Hello everyone. I'm not in the habit of responding to letters-to-the-editor or other opinion concerning my positions, but recent ink spilled in West Seattle warrants a response because we are living in uncertain times and my constituents don't need misinformation raising anxiety levels any higher.
There will be no KO of 401(k) plans by me or my colleagues for that matter. Those who know me know that my entire political career - in the tate Legislature and the Congress - has been spent trying to strengthen our social safety nets and savings programs to benefit the American people.
Today, millions of Americans have seen their nest egg eviscerated in this financial meltdown and, as a nation, we need to find ways to strengthen, not weaken, savings, especially for retirement. Too many Americans are retiring without a firm economic foundation and I want Congress to focus on Main Street, because we have spent too much time and way too much money on Wall Street.
For the record, I have not proposed or endorsed anything relating to 401(k) plans, and there is no secret legislation waiting in the wings. Recently, a committee, and not one I serve on, by the way, held a hearing and heard testimony from several witnesses, including an academic who has written a book calling for changes to the 401(k) program. As far as I can tell everyone listened politely and went home; I wasn't there to begin with.
But some bloggers intent on disrupting the election decided to skip the facts and, well, here we are. If the economy wasn't in so much trouble, I doubt the blogs would have even been noticed. I finally decided to respond because, as I said in Congress a few weeks ago, we have a trust crisis in America and, as a doctor, I thought I'd inoculate Seattle.
I'm Jim McDermott and I not only approved this message, I wrote it.
Jim McDermott
Member of Congress