I would rather have my fun in my own at home money bin. I removed my savings and keep it at home now, and I will not be using any savings institution for as long as it takes.
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 ...
The McCain campaign determined that folks don’t understand serious economic issues. That’s the reason the campaign refrained from talking about the nature and causes of mortgage debacle.
If they tried, THIS would be the rallying call for 2010.
If they tried, I would pull out all of my 401k money, convert it to gold and stash it.
Or better yet, I would send it to a Swiss bank.
You would think so wouldn't you... The sad truth is that Barry already said he wants to bankrupt an entire industry, stop all drilling, build no new power plants and allow electricity to SKYROCKET!! After all of this plus Wright, Ayers, Farakahn etc the public still couldn't vote him in fast enough. I'm still in a state of stunned disbelief!!! Good Lord, they were waving a Soviet Flag outside the White House last night!!! That isn't even done in Russia anymore. The absolute ignorance and apathy of the American public never ceases to amaze me.
< /rant >
Not just “no”, but “f*ck no”. They pull this, it’s hunting season...
All workers would have 5 percent of their annual pay deducted from their paychecks and deposited to the GRA. They would still be paying Social Security and Medicare taxes, as would the employers. The GRA contribution would be shared equally by the worker and the employee. Employers no longer would be able to write off their contributions. Any capital gains would be taxable year-on-year.
Analysts point to another disturbing part of the plan. With a GRA, workers could bequeath only half of their account balances to their heirs, unlike full balances from existing 401(k) and IRA accounts. For workers who die after retiring, they could bequeath just their own contributions plus the interest but minus any benefits received and minus the employer contributions.
Convert it to lead, brass, and steel. Repeat as necessary...
I would rather have my fun in my own at home money bin. I removed my savings and keep it at home now, and I will not be using any savings institution for as long as it takes.
“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.”
Wanna bet?
They’ll go along, because if they don’t, Obama’s goons will be all over them, chanting “racist”, “racist”.
The only hope to prevent this will be a filibuster by Senate Republicans...
- John
This was out back in early October, but McCain never pushed it:
http://www.freerepublic.com/focus/f-news/2102082/posts
And this one in mid October. Seems nobody took it seriously. Even Rush mentioned it a few times.
http://www.freerepublic.com/focus/f-news/2112720/posts
LOL.
That’s the funniest thing I’ve read on FR in a long, long, time. Thanks - I needed the laugh.
Where does it say it’s an “option”? I didn’t see that anywhere in the article.
They wouldn’t use the word CONFISCATE, if it were an option of the individuals.
This is part of the Obama/Democrat/communist redistribution plan.
Where are you going to go to object? The Courts — after the Dems filled them with activist judges who rule based on favoring “the poor” never mind the Constitution?
Don’t you know that in communist countries the government did exactly that, literally took away businesses, bank accounts, houses, cows, whatever people owned and put them under government control?
“Any capital gains would be taxable year-on-year.”
WTF???!!!
Energy policy will be to Obama what health care was to Bill Clinton; the wedge that leads conservatives back to prominence.
I’m heading to the gun show early this weekend. I’m betting that AR-15’s go fast.
I WONDER IF THE IDIOTS IN THE MSM ARE SMART ENOUGH TO FIGURE OUT THAT THIS INCLUDES THEIR RETIREMENT FUNDS TOO
Maybe not burn but they do riot...
the Boston Tea Party - Dec 16, 1773
Also, Shay’s rebellion
Shays’ Rebellion was an armed uprising in Central and Western Massachusetts from 1786 to 1787. The rebels, led by Daniel Shays and known as Shaysites (Regulators), were mostly poor farmers angered by crushing debt and taxes. Failure to repay such debts often resulted in imprisonment in debtor’s prisons or the claiming of property by the state.
The rebellion started on August 29, 1786. A militia that had been raised as a private army defeated an attack on the federal Springfield Armory by the main Shaysite force on February 3, 1787. There was a lack of an institutional response to the uprising, which energized calls to reevaluate the Articles of Confederation and gave strong impetus to the Constitutional Convention which began in May 1787.
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