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 ...
Currently, 401(k) plans allow Americans to invest pretax money and their employers match up to a defined percentage, which not only increases workers’ retirement savings but also reduces their annual income tax. The balances are fully inheritable, subject to income tax, meaning workers pass on their wealth to their heirs, unlike Social Security. Even when they leave an employer and go to one that doesn’t offer a 401(k) or pension, workers can transfer their balances to a qualified IRA.
So freakin’ scary I can’t even process it. WHERE IS THE OUTRAGE?
I’d love to see them try. Barry’s Occupation Government would collapse.
Democrats want to copy the Argentina Model of seizing private savings and Pensions.
“On Oct. 22, The Wall Street Journal reported that the Argentinean government had seized all private pension and retirement accounts to fund government programs and to address a ballooning deficit. Fearing an economic collapse, foreign investors quickly pulled out, forcing the Argentinean stock market to shut down several times. More than 10 years ago, nationalization of private savings sent Argentina’s economy into a long-term downward spiral.”
They do that and I might re-evaluate at which point I would be willing to place my life in my hands.
This is highly unconstitutional and I suspect there are enough moderate Democrats in the House who wouldn’t even go along with such a scheme.
I can not even comprehend someone even trying to empty out my IRA’s.
Wait until they come for the landlords that rent out houses and so on. obama’s secret nazi police will gladly take them away and give to their own.
One would think. I can not even comprehend that this would be even possible to accomplish to raid private citizens IRA's and Private Retirement accounts. I am just aghast that someone has even thought of it.
Outrage? This is what the majority just voted for. Take from the savers and give to the aggrieved minorities.
I’m going to stop my 401k. I’m not sure what I’ll do though, what’s a safe investment that they can’t get?
They’ve gone after gold in the past, and could again.. Simply make the trading of it illegal. Same with guns and ammo. Sometimes it seems that just keeping cash in a safe is the safest. In multiple currencies.
This idea has been percolating for years. To move to full European socialism will require money. Without that money, you will begin to witness failed auctions of government bonds. You can raise taxes to European levels, but that's only going to enrage people. You can soak the rich, but there's only so much blood you can get from that turnip.
If you don't come up with the income and spend it all anyway, your currency will head into the toilet, and gold will run into 4, then 5, then 6 figures. You'll be facing a Weimar of Zimbabwe situation.
The best way is avoid all this to nationalize the country's IRA's and 401(k)'s, forcing the money into government bonds with coerced rollovers. This will raise the money without having to raise taxes and without further endangering the currency. It's been in the works for 5 years, and it was just a matter of time before one party or the other picked up on it.
So, first our taxes are going to pay people to sit around on their lazy rear ends and breed for the sole purpose of getting welfare while we work. Then they get tax refunds or credits or economic stimuli (when they don't pay any taxes) and THEN we are further supposed to provide for them in their retirement years. BS
How about we get them working on building the fence and paying them an honest wage for their work in lieu of handouts?
Yeah, that worked out real well for Mugabe.
Dude, this story is so old it has whiskers.
I’m not saying it isn’t true, mind you.
401(k) Foe Teresa Ghilarducci, the Most Dangerous Woman in America http://www.usnews.com/blogs/capital-commerce/2008/10/29/401k-foe-teresa-ghilarducci-the-most-dangerous-woman-in-america.html
This is the phrase of greatest interest. This is theft (as if the present tax scheme isn't theft), plain and simple. The consequences would be severe.
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