FLASHBACK: If White House press secretary Tony Snow won't save for retirement, why should you?

[gatorboy]

http://www.slate.com/id/2173288/

From the time he joined the Bush administration in May 2006 until he delivered his final briefing last week, White House press secretary Tony Snow had the unenviable job of defending an increasingly unpopular administration to a press corps intent on making up for its earlier fawning treatment. Snow has also been a chief spokesman for the Bush administration's domestic agenda, forced to argue continually that the typical American is doing just fine, and bravely pushing the unpopular elements of Bush's vaunted "ownership society": privatizing Social Security, eliminating defined-benefit pensions in favor of 401(k)s; and replacing insurance with health savings accounts, high-deductible policies, and other consumer-driven health-care initiatives.

And yet Snow's own life in many ways symbolizes the downside of the ownership society—and suggests how much a government role in health and retirement benefits is necessary.

When Snow came to the White House after several years at the Fox News Channel, it was clear that he had relied entirely on others to save for his retirement. Snow conceded: "As a matter of fact, I was even too dopey to get in on a 401(k). So there is actually no Fox pension. The only media pension I have is through AFTRA ." Even though his employer provided a 401(k) and would have matched contributions, and even though he was earning hundreds of thousands of dollars, Snow had not shown either the interest or financial capability to manage his own retirement benefits.

[tularetom]

1. At least he had the foresight to croak before he became a drain on society

Perhaps he had some indication he wouldn't need to save for retirement.

[Tangerine LaBamba]

2. But he always had

excellent health insurance, didn't he?

I wonder what his wife and kids will do for coverage now. If he was that financially irresponsible, they might be in serious trouble, which just makes a sad situation so much worse.

[Ilsa]

3. I wonder if he had a old life insurance policy that he was able to

take with him? If he didn't, I suppose his wife and kids will have live with social security benefits. I doubt that is the lifestyle to which they have become accustomed. I wonder if his doctors' and hospital bills are going to get paid, or was he a "deadbeat"?

At least if I croaked tomorrow, my kids might actually be in better financial condition with me or my husband gone. We aren't exactly living "high off the hog".

[DearAbby]

5. Always worried about

having a massive life insurance policy, where the family would be better off financially without me....sort of like the pillow over my face while I sleep scene.







just kidding
:rofl:

[kskiska]

4. Wow. Great find!

I thought maybe the truth was being stretched about Tony's finances. So now the tin cup is being passed around for his kids' education.

[gatorboy]

6. Republican motto: Run up a tab for someone else to pay off.