Nothing to see here, please disperse, nothing to see - pay no attention to the man behind the curtain...
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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 ...
Companion thread ongoing here.
http://www.freerepublic.com/focus/f-chat/2127794/posts
Simple question: 401(k) seizure.....isn’t this an ex post facto law?
This stuff is very scary for those of us with 401ks and IRAS.
“A retirement system should not exacerbate income and wealth inequality
“Certain groups are especially ill-served by the current system, including part-time workers, divorced and widowed women, individuals with long-term care needs and medical expenses, and racial and ethnic minorities....”
It should also be very scary to any corporation whose stock is bought by mutual funds for 401k’s or by individuals like my wife and I in our self managed IRA’s.
The coming facist Zero government will force corporations to kneel and yield or be precluded from the new bastard retirement plans.
The Subject was "And so it begins . . . . "
That combination covers (a) how to drive large employers into the ground with labor legacy costs and (b) the government agency that gets stuck with the liability after the employers go bankrupt.
The combination worked great for LTV and Bethlehem Steel.
If I had known “fairness” could be used to virtually destroy freedom, I would have told my teachers to shove it where the sun don’t shine when they preached it to us in school. I’m disgusted beyond belief at how many evil and illegal acts are done in the name of “fairness”.
Does she have an e-mail address? I’ve got a nice quote from Robert J. Ringer for her.
“Does she have an e-mail address? I’ve got a nice quote from Robert J. Ringer for her.”
Found one here from 2006:
http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=435602
Scroll down to the bottom of the page.
And post the quote here, too, if you like!
Father Michael Pfleger, “spiritual endorser” of Barack Obama and occasional preacher at Trinity United Church, gave a sermon where he demanded that whites give up their 401(k)s to atone for the past . See the video at
http://www.youtube.com/watch?v=c3FrBgU0wDQ around time 0:40.
Michelle Malkin discussed his connection to Obama at http://michellemalkin.com/2008/05/29/hes-baaaack-obama-supporter-rev-michael-pfleger-flogs-hillarys-white-entitlement-on-the-pulpit/ .
hmmmm........says video removed by user.
“hmmmm........says video removed by user.”
Strange is right. I just watched it an hour or so ago.
You’re a liar. I heard the interview of Ghilarducci in full. The interviewer was very diligent in requiring her to explain and clarify.
I'm trying to find a reference for you. I recall seeing it in an article posted here on FR but, so far, have not been able to locate it. I fear that it may have been lost in the recent FR server meltdown. Will keep searching.
That caught my eye too.
This upside-down thinking reveals the reporter's Leftist view of your retirement money: It's not something you worked and saved for and that belongs to you individually.
No, it's "wealth" that needs to be "spread" -- first via taxes and then ultimately by being thrown into the collective retirement pool.
Is it time to liquidate our 401s to get the money before the gummit can? Take the penalties and run.
Pray for W, Palin and Our Troops
and McDermott is an admitted socialist. guess what party he caucuses with?
Jim Quinn, from www.warroom.com wrote the original.
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