And how is the little guy who is not a financial wizard supposed to manage their retirement funds? A lot of people will be easy prey for banks and financial advisors.
I hate this response. It comes up for everything. Someone always says we need government to be there for people who can't make good decisions. Where do we draw the line? A certain percentage of people will be too incompetent to function in a free society.
I hate this response :). Should we also get rid of food safety, airplane safety or health regulations? Considering how long feedback loops are financial decisions a developed society should define a baseline for long term decisions where the individual can rely on some standards. If you make individuals solely responsible for their retirement you will see a lot of people who will be poor in age and a lot of scammers getting rich. I bet already many less people will be able to retire since the move from pensions to 401k.
> The former president told House Majority Leader John McCormack in 1957, "Had it not been for the fact that I was able to sell some property that my brother, sister, and I inherited from our mother, I would practically be on relief, but with the sale of that property I am not financially embarrassed."[264] The following year, Congress passed the Former Presidents Act, offering a $25,000 yearly pension to each former president, and it is likely that Truman's financial status played a role in the law's enactment.[265] The only other living former president at the time, Herbert Hoover, also took the pension, even though he did not need the money; reportedly, he did so to avoid embarrassing Truman.[266]
If a former US president is dumb enough to go bankrupt repeatedly post-presidency, what hope do you think the average Joe Sixpack has?
