Posted on 11/12/2008 7:56:41 PM PST by Sammy67
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
(Excerpt) Read more at rightsidenews.com ...
ping
If a lib would just think for one second "what would I do if I were on the crappy end of this"... there would be no more libs. I assure you, if I see this get to the senate, I'm cashing out and running, damn the losses I've taken this summer, it's better than losing it all.
This will never fly...people will scream bloody murder if they try to pass such a thing. The wealthy and middle classes will just pull their money out before it takes effect...thereby causing the market to tank even worse.
Since when is anything the politicians do actually sane? All they see is a cash cow, and they don’t care if they kill it in the process of trying to milk it dry. Besides, business is the enemy of the worker, don’cha know. “The profits of Exxon Mobile belong to all of YOU!” Crowd: “More pie! More pie!”
Don't you think that's asking a little too much??
That is outright stealing. If the so-called law makers actually move on this, I say we sue them not only for loss, but for punitive damages as well. Since they can throw around 700 billion without too much concern, I think a few trillion in punitive damages ought to do it. You don't think it'll happen? Ha, the law firms will be lining up to take this on as a class action with "only" say a 10 percent contingency fee.
Seriously, taxation without representation led to a little dust-up a while back. Stealing people's retirement savings just might do it again. I realise they'd do it under the guise of protecting personal retirement accounts against loss. But really, when has the government ever been a good steward of money? Forget it.
It will be sold as a protection against market volatility, a whopping $600 per annum match, a guaranteed 3% return on your investment AND Uncle Sam will return the balance of your 401K/IRA to it's balance prior to the stock market fall. And the loss of the tax benefit to a 401K/IRA will enforce this. (We'll take care of your money..don't worry.)
Given the current economic climate, it won't be a seizure,it will be a bloodless coup. A lot of people will fall for this. You don't cook a frog by dropping him in boiling water. You just turn the heat up gradually.
We are represented. But too many Republicans wanted to teach the "Party" a lesson by losing that now we know what losing really means and we have no one to blame except ourselves.
Perhaps winning will get to be important enough to fight for, like these last few races that are actively being stolen. These last Senators could mean stopping the worst of this.. or having no hope at all.
The fact is that could happen with the THREAT of any real action by the government.
With=without
How much anyone want to bet that if this plan of their's is successful and is passed, that they will phase out SS for the younger folks and replace that with this.
And probably won't let them bequeath any of the money to their heirs.
The Democrats are at war against the American middle class. Just about anything you can think of that is representative of the American middle class the Democrats are fanatically against. You know the Lear Jet Marxists hate it that millions of middle class people are investors. They hate it that the little people have any say in their own fate.
He didn't think nurses would be hurt wage-wise but doctors would.
And I had overheard one of his partners talking about what they make for medicare patients. It averages out to about $17.00 per hour. Pretty sad considering the education they have to undertake and the malpractice risks they have to pay for and face.
The sound you hear is jaws dropping.
This is what scares me the most.
bump
HOW?
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