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 ...
Can’t count on our “Representatives” to do anything more than take our money.
I saw a sign the other day “Flush Congress”. 2010 Flush
Them All.
Can you spell FILIBUSTER?
When they take your IRA, you will reconsider.
If the committee members weren't thinking of doing it then why did they invite in witnesses to tell them how good it was.
Where are the Puerto Rican freedom fighters when we really need them.
I am the odd duck there. When I explain things to them about Obama that I feel would affect them and their children, they just shrug.
Their vote for Obama was fueled by (1) BDS, (2) they think the Republicans caused the recent financial issues that hit their IRA’s and of course, Iraq.
Nothing else matters to them. Not Socialism, Gun Control, Abortion, Illegal Immigration or Bill Ayers. It amazes me.
Unbelievable that the voters haven’t woken up to this yet.
“This is highly unconstitutional . . .”
Except that now the Constitution is a living, breathing document. . . .
They don't know what it is, but they want it.
After it has no value, they won't understand. At all.
So let them stew, don't lift a finger to help or serve them in any way. Simple. Just "shrug". And let them do everything.
Property in a foreign country.
There are people in this country that will view this as an act of war.
bump
One guy wrote in to a newspaper and said, he was going to quit work now that Obama will be President and sit on his ass , and wait for the free gravy train to roll in. No need to work any more, or to save, might as well just sit it out. Cash in those IRA’s now and spend like there is no tomorrow. Let someone else pick up the tab...(sarc)
Democrats scheme to empty IRAs/401(k)s and it is labeled as taking care of the sheep (by the wolves no less).
Wake up peoples... the End of Days is getting closer.
how is it unconstitutional??? is it sick?? yes... is it a typical liberal tactic to keep people addicted to the government??? yes..
unconstitutional??? no-
they are not siezing your 401K plan, just taking away the tax advatanges of lowering your AGI....
If they try this, all Americans should immediately cash them out and refuse to pay the 10% fee or cap gains tax on them. They can’t send us ALL to jail.
Seizing a banks money , is what Hitler did.
God help us all . . . if he/she/it still gives a damn.
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