No. of Recommendations: 2
— Wealthy people who would have had large savings anyway get a nice tax cut that offers no meaningful incentive effect.

Balderdash!! 401k distributions are fully taxed at ordinary income tax rates. How is this "a nice tax cut?"

I expect better, more truthful reporting from the likes of Tom Friedman.

Sure, 401k feeds the typical worker to the wolves of Wall Street. There ought to be a better way. But its a tough game to win. Force them all into approved index funds and the wolves will howl especially in good years when they could have done better. Put them into conservative bond funds and their returns will be inadequate.

They have to learn to take reasonable risks and to watch for excessive expenses and low performance. If they do not learn themselves, they should use qualified advisers.

Best solution is licensing for advisers and possibly make them liable for bad advice.
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