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.
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.
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!
Who is John Galt?
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.
From each according to his ability, to each according to his need.
http://www.youtube.com/watch?v=vcqLlCg9Kzk
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.
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.
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.
This is what scares me the most.
bump
HOW?
There is a lot less to confiscate.
This better not be true.
The nine most frightening words you’ll ever want to hear.
I’m from the government and I’m here to help.