How We Know that the Investment Industry Has No Argument Against Caps on 401(k)s

We know this because they are spouting utterly absurd lines which Paul Sullivan unfortunately felt he had to repeat in his NYT column. Sullivan discusses the number of people who could be hit by President Obama's proposal to cap tax sheltered savings at $3.5 million.

The discussion is ridiculous throughout. It makes a point of saying that under optimistic assumptions we could get 10-20 million rubbing up against the proposed limits. (Yes, 10 percent of the population will have millions of dol...