The President takes a Hit on his Social Security Plan

Ways and Means Chairman Bill Thomas (R-CA) bolted from the President's camp to offer his own ideas to encourage people to save for retirement. The President wants that handled through tax breaks for wealthy Americans.

Rep Thomas has a two pronged approach that goes against the President's plans.

First, he'd make companies that offer 401k plans automatically sign up new employees. That tends to lead to greater participation. If you don't want a 401k, the burden's on you to opt out.

Second, he'd encourage new forms of annuities that would attract investment from low-income workers. (Philadelphia Inquirer)