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 ...
“It is not that God has turned from us, it is that the majority of this nation has turned from Him...”
Yup.
Wait until “they” start confiscating white owned farms...
I should add: These are YOUR funds and the government may not take them or borrow againse them!
bump
“Wait until “they” start confiscating white owned farms...”
Yeah, isn’t Mugabe one of Hussein the Magic Marxist’s philosophical soul mates?
A clever mixing of references. Kudos.
And they wonder why nobody’s diving into the market...
See for years now, these guys have have been told that a 401k will make them retire rich. It is pounded in to them in yearly meetings.
But most of the guys don't either have the time or the skills to monitor the account. So once a quarter they sit down with the 401k company and have them balance things.
Well, the broker had guys one year from retirement all in stocks. I know of one gentleman, who only has a high school education (circa 1960, so much better than today) who is down $100K by doing just what the broker told him to do.
They are very mad, mad enough that at the current negotiations, many want something like this plan.
The guns should be taken to Washington. The slimming of the congress seems to be a coming event if they keep this up.
I don’t think there is much of a leap from one to the other. Justice Kennedy will see the seizure as a public good.
I’m retired at 72, is there anyway to head this off? Can it really be true that in America the government could just help themselves to our money? When I was putting money in teh top was only $2000 tax free, how does that qualify as rich? A congressman can poop that much off in 5 minutes! If I cash them in and put the money in my bank account can the come get it, or in my safety deposit box?
All that was in the nation’s infancy when we were still growing
We didn’t become an international power till the Spanish American war
Last time the white people used violence etc was during the union organizing in the 30s BEFORE Socialism took hold and sapped our will
It needs to be coordinated. Sell the rallies.
BTTT
Excellent points...
You are right on.
btt
Go ahead, make me cash out early and buy gold to avoid confiscation of my personal savings. LOL! Let’s see the Obamatron sheeple live on worthless U.S. Gub’mint paper when the 401K and IRA funds mysteriously vanish before their eyes.
Could he just transfer that language to the Fourth Amendment, that referred to privacy and illegal search and seizure? The Fourth Amendment seizure was a protection against government theft of property, say, confiscating your car if it was used in a crime vs. just taking it because the police liked it.
Isn't that the kind of protection we're talking about, protecting our 401(k)'s from seizure by the government simply because they like it?
-PJ
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