Let's talk about 401(k)s, the employer-sponsored, defined-contribution, personal pension savings account using pre-tax money. It is a fairly popular investment option for a lot of people, and although there's some risk, it's not nearly as dangerous as picking investments individually. It's usually a good option for employers and employees.
But maybe not anymore.
One back story note: The Republican Mantra, which has been folded into MAGA, is that they want to take all the money taxpayers pooled for certain programs and safety net options (NASA, public education, Social Security, the Post Office) and give it to the wealthy. That's it. Kill something like Medicare, give all the money to the wealthy, and then accuse the people dying of not working hard enough. They're cold-hearted bastards.
There is a lot of money in 401(k)s, and the Trump Administration might have discovered a way to drain those accounts and get that money into the hands of the ultra wealthy.
Trump signed an executive order to open up 401(k)s to private equity, real estate, and cryptocurrencies.
It's that last one that might be the vehicle to drain the 401(k)s. I'm not a fan of cryptocurrency. It's WAY too much like a Russian mob Ponzi Scheme for me to take seriously. For God's sake, there is a story out of some cryptocurrency meme coin douches throwing sex toys onto the floors during WNBA games, promoting the meme coin named after the sex toy. So far, this disgusting stunt has raised the currency by 300% and, eventually, the owners of the meme coin will sell all their coins and watch the coin lose all of its value, screwing over the parade of idiots who bought it after watching a sex toy hit the floor at a basketball game. It's a grift. And should not be taken seriously.
But Trump LOVES it, because he can manipulate the markets and make himself billions. He wants it in the 401(k)s so that he can eventually run the price up, cash out, and watch America's workforce wonder what happened to their retirement account.
It's basically dildos throwing dildos.
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