic. The Federal Reserve System must be reformed, so that it is answerable to the elected representatives of the people.
My job in Congress is to identify projects with federal or some other public component and then to push developers to provide employment opportunities to neighborhood residents.
We have 1.8 million Americans behind bars today at Local, State and Federal level. In the federal system, which has doubled in the last ten years, over 110,000 people behind bars in the Federal system, probably two-thirds are there for drug related reason.
As a member of Congress, I participate in the Federal Employees Health Benefits Program under the same rules as millions of other federal employees.
Not surprisingly, the federal judiciary nearly always rules in favor of the federal government. Judicial review, contrary to the assurances of its advocates, has hardly restrained Congress at all. Instead it has progressively stripped the states of their traditional powers, while allowing federal power to grow unchecked.
We developed at the local school district level probably the best public school system in the world. Or it was until the Federal government added Federal interference to Federal financial aid and eroded educational quality in the process.
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