Democrats want a new mandatory government retirement plan to replace 401k, IRA.

JimPethokoukis Twitter ^ | 10/4/10 | JimPethokoukis

[roses of sharon]

I am Live Tweeting America's Fiscal Choices conference at the Newseum in Washington, DC 2 minutes ago via TweetDeck

# Teresa Ghilarducci wants a new "mandatory" government retirement plan to replace 401k, IRA; admits preferred euphamism is "universal" 10 minutes ago via TweetDeck

# "Social Security is affordable and extremely efficient." We should have a national "conversation about expanding it." 22 minutes ago via TweetDeck

# Teresa Ghilarducci is on panel; she wants to get rid of 401ks and IRAs and create a new government retirement system 24 minutes ago via TweetDeck

# @juliemrobison Indeed, they have! 26 minutes ago via TweetDeck in reply to juliemrobison

# SS panel: Only elitists concerned about Social Security 30 minutes ago via TweetDeck

# Ooooh ... Cato Institute gets slammed for raising Social Security hysteria 33 minutes ago via TweetDeck

# These SS experts would rather raise SS earnings cap rather than means testing 35 minutes ago via TweetDeck

# Just heard that the only people who work past SS retirement age are those who have to .... 39 minutes ago via TweetDeck

# The question is not just if Social Security is actuarily sound; it's whether it represents the best use of these dollars for that purpose 43 minutes ago via TweetDeck

# America's Fiscal Choices conference continues. Now up Social Security ... about 1 hour ago via TweetDeck

[Renegade]

” There WILL be Blood “

[justlurking]

They will figure a way...all year the Labor and Treasury Depts had public comments about 401ks, many are talking about this.

The request for information (and comments) by the Dept. of Labor was about whether 401(k) administrators should be required to offer an annuity option to people cashing out their 401(k).

It's already offered by some 401(k) administrators. And anyone can roll their IRA/401(k) into a tax-deferred annuity.

There was no discussion about requiring 401(k) account holders to purchase an annuity.

There was no discussion about forcing people into a "GRA".

There was no discussion about taxing 401(k)'s and IRA's.

However, you wouldn't know it from all the hysterics: mostly from people who would profit by you cashing out your 401(k)/IRA and investing in the scheme they were promoting.

There are a lot more worrisome things to focus on. This particular section of the sky is not falling.

[roses of sharon]

Precisely...no one has the time..just the way the MSM/DNC like it!

[dforest]

They could drive up the stock market. They could make it collapse enough to really worry people. They could step in to save the day with a plan they will sell as fail safe.

Government to the rescue.

[6ppc]

I don't have the time to waste on Twitter. I spend a lot of time keeping up with the non-MSM news and writing my congress critter and senators.

I'm not going to agree with you that Twitter is NOT a waste of time, so please...just drop it.

[roses of sharon]

Yes, the public comment discussion was in the articles I posted...again, of course they will not have public comments on their real 401k goals, the fact that they were discussing them at all is the key. As they said today, they must couch it in euphemisms, especially after the town hall meetings of last summer.

It is good to have a heads up on their plans and ideals, and Republicans running should use her testimony before Congress and her statements today.

Otherwise we will find ourselves in the same pickle as Obamacare, when Freepers were warning us not to get hysterical...the House can't pass it...then the Senate can't pass it, you know the drill.

Btw, the sky has already fallen, when they stole generations of your family's earnings and your private healthcare.

[roses of sharon]

Twitter is the most useless, time wasting, trivial dreck to appear on the internet. There is no news worth taking the time to read in those tweets.

No problem, since I didn't bring it up...my post was about leftwing plans for your 401k.

[justlurking]

It is good to have a heads up on their plans and ideals, and Republicans running should use her testimony before Congress and her statements today.

I agree, but so far I don't see any Republicans taking her seriously -- because they know that Democrats aren't taking her seriously.

Otherwise we will find ourselves in the same pickle as Obamacare, when Freepers were warning us not to get hysterical...the House can't pass it...then the Senate can't pass it, you know the drill.

Obamacare will be history, precisely because the Democrats thought they could jam it through and not suffer consequences. And without Obamacare, the Republicans would be without a rallying cry and still be in the minority in 2011.

But, if the Republicans hadn't been acting like Democrat-lite for the past 8 years, Obamacare wouldn't have even been on the radar. It was Republican fecklessness that gave us 60 Democrats in the Senate -- and the only way Obamacare could ever have been enacted.

Maybe the Republicans will finally learn that lesson and we'll never have to face that situation again. And maybe at least this generation of voters have learned to not fall for an empty suit like Obama.

However, I can safely make one prediction: if the Democrats do try to go after retirement assets, it would be the end of the party as we know it in the next election. They would go the way of the Whigs (which disappeared due to their position on slavery). Sure, a similar party would pop up in its place, but they would disavow any agreement with the Democrats on this particular issue.

Social Security is a vague promise. 401(k) and IRA's are money in the bank.

[roses of sharon]

To the contrary, I believe Democrats did know they would suffer, but they do not care, and for good reason.

Because Republican fecklessness did not start 8 years ago. And the Dems know it, just like they know Obamacare, once passed, will remain mostly intact.

You see, the Republican Party of the last 40 years has based it's ideology on how much the MSM/Hollywood/DNC/Academia war room will let them get away with.

Conclusion: NOT MUCH

Hence the label; “Compassionate Conservatism”, was born.

Therefore, it is my conclusion that Obamacare will not be repealed, will not be defunded, and will win the day in 2012, with Obama and Hillary promising to make it better.

There is nothing in the recent past of the Republican Party to indicate that they significantly change the path of the Democrat Party's goals.

No way in hell any Republican Presidential candidate will run on taking away a ones healthcare. (imagine the negative ads!) Before Obamacare passed many warned this would be the end of conservative politics, not enough conservatives will run or be elected with a public who is now forced to take gov healthcare, and many, many, more citizens will soon be employed with local, state, and federal gov to handle the coming load.

Obamacare will remain, and the Dems will find a way (with their VAST propaganda arm) to make the majority of the public give up their 401ks, for their own good, for the excellent “deal”, or whatever the Dems come up with.

Remember our financial press could not be bothered to report or investigate seriously ANY problems with housing legislation, or with Obamacare.

They protect Democrats always and forever, and the Republicans know it.

[zydaco]

They want another revenue stream.
They more more granular power and control over people and their daily lives.

If they can manipulate all your retirement options they can decide so very many things for you.
They can tell you when you HAVE TO retire.
They can tell you WHERE to retire
They can Control what you SPEND THEIR MONEY on
They can Decide that your retirement is OVER and it’s time for you to go meet your ancestors.

Remember Social Security?
It was supposed to be OUR MONEY?
Well, the law says otherwise now. Today, the Social Security Administration is able to tell you where you can take that SS money and where you can spend it - and - where you can not.
Take for example the termination of benefits when you are overseas for more than 30 days.
Yup, they shut it off of the learn that you are Ex pat’ and spending SS money.
Lots of folks do it, but when they catch you they shut it off and it takes you 30 more days when you come back to get it back on.
The Supreme Court held that it’s the government’s money and they can decide where you can spend it. How nice.

Does anyone imagine that if they can control your ability to retire that they’ll be any less despotic?

Why do people want to hand granular control over their lives to a pack of psychotic despotic monsters?

[ronnie raygun]

Social security bottomless pit is empty, they are now looking to do the same with your retirement funds.

[FreedomPoster]

CWII bump on that.

[dsutah]

“And what’s in your wallet?” This reminds me of this commercial line!