Posted on 11/05/2008 6:39:05 PM PST by AmericanMade1776
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
(Excerpt) Read more at carolinajournal.com ...
Need to get some Obama stickers with the White house phone number on them to hand out to panhandlers.
Maybe for tips also.
It is not that God has turned from us, it is that the majority of this nation has turned from Him...
bobsunshine wrote:
This was out back in early October, but McCain never pushed it:
http://www.freerepublic.com/focus/f-news/2102082/posts
And this one in mid October. Seems nobody took it seriously. Even Rush mentioned it a few times.
http://www.freerepublic.com/focus/f-news/2112720/posts
THE REASON THIS IS MORE SERIOUS NOW, THAN IN MID OCTOBER...IS NOV 4, 2008 OBAMA WAS ELECTED PRESIDENT AND HE PLANS TO SPREAD THE WEALTH, NOW IT IS MORE OF A REALITY.
I think Kelo makes this possible.
“The New School For Social Research”
Is that just around the corner from “The New School For Social Justice”?
Great idea, we can print them on business card stock, I am in!
Spread this, I am!!!
The majority of witness testimony during recent hearings before the House Committee on Education and Labor showed that congressional Democrats intend to address income and wealth inequality through redistribution.
On July 31, 2008, Robert Greenstein, executive director of the Center on Budget and Policy Priorities, testified before the subcommittee on workforce protections that “from the standpoint of equal treatment of people with different incomes, there is a fundamental flaw” in tax code incentives because they are “provided in the form of deductions, exemptions, and exclusions rather than in the form of refundable tax credits.”
Even people who don’t pay taxes should get money from the government, paid for by higher-income Americans, he said. “There is no obvious reason why lower-income taxpayers or people who do not file income taxes should get smaller incentives (or no tax incentives at all),” Greenstein said.
Well how about this reason? They didn't F*CKING earn it?
Less than half of all American workers have retirement savings of any kind.
Do you think those people are going to care about the losses of greedy rich people like you? Hoarding your money just for yourself isn't patriotic.
In real life, however...
Given that the federal constitution says nothing about managing people's money, the 10th A. automatically delegates this power to the states. And if the states don't want this power then they can optionally amend the Constitution to formally delegate such power to the federal government. In fact, Jefferson had reflected on the Founder's division of federal and state powers noting that the Founders had trusted the states, not the federal government, with the care of the people.
"Our citizens have wisely formed themselves into one nation as to others and several States as among themselves. To the united nation belong our external and mutual relations; to each State, severally, the care of our persons (emphasis added), our property, our reputation and religious freedom." --Thomas Jefferson: To Rhode Island Assembly, 1801. ME 10:262, http://tinyurl.com/onx4jIndeed, FDR could have led the states to amend the Constitution for his New Deal federal spending programs. Instead, he foolishly chose to pervert the Constitution to get his way.
So since the Constitution has never been amended to authorize the feds to manage people's money like this, again, the Dems plan for the 401(k)s is just another example of constitutionally clueless Dems trying to carry on FDR's tradition of unlawfully exercising non-existent federal government powers.
Sadly, widespread constitutional ignorance is preventing the people from using the Constitution to clean up the federal government.
Yeah, now that 0bama's been elected, there will be a more government programs to help us.
Quite honestly, I would rather the US govenment fo bankrupt, be forced to live wilthin its limits, than to go down this road.
It is so bad for individual character.
Well, given that this country just elected a socialist/Marxist far left Chicago-style thug as President in the hopes of some ill-defined “change,” the McCain camp was probably right w/r/t most Americans...
They're out and about: Clinton pardoned them before leaving office.
and “reducing barriers to labor organizing, preserving the real value of the minimum wage, and the other workforce security concerns . . . would contribute to an economy with less glaring and sharply widening inequality.”
Most said they want this. 3% guaranteed sounds good when you are $80K down (as many in the plant are).
If you pull the tax differed status of the 401K, how many employers will keep the program?
And it won't be a voluntary roll over for long. Da State wants that money.
Y’all about a week late with this story, Carolina Journal!
GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not “earn a 3% real return in perpetuity.”
scary? you betcha! We better pray what is left of the Republican party does not lose its backbone. The Dems do not have filibuster majority.
No time to be outraged. We are all too busy cashing in our 401(k)’s and getting the money off shore!
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