[MrsPatriot]

This is a ruse; they want people to leave their money in their 401Ks, so there will be more there when the government seizes all 401Ks.

Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

http://www.carolinajournal.com/articles/display_story.html?id=5081

[Libloather]

I don't know why your link didn't work for me. I did find the story, though...

http://www.carolinajournal.com/articles/display_story.html?id=5081

[Libloather]

From the Carolina Journal -

Mandating Equality

Ghilarducci’s plan first appeared in a paper for the Economic Policy Institute: Agenda for Shared Prosperity on Nov. 20, 2007, in which she said GRAs will rescue the flawed American retirement income system.

The current retirement system, Ghilarducci said, “exacerbates income and wealth inequalities” because tax breaks for voluntary retirement accounts are “skewed to the wealthy because it is easier for them to save, and because they receive bigger tax breaks when they do.”

[OneTimeComment]

“Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs”

---

I read a lot of financial web sites, and at one point in the past few years someone raised the possibility of the government seizing private retirement accounts. This sounded like the most paranoid of tinfoil hat stuff at the time. I never would have believed these recent stories were they not in black and white all over the media.

Imagine if Bush or Cheney had proposed such a thing! The media would have gone into hysterical overdrive quoting Democrats about how they were stealing money for Halliburton, or some such nonsense. Now that it is the Democrats, little real examination of the issue.

Of course, if, God forbid, they actually do this they will spend the money within seconds of these seizures! Maybe this will be the Republicans’ come-back plan! LOL!

[cornelis]

Another justification for Ghilarducci’s plan is to eliminate investment risk. In her testimony, Ghilarducci said, “humans often lack the foresight, discipline, and investing skills required to sustain a savings plan.” She cited the 2004 HSBC global survey on the Future of Retirement, in which she claimed that “a third of Americans wanted the government to force them to save more for retirement.”

"Ooh, baby it's a wild world. It's hard to get by just upon a smile."

[machogirl]

They’ll have to pry my 401k (private property) from my cold, dead hands before they lay their mitts on it.