Posted on 10/27/2008 2:38:47 PM PDT by 2ndDivisionVet
Some of the comments to a previous conservative post by Dana (as well as other posts by me and various BlogHer conservatives) have suggested that it wouldn’t be the worst thing to let Obama’s policies lead us to the ways of England and Canada. Following those assertions, how do we keep Democrat policies from leading us to the ways of Argentina? At first blush this may sound like a reach, but read on.
Cristina Kirchner, the President of Argentina has announced she's going to nationalize all private pensions. From the Wall Street Journal:
"Mrs. Kirchner won't have trouble making the case for expropriation to Congress, which is controlled by her fellow Peronists. When the Argentine government ran out of money in 2001, it blamed the market and increased its own role in the economy. Since then it has imposed price controls, defaulted on its debt, seized dollar bank accounts, devalued the currency, nationalized businesses and tried to set confiscatory tax rates with the aim of making society more 'fair.'"
My question to you: Does any of this sound familiar? More importantly, does any of this sound like a good idea? I’ll answer that with a resounding NO!
Yesterday as I was listening to the radio, I heard about a new idea the Democrats have: Abolishing 401(k) tax breaks (emphasis in the excerpt below are mine).
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
. . .all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration.
Now, say you make under the $250,000 that Obama is already calling dibs on and you make just $150,000. You will be required to put in $7,500 of your hard-earned salary and will receive a match of $600 from the government. A far cry from the matching your current employer probably pays. This is the sort of thing we have to look forward to if the Democrats control the House, the Senate, and the Presidency. They will be unchecked and we will be on our way to giving up even more of our choices. I'm urging you to look closely at your options. We have 11 days before we vote. Do your homework.
Want to read more?
* Democrats to Kill 401(k) Accounts?! via Laura’s Miscellaneous Musings * Warning! Warning! via The Swine Line * Criminy, people! via Rachel Lucas
they will pry it out of my cold, dead hands
They want to go reverse privatization, they want to take our private accounts from us and put it back into the social security system. If they do try this, I will find a way to cash out as much as possible, even with penalties, and stick it into other investments, even if I am taxed.
They have already wiped out a third of your 401K.;)
No matter who is elected, the ideas are out there, the seeds of Marxism have been planted. The dems will only stop now when blood has been spilled.
Yes they want to put your 401K in to your Social Security account! SCARY!
Much, much, much , much more...
http://www.freerepublic.com/focus/search?m=all;o=time;q=quick;s=401%28k%29
They are already debating this one on the hill.
Communists are always happy to arrange that ...
...with the aid of a union made, government paid, crowbar.
In the early 1990’s, the Clintons wer trying to figure out how to tax the assets in qualified retirement plans - IRA’s, 401(k)’s and pensions.
Exactly
But I heard that plan almost 30 years ago when I infiltrated a NO PRESS meeting in our state of the DSOC - Democrat Socialist Organizing Committee - (I was an investigative reporter for a state-wide paper att) - They laid out their strategy to infiltrate and take over the Democrat Party - and among their goals; “We must control the retirement funds.”
They're on the brink of total Socialist takeover of our country. Get everyone you know out to vote - or get ready to live under a dictatorship = for several generations.
Ha. Not mine...
Most people that work and make under $250,000 contribute to 401k plans. Their contributions are not taxed. Take that away and you have a tax increase on the middle class. Also, everyone who does not currently contribute will have to, so they are getting a 5% pay cut. And the most important thing, the money is going to the government. Want to bet that they put the money the same place they are putting the social security money.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.