ya think?
Posted on 11/09/2008 12:58:49 PM PST by 4buttons
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 ...
This is surprising to whom?
No surprise to me. They’ve already gutted my IRA, and the irony is that they wouldn’t ever allow me to add to or withdraw anything from it. Because it was inherited. So whatever the death tax didn’t get six years ago, has now been stolen. It’s hard to not feel that we are in a hopeless situation.
Vultures.
This would be an issue the GOP can win on in 2010 and 2012....Dems stealing our private retirement accounts.
Unfortunately...we will have liberal and moderate GOPs who will side w the Dems on this.
For all of us -- how (besides the death tax) did they do it?
This will shore up social security for a few years, until that money gets spent too.
It smells of the Cloward-Piven strategy.
ya think?
Not if you take the hit and cash out. Put it under your pillow or go to Vegas.
I saw where they are trying to say this is an urban legend because people were panic stricken.
"Confiscation" is also known as theft. Why isn't it a shock that the democrats want to steal our retirement funds?!
A measly 3% return will continue to keep people ENSLAVED to the government. You will ALWAYS do better with private investment. It has it's ups and downs. The Demoncrats will capitalize on the DOWN side to GET YOUR MONEY.
401K’s are tax benefit. Stroke of the pen can change them. Just because some broker/investment firm invests the money does not change the fact that it is a tax benefit.
Folks, if you love your children and grand-children, read political philosphy and US history from approximately 1500 to 1800; also, read Locke, Thoreau, Hobbs, Roiusseau, The Federalist Papers. If we do not know history and appreciate what was spent in the creation of this country, we either will lose it or spend our blood to save it for the generations to come.
Yea - Take it while you still can, before they grab it for themselves. No surprise, they want your money for their programs. It's disgusting.
If and when all this starts to happen, can anyone blame us for seriously looking into leaving? I certainly do not want everything I’ve saved going to support a**holes who have sat on their a**es for the past 25 years.
Do any of these politicians understand that some people actually live responsibly and are tired of paying for parasites? Or that to take my savings that I sacrificed for is theft and will be seen, by me at least, as theives stealing my property.
This is why there is a second amendment.
If you do a search, you will find that Democrats in Congress have made their desires public. This comes on the heels of the President of Argentina (Argentina - our new role model!) decreeing the confiscation of Argentine workers retirement accounts to pay for her Socialist follies.
Great (Socialist) minds think alike.
PS. It is no coincidence that the Dems want to take our retirement accounts, now that many peoples’ account values are probably at the lowest level. What a bargain for the Social Security (Ponzi) Scheme.
They just forgot to mention one tiny little detail of their scam they hope won’t be made too big a deal about.
Now if you retire at 67 with a nice balance in your account then die young in an accident or natural causes your heirs will then inherit the balance of what you invested and saved of your hard work. You know, your wages and earnings that haven’t been redistributed yet by the Big Jackass.
This plan once you and your spouse die the balance will become property of the USG, no more inheritance for your kids. There will also be no more buying large once-in-a-lifetime things like a trip around the world or that vintage sports car you have always wanted. It will be doled out to you like a child’s allowance.
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