Democrats Target 401k and IRA Retirement Accounts

RightSideNews ^ | 11/10/08 | Karen McMahan

[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

[cherry]

and maybe that would be the point....getting all that tax revenue in from the penalties...but I would do it if I had too...

[TASMANIANRED]

There is a lot less to confiscate.

[cherry]

its my money...money that I earned, no one else....its a struggle for middle income people to fully contribute to their 401's and to their roths, it makes you sacrifice and refrain from immediate gratification items, but we do it so we can have something when we retire....

not only that, it is to supplement SS benefits and its something we want to be able to leave the kids when we're gone......

if they take it over, they will make you spend every single penny before SS kicks in.....there will be no legacy for the kids or the grandkids....

[grb]

This better not be true.

[Old Teufel Hunden]

The nine most frightening words you’ll ever want to hear.

I’m from the government and I’m here to help.

[SunkenCiv]

Hillary Clinton: Sixty is the magic number
www.hillpac.com | OCT 21, 2008 | Hillary Clinton
Posted on 10/21/2008 8:42:22 PM PDT by Maelstorm
http://www.freerepublic.com/focus/f-news/2111860/posts

[jusduat]

On November 14, I turned 59 1/2. I took out enough to
pay off my debts. I hope that the rest is there when I
retire. If not, we have plan B and depending on the state< of the economy, plan C.

[SunkenCiv]

That’s good, in fact, probably very good.

[Kickass Conservative]

Remember the “first Registration, then Confiscation” argument against Gun Control way back in the 60’s? I do.

Now many Americans have no problem with “Common Sense” Gun Control, whatever the hell that is. Registration or the outright banning of so called Assault Weapons is entirely possible today, thanks to a Sycophant Liberal Media pushing the Gun Control Agenda of the Left.

Given enough time and repeated lies and misinformation, the Sheeple will trade their accounts for a false sense of economic security. It will be sold to the masses as a guaranteed Annuity.

Of course when you die, just as in the current Social Security System, they'll keep your money.

By the time I stop working, over $200,000 will have been paid to the Government from my years of labor into SS and Medicare. The odds of me collecting that money before I die will be slim, due to a form of Leukemia I contracted at age 52. Not to mention the Millions of Dollars that money would have grown to over 45 years of investment.

Republicans think people are smart. Democrats know people are stupid. It's as simple as that.