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 ...
I agree, even though the election is over, the RNC chair should be taking these people apart since he is the only one strategically who can and get away with it. This has not made it into mainstream media until now and it is slowly trickling in. They saved it for later so the masses didn’t know what is going on. If we all pulled our funds out and rolled to cds or annuities, think what it would do to the market. Raise my taxes and steal my money and have a bunch of New England carpet baggers saying it is progress???? I don’t think so. This will polarize the USA even more. Someone though needs to roll the RNC chair out to start talking to the media since Congress is not in session.
He may be semi right by cashing in part. Except to get out of debt and have some savings in and out of banks and then stash other funds in overseas accounts, cds and annuities and retiring to Panama may be a wise thing rather than let these thugs get our money that we saved already. I am considering it to retire my student loan debt although the tax hit in doing so maybe a problem.
I doubt the people that voted for 0bama have any money in 401k plans. They don’t pay any income taxes, so they didn’t need the tax benefits of 401k or IRA savings accounts.
If people are forced to do that, it will require selling mutual funds, which means stocks.
A frenzy of selling will collapse prices well before you get all your money out. You’d be lucky to get 1/4th the amount you think you have saved.
I’m in and printing off my own “Call President Obama for your gratuity/propino” business cards.
Gee, for a moment there, I could here those guilt ridden white sheeps just like you described
Withdraw your funds now. Pay the tax and the penalty and keep the balance, and you’ll still come out way ahead. Becasue once the government takes your 401K, it is GONE, my friends.
“Outrage? This is what the majority just voted for. Take from the savers and give to the aggrieved minorities.”
The producers and the earners need to secede, and let the non-producers and irresponsible fend for themselves. Hussein the Marxist can take care of them.
These idiots are practically daring the American people to revolt. Guess what? I and a great many like me will take that dare. I’ve got news for you, Dems: You go for our retirement money, and we’ll go for you.
“I’m going to stop my 401k.”
Smart move. What you would have put in your 401K you can just put in your wallet. It’ll be safer in your wallet, because then if the Dems want to take it, they will physically have to take it from you. And everyone knows the Dems are cowards.
“This will spark an armed revolt. If they do this, this country and this congress will cease to exist in this lifetime. There will be nothing left of the Capitol. hundreds of millions of Americans will burn it to the ground, with the democrats in it.”
Ooooh, I like that. I’ll bring the marshmalllows.
Pardon my French are they that freakin stupid?
This isn't advice but, Have them Google "Bond Ladders" they could build one with CD's or Treasury STRIPS and get a better rate of return and the money would be theirs....
Beam me up Scotty the NEA has done a great job of creating multiple generations of dunces.
Of course they will take your 401K. This is change you can believe in.
““This is highly unconstitutional . . .”
Since when has that ever stopped the left? To the left, and their beloved leader Hussein the Magic Marxist, the Constitution is fundamentally flawed, and should be applied/interpreted based on what one WANTS it to say rather than what it DOES say. And, my friends, judges who think like that are exactly the type Hussein the Magic Marxist will appoint.
Wait until they come for the landlords that rent out houses and so on.....Hell, Imputed Income will take EVERYONE’S house.
“Never happen—White people don’t riot and burn.”
You are about to find out how wrong you are.
“Once this gets out to the public, it would kill any good will Obama has with most people. Let’s get it out to the public.”
It’s been out to the public for about a month. A majority of the public don’t care.
“If they tried, THIS would be the rallying call for 2010.”
Uh, I think it would more likely be an incentive to recreate Paris, ca. 1793, guillotines and all.
“Not just “no”, but ‘f*ck no’. They pull this, it’s hunting season...”
That’s a fact.
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