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 ...
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!
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.
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....
I wish I would have cashed it out a year ago and just paid the penalty.
screwed. we are all so screwed. thanks all you dems and rinos who voted this marxist thing into office.
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.
Cashed mine out 2 years ago and paid off all our debts.
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!
Cashed mine out 2 years ago and paid off all our debts.
<p. Now you gonna pay everybody elses debt
Who is John Galt?
Who is John Galt?
Read “Atlas Shrugged”
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.
Why don’t they grap the teachers and public workers reirement accounts? Those are large accounts and could bail out the politicians.
Yep. It's the beginning (middle?) of the end.
From each according to his ability, to each according to his need.
http://www.youtube.com/watch?v=vcqLlCg9Kzk
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.
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