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Democrats Target 401k and IRA Retirement Accounts
RightSideNews ^ | 11/10/08 | Karen McMahan

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 ...


TOPICS: Crime/Corruption; Government; News/Current Events; Politics/Elections
KEYWORDS: 111th; 401k; afreakingagain; agenda; banks; barackobama; bho2008; communism; communists; congress; corporations; corruption; crime; democrat; elections; fraud; investments; ira; irs; moneygrab; politics; president; retirementaccounts; senate; socialists; socialsecurity; ssa; stocks; taxes; teresaghilarducci; treasury; usgovernment; wallstreet; whitehouse
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Take your 401K's and Ira's now and run before these corrupt communists take it all!
1 posted on 11/12/2008 7:56:41 PM PST by Sammy67
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To: Sammy67

Ah, cool. I was thinking of paying off my car, anyway...I can cash out my 401K from my old job and have more spending money every month. Sweet!


2 posted on 11/12/2008 7:58:23 PM PST by conservative cat ("So this is how liberty dies... with thunderous applause.")
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To: Sammy67

Dems want to pass huge new entitlement programs and services but there will be less money to do it with. I hope they can figure this out before Jan 20th.


3 posted on 11/12/2008 7:59:18 PM PST by Brian S. Fitzgerald
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To: Sammy67

why, so they can hand it to illegal aliens and greedy corporates?

we will never see any of this money. we will all have to work til we die.

thanks a hell of a bunch....


4 posted on 11/12/2008 7:59:30 PM PST by television is just wrong (obama is going to pay my mortgage for me!)
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To: Sammy67

I wish I would have cashed it out a year ago and just paid the penalty.


5 posted on 11/12/2008 7:59:39 PM PST by hercuroc
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To: conservative cat

screwed. we are all so screwed. thanks all you dems and rinos who voted this marxist thing into office.


6 posted on 11/12/2008 8:00:58 PM PST by television is just wrong (obama is going to pay my mortgage for me!)
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To: Sammy67

I’ll bet the Dems, in order to pass universal health care, will be forced to create a new civilian medical corps, composed of MD draftees, getting paid $25/hour.


7 posted on 11/12/2008 8:01:15 PM PST by Brian S. Fitzgerald
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To: hercuroc

Cashed mine out 2 years ago and paid off all our debts.


8 posted on 11/12/2008 8:01:44 PM PST by Sammy67
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To: Sammy67

This is a self fufilling prohecy as the more the Dems talk about this the more people with sell of their stocks creating more turmoil and justification to do it!


9 posted on 11/12/2008 8:02:07 PM PST by rfmad
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To: rfmad
This is a self fufilling prohecy as the more the Dems talk about this the more people with sell of their stocks creating more turmoil and justification to do it!

Exactly!

10 posted on 11/12/2008 8:05:22 PM PST by Kenny
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To: Sammy67

Cashed mine out 2 years ago and paid off all our debts.
<p. Now you gonna pay everybody elses debt


11 posted on 11/12/2008 8:05:27 PM PST by al baby (Hi mom Honkeys for Mc Cain Palin)
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To: Sammy67

Who is John Galt?


12 posted on 11/12/2008 8:08:54 PM PST by stockstrader (At least Biden tried to warn us of the dangers of an inexperienced and unqualified ticket)
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To: stockstrader

Who is John Galt?

Read “Atlas Shrugged”


13 posted on 11/12/2008 8:11:36 PM PST by upier ("Usted no es agradable en America" "Ahora deporte Illegals")
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To: Sammy67
I don't even have enough left in it to pay my debts now I'm going to have to pay everyone elses too?
14 posted on 11/12/2008 8:12:05 PM PST by hercuroc
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To: Sammy67

My question is whether the Dems are planning on using Ghilarducci’s plan, or are they just setting it up as the extreme case in order to push the “more reasonable” case of reducing or eliminating the tax benefits of 401k contributions as the compromise solution. Then when 401k contributions plummet they can get rid of them entirely in a few years.


15 posted on 11/12/2008 8:19:34 PM PST by KarlInOhio (11/4: The revolutionary socialists beat the Fabian ones. Where can we find a capitalist party?)
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To: Sammy67

Why don’t they grap the teachers and public workers reirement accounts? Those are large accounts and could bail out the politicians.


16 posted on 11/12/2008 8:22:32 PM PST by LoneRangerMassachusetts
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To: television is just wrong
screwed. we are all so screwed.

Yep. It's the beginning (middle?) of the end.

17 posted on 11/12/2008 8:22:58 PM PST by conservative cat ("So this is how liberty dies... with thunderous applause.")
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To: Sammy67
The IRA is my money. Keep their damn hands off. If communists Obama confiscates it will I still have control over my money such as how much I want to draw out each month. Will I still retain the total value of my money so if I want to close it out I can. If the plan is to take my IRA account and sink it into a defunct SS fund and lose my control over the total value of my money, to hell with them.
18 posted on 11/12/2008 8:25:47 PM PST by Logical me (Oh, well!!!)
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To: Sammy67

From each according to his ability, to each according to his need.
http://www.youtube.com/watch?v=vcqLlCg9Kzk


19 posted on 11/12/2008 8:26:40 PM PST by garjog (Used to be liberals were just people to disagree with. Now they are a threat to our existence.)
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To: Kenny

This is crazy of course stocks are down RIGHT NOW but:

1. Not all 401K’s are in stocks, they can be in a variety of investments.

2. Over time the market comes back, duh. I wish I was making heavy 401K contributions now.

Fing up the system at a moment when stocks are low is just insane.


20 posted on 11/12/2008 8:26:47 PM PST by Williams (It's The Policies, Stupid.)
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