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Details are sketchy about the new retirement plan that President Obama proposed in the State of the Union Address last night, so it's too early to offer any verdict. What causes concern, though, is that the Obama administration has previously floated retirement schemes that would double down on America's failed experiment with individual private accounts that are the cornerstone of the 401(k).

As long as there have been markets, people have been driven by greed to make irrational investment decisions. When enough people get in on the action, valuations -- the prices of securities -- go haywire, soaring to obscene heights and then crashing in a shower of crushed dreams.

Chasing performance, taking on excessive risk and selling at inopportune times are all as old as capital markets themselves. What is new is the modern regulatory environment and financial innovations such as high-frequency trading. Is today's stock market the same beast it was 20 or 30 years ago? [...]

Republicans didn't just respond to the State of the Union, they responded four times. The problem is that a lot of their talking points don't stack up with reality. 

1) Taxes Are Too High on The Rich

In fact, taxes have become less progressive since 1960:

Will Wilkinson is tired of arguing about inequality. He writes,

Dem Rep. Keith Ellison has been one of the leading proponents of the executive action that President Obama will announce tonight boosting the minimum wage for employees of federal contractors. In an interview this morning, he argued that this move has broader significance than it first appears.

Republican lawmakers challenged President Barack Obama’s plan to raise the minimum wage for employees of federal contractors, suggesting it would have little impact on workers and could exacerbate partisan gridlock.

Imagine that it is late July 1966, and President Johnson's signature domestic initiative, Medicare, has been fully up and running for just a few weeks. But a think tank is so sure that it's a failure that it publishes a study saying that by "imposing a bureaucratic, centralized, top-down approach to health care reform, Medicare has created far more problems than it solved." 

Sometimes in America, when low-paid workers stand up and speak out, even the President of the United States takes notice. This is one of those moments.

A spectre haunts us, the spectre of robots. The Economist writes, “it seems likely that this wave of technological disruption to the job market has only just started. From driverless cars to clever household gadgets, innovations that already exist could destroy swathes of jobs that have hitherto been untouched.”