This is surprising to whom?
This will shore up social security for a few years, until that money gets spent too.
It smells of the Cloward-Piven strategy.
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.
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.
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.
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.
Related, from the past week’s WSJ:
Argentina-
“That revenues would, at some point, fail to meet the rising expenses of the welfare state was predictable. The only mystery was when the wall would be hit and how the further plunder to make up the difference would be carried out.
On Oct. 21, Mrs. Kirchner ended the suspense by announcing that the nation’s private pension system — with a stock of $30 billion and a flow of $5 billion annually — would become government property. To put that in words that Americans can more clearly comprehend, it would be as if the assets of all 401(k)s were suddenly swept out of owners’ accounts and into a single government account.”
http://online.wsj.com/article/SB122567336191591913.html
Lauding GRAs as a way to effectively increase retirement savings, Ghilarducci wrote that savings incentives are unequal for rich and poor families because tax deferrals “provide a much larger ‘carrot’ to wealthy families than to middle-class families — and none whatsoever for families too poor to owe taxes.”
A good reason they get away with this gobbledegook is because of gutless "Republicans" sitting on their hands.
"Guaranteed" to be paid back in inflated dollars worth a mere fraction of what they were when they were earned by the sweat of your brow.
I was wondering how they could just “take it” without our input etc, but I’m wondering now...Do you think they could say it was a form of Eminent Domain, just because they gave us compensation (fair amount to be determined by them?)
Everywhere i look, “Bright lines” are being crossed.
Confiscation of priate bank accounts???
My daughter being compelled into peacetime “involuntary servitude”.
A domestic security corps?
Bush this week sponsoring an international summmit to harmonize banking and money policies under the control of the UN?
A fairness doctrine?
Nationalized investment banks.
Kyoto and its successor sure to be approved,, the Law of the Sea treaty sure to be signed,,, We are sure to join the international criminal court. (actually making possible prosecution of WWII VETS for any “war crimes”!!)
A million little insignificant culture battles now have borne their perfect fruit in Obama. The “girls gone wild” videos,,, The times Christmas parties and songs were banned in elementary schools,, The open borders,, the sanctuary cities,,, the prescription drugs,,, the political correctness in speech,,, rap music and Hip-hop culture,,,The ascendency of anal sex and baby killing as our main political debates,,, the vilification of the boyscouts,,, campus speech codes,, the arrests not made when speakers were assulted with thrown food,,, the endless list and the seizure of our schools has resulted in a generation that is truly Godless and in the revolutionary corner.
I know there is nowhere else on earth to flee to.
I know freedom will die for 1000 years when America’s subjugation is complete.
I know many of us will not submit and have the means to defend ourselves.
Where is our Concord?
Who is our modern Thomas Paine?
I don’t have the answer,,, but only more and more questions.
Literally, respectfully,, *God help us* save what our founders built on this continent.
If the Rats confiscate all retirement accounts and raise the tax rate of those who make more than $200,000 to 95% it will not pay for the trillions of dollars that have been and will be expended to upright this floundering ship of state. It is, I believe a situation that can only be corrected by several years of immense pain and that he will refuse to countenance. So I believe he is doomed to inflate the currency to the point of the Weimar Republic resulting eventually in even a longer period of pain, but hopefully for him, after he is out of office.
GASP! We're doomed!
I don’t see anything about withdrawals and penalties. It you give $600 a year to some people, they will jerk it out so fast your head will spin, even if they have to pay a steep penalty. After all, they didn’t put the $600 in the accout, the gov’t did. So why should they worry about paying a penalty with part of the money that wasn’t theirs to begin with. It is just another form of welfare!