[AmericanMade1776]

Unbelievable... Why don't the Democrats just get a gun and go down to the bank or to our Brokers and just empty out our accounts. What a load of crapola.

[AmericanMade1776]

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.

[NetSurfer]

So freakin’ scary I can’t even process it. WHERE IS THE OUTRAGE?

[pabianice]

I’d love to see them try. Barry’s Occupation Government would collapse.

[Viking2002]

Looks like it's time to play reverse whack-a-mole with our retirement funds. What's the over/under on how quick they'll go after gold if I cash out?

[MartinStyles]

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.

[Publius]

The Fed explored this in a scholarly paper back in 2003. It might still be available at its website.

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.

[Heartland Mom]

The whole article was chalk full of disturbing ideas. Among them: " Even people who don’t pay taxes should get money from the government, paid for by higher-income Americans, he said. 'There is no obvious reason why lower-income taxpayers or people who do not file income taxes should get smaller incentives (or no tax incentives at all)'"

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?

[poindexter]

Dude, this story is so old it has whiskers.

I’m not saying it isn’t true, mind you.

[AmericanMade1776]

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

[darkwing104]

This is just the tip of the ice burg that will sink this economy.

[meyer]

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.

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.

[Recovering_Democrat]

This should be made into an ad RIGHT FRICKIN' NOW for the Republican party.

[TheRedSoxWinThePennant]

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York

The New School For Social Research!! Theresa is undoubtedly a staunch fiscal conservative /sarcasm
Wake up America!!!! These are the types UBER LIBERALS go to for advice.

[Pajamajan]

bookmark

[billmor]

Rah Rah dimRATS....
take the money and screw Big Business
If Obama can’t do it Biden can...

Rah Rah dimRATS
Soak the Rich and tax the workers...
If Biden can’t do it Pelosi can...

Rah Rah dimRATS
if the cats run out of money take their assets
if Pelosi can’t do it Reid can...

and so on down the list of ComRATS

[realcleanguy]

This will spark an armed revolt. If they do this, this country and this congress will cease to exist in this lifetime. There will be nothing left of the Capitol. hundreds of millions of Americans will burn it to the ground, with the democrats in it

[uncbob]

Socialism has bankrupted the country

Our national debt can’t be maintained

You ain’t seen nothing yet

[bergmeid]

Can you spell FILIBUSTER?

[dr_who]

Unbelievable that the voters haven’t woken up to this yet.

[VOA]

bump