Another very bad, “spread the wealth” scheme from the bosom of the academy:

Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in [recent hearings before] the House Committee on Education and Labor … proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration …

And one riposte:

Jerry Bramlett, president and CEO of BenefitStreet, Inc., an independent 401(k) plan administrator, said one of the best ways to ensure retirement security would be to have the U.S. Department of Labor develop educational materials for workers so they could make better investment decisions, not exchange equity investments in retirement accounts for Treasury bills, as proposed in the GSAs.