Posted on 11/07/2008 5:33:43 AM PST by FocusNexus
There is no proposal in Congress to take away your 401(k) savings account. In any case, the stock market has already done a pretty good job of wiping out several trillion dollars worth of 401(k) savings without any help from Congress.
At that hearing, one of the witnesses, Teresa Ghilarducci, an economics professor at The New School for Social Research, made an interesting observation. By her calculations, the government spends as much as $80 billion a year in tax breaks to subsidize 401(k) savings plans. In her opinion, that money could be better spent offering a tax credit for a revised retirement plan that would guarantee a minimum income stream to people who saved for retirement. You'd give up some of your tax savings in return for a guaranteed return for life.
But there's a lot wrong with the 401(k) program. For starters, these retirement accounts have dramatically shifted two huge risks from employers to individuals.
Individually managed 401(k) plans also come with a much bigger investment risk.
We're all now learning - the hard way - that 401(k) accounts are an imperfect program for guaranteeing economic security in retirement. The Social Security system we now rely on was created in the wake of a financial upheaval not unlike what we're now experiencing.
So maybe it's not such a bad idea to start listening to new ideas.
(Excerpt) Read more at msnbc.msn.com ...
to make us to be dependent like the EU and then what a world government?
Bad idea, the money you put in now will buy stocks at depressed prices. This is the time to buy.
I’ve shown them that very same stuff about the hearings and they don’t want to hear it. It’s almost like there is some magic spell on them that they don’t want to be shown any thing that is contrary to their belief in Obama. It is really creepy..............
This proposal to expropriate (and that's what it is, expropriation) pension plans is not ex post facto, because nothing is being criminalised. It's merely another case of goobermint changing the rules after the game has started.
It will also lead to armed revolt. Amazing that the Regress can't see this at all...er, on second thought, not so amazing.
It’s “not fair” that everybody doesn’t have a 401(k) plan, so in order to make it fair, the government will take yours away and give it to somebody else who doesn’t have one......
Every year I hear from some idiot broadcaster that Americans have the lowest savings rate among industrialized countries, well talk like this certainly doesn't help!
“It’s almost like there is some magic spell on them that they don’t want to be shown any thing that is contrary to their belief in Obama. It is really creepy..............”
I observed the same thing, quite unbelievable.
The Democrat party:
STILL the party of slavery.
That's what I said, too. And it will be bloodier than the first one............
"Don't give the suckers an even break!" is the motto.
“It’s about increasing the size of the dependent class.”
They have learned from Stalin:
How To Be a Good Dictator
When Josef Stalin was on his deathbed he called in two likely successors, to test which one of the two had a better knack for ruling the country.
He ordered two birds to be brought in and presented one bird to each of the two candidates.
The first one grabbed the bird, but was so afraid that the bird could free himself from his grip and fly away that he squeezed his hand very hard, and when he opened his palm, the bird was dead.
Seeing the disapproving look on Stalin’s face and being afraid to repeat his rival’s mistake, the second candidate loosened his grip so much that the bird freed himself and flew away.
Stalin looked at both of them scornfully. “Bring me a bird!” he ordered.
They did.
Stalin took the bird by its legs and slowly, one by one, he plucked all the feathers from the bird’s little body.
Then he opened his palm. The bird was laying there naked, shivering, helpless.
Stalin looked at him, smiled gently and said, “You see... and he is even thankful for the human warmth coming out of my palm.”
We are about to be plucked.
Oh for pete's sake, stop making a virtue of being selfish! /sarc
This is the inverse of the “Ant & the Grasshopper” tale..............
ping
“
This proposal to expropriate (and that’s what it is, expropriation)
pension plans is not ex post facto, because nothing is being criminalised.
It’s merely another case of goobermint changing the rules after the
game has started.
“
Looks like today’s Dems can’t wait to outdo Clinton’s retroactive
change to taxes on the dead.
Well, like Will Rogers said, when Congress is in session the question
is not whether the economy will suffer, but how much.
And of course, that includes personal economy.
This MSNBC writer is a hack for the Dems. First he says there’s no plan to take away 401(k)s, then he praises the idea. I get tired of these liberal tools trying to manipulate the public.
Amazing. Seize 401Ks which are owned by individuals, but don’t touch Social Security which is controlled by the government.
-- Mark Twain
Thanks for the heads up!
“Apparently, in the thief’s mind, failure to steal is the equivalent of spending.”
An analogy is that of a burglar who “spends” money by not burglarizing your house. };>)
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