Wendy McElroy links an Investment News article that doesn’t bode well for the long-term independence of individually-directed 401k accounts. She sees right through the weasel words of Rep. George Miller:

“We’ve invested $80 billion into subsidizing this activity,” he said, referring to tax breaks allowed for 401(k) contributions and savings.

Does it give anyone else pause that a man who believes a “tax break” is an actual investment by government is discussing how to manage “changes in the market”? Money they haven’t taken from you is money they’ve spent? This is Mad Hatter economics.

Wendy’s entire post is well worth the read.