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 know I will.
Most of what the federal government does is completely unconstitutional, including the recent "bailout". Under the upcoming Obama administration with Congress solidly controlled by Democrats and aided by Rinos, there will be absolutely no checks & balances.
The traitors in Washington will use their generated financial crisis to take everything not nailed down. And the sheeple will cheer them on.
And if this sounds like a replay of the Great Depression, that's exactly what it is.
This is one of the few things the government could do that would, I think, cause the American people to actually take up arms in rebellion.
Wow, never saw this coming. (sarc.)
All your 401(k)’s and IRA’s are now ATM machines for the government.
Hey, I’m just the messenger. A quick search of the keyword “401k” returned many hits. This one is from October 24:
http://www.freerepublic.com/focus/f-news/2114595/posts
The Ant and the Grasshopper
CLASSIC VERSION:
The ant works hard in the withering heat all summer long, building his house and laying up supplies for the winter. The grasshopper thinks he’s a fool and laughs and dances and plays the summer away.
Come winter, the ant is warm and well fed. The grasshopper didn’t save any food, didn’t build any shelter,
so he starves to death out in the cold.
MODERN VERSION:
The ant works hard in the withering heat all summer long, building his house and laying up supplies for the winter. The grasshopper thinks he’s a fool and laughs and dances and plays the summer away.
Come winter, the shivering grasshopper calls a press conference and demands to know why the ant should be allowed to be warm and well fed while others are cold and starving.
CBS, NBC and ABC show up to provide pictures of the shivering grasshopper next to a video of the ant in his comfortable home with a table filled with food.
America is stunned by the sharp contrast. How can it be that, in a country of such wealth, this poor grasshopper is allowed to suffer so?
Then a representative of the NAGB (National Association of Green Bugs) shows up on Nightline and charges the ant with “green bias”, and makes the case that the grasshopper is the victim of 30 million years of greenism.
Kermit the Frog appears on Oprah with the grasshopper, and everybody cries when he sings “It’s Not Easy Being Green.” Barack and Michelle Obama make a special guest appearance on the CBS Evening News and promise that they will do everything they can for the grasshopper who has been denied the prosperity he deserves by those who benefited unfairly during the Bush summers, or as Barack refers to it, the “Global Warming” catastrophy of the Bush administration.
Nancy Pelosi exclaims in an interview with ABC News that the ant has gotten rich off the back of the grasshopper, and calls for an immediate tax hike on the ant to make him pay his “fair share”.
Finally, the EEOC drafts the “Economic Equity and Anti-Greenism Act”, retroactive to the beginning of the summer. The ant is fined for failing to hire a proportionate number of green bugs and, having nothing
left to pay his retroactive taxes, his home is confiscated by the government.
Hillary gets her old law firm to represent the grasshopper in a defamation suit against the ant, and the case is tried before a panel of federal judges that Obama appointed from a list of single-parent welfare moms who can only hear cases on Thursday’s between 1:30 and 3:00 PM when there are no talk shows scheduled.
The ant loses the case. The story ends as we see the grasshopper finishing up the last bits of the ant’s food while the government house he’s in, which just happens to be the ant’s old house, crumbles around him since he doesn’t know how to maintain it. The ant has disappeared in the snow. And on the TV, which the grasshopper bought by selling most of the ant’s food, they are showing Barack Obama standing before a wildly applauding group of Democrats announcing that a new era of “fairness” has dawned in America.
You can spell it all you want, but there won't be anyone there to do it anymore. The Dems have their super majority,or very close to it, right?
I cashed mine out this morning, and I don’t think I was alone.
Hey, I’m just the messenger. A quick search of the keyword “401k” returned many hits. This one is from October 24:
http://www.freerepublic.com/focus/f-news/2114595/posts
“they are not siezing your 401K plan, just taking away the tax advatanges of lowering your AGI....”
INCORRECT. Read the article. Which part of “CONFISCATE” are you having trouble understanding?
“Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts - including 401(k)s and IRAs â and convert them to accounts managed by the Social Security Administration.
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.”
I’ve followed the advice for the various investment options you should pursue in your 401k as you age, and it has worked well for me.
I’ve followed the advice for the various investment options you should pursue in your 401k as you age, and it has worked well for me.
Totally believable. And once the ‘Rats have your 401k, they will use it to institute universal healthcare. And once they have gone through all that money in about 3 years, they will start taxing anyone who still has a job at 50%.
And so it begins. Why the heck can they be honest thieves and use a gun and ski mask?
That’s the point I feel no obligation to behave in a legal manner.
And so it begins. Why the heck can’t they be honest thieves and use a gun and ski mask?
Is this change America believes in? I guess so. Americans are going to get what they deserve.
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