Posted on 11/18/2008 4:45:37 PM PST by Clintonfatigued
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 universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on “The Impact of the Financial Crisis on Workers’ Retirement Security,†blamed Wall Street for the financial crisis and said his committee will “strengthen and protect Americans’ 401(k)s, pensions, and other retirement plans†and the “Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people.â€
Currently, 401(k) plans allow Americans to invest pretax money and their employers match up to a defined percentage, which not only increases workers’ retirement savings but also reduces their annual income tax. The balances are fully inheritable, subject to income tax, meaning workers pass on their wealth to their heirs, unlike Social Security. Even when they leave an employer and go to one that doesn’t offer a 401(k) or pension, workers can transfer their balances to a qualified IRA.
Mandating Equality
(Excerpt) Read more at carolinajournal.com ...
This isn’t meant to “protect us”, this is the money influx that they need for all the entitlement programs the Dems have planned.
our Iras and 401K will not be in a LOCKBOX.
Changing the rules in the middle of the game that’s change for you. Thanks dems.
Looks like I will be working until I am 80.
Confiscation of these individually owned savings accounts cannot be justly compensated with a commie government bullshit iou. This confiscation is an unlawful taking of personal property and may partly explain the enormous uptick in gun and ammo sales.
I wonder how they will handle the “taking” of the UAW, NEA and federal employees pensions?
I have talked to 3 different people since the election that had never heard of this 401k confiscation ploy. They are basically non-political. They initially didn’t believe me. But then I finally convinced them. I think that this confiscation thing might wake a few people up, not everyone, but a few.
The time for tar and feathers has passed.
Interesting. I was just thinking today about buying more ammo. Great minds must think alike.
Well, what do we do about it?
Out buyin up all the reboot can find.
How is taking our private retirement savings NOT a crime? What the heck? This cannot happen. It is stealing. Oh wait, the gov. steals from us everyday. Try not paying your prop. taxes, they’ll steal your house! We are so screwed. Thanks to all the losers who didn’t go vote for the Republican ticket (such as it was), just to punish Bush or McCain...now we have outright unashamed marxism to deal with. We are in so many kinds of trouble, it’s hard to keep track of it all.
Thanks. going to see about it now.
A few, maybe. A majority, on the other hand, still wouldn't believe it even as it's happening to them.
Unfortunately, money is safer under the mattress than in these targeted accounts. And i make it a point to earn as much as I can “under the table”. What the govt wants to do will only drive hard working folks to figure out ways to “Beat the Marxists”.
What a joke
This is how they pay for the bail out soak everybody’s savings (7 trillion?) then issue us debt or note that they will pay us back on a inflation adjusted interest rate of 3%
of course they will use the government CPI which takes all inflation items out of the basket like energy and food so my savings will be growing at a negative interest rate.
And of course they want me to keep pouring my money down that rathole every year?
What a deal!! where do I sign up you bastards?
I’ll take the penalty and losses this year and buy an investment out of the country.
This is getting complicated protecting my wealth
As it’s looking now
I’ll reside in the US
move my business operations to Taiwan
and locate my bank accounts in HK or Singapore. I need a stable non depreciating currency to do business
It’ll be on the up and up tax wise but with the speed and the direction things are moving I do not want to get caught by any capital and currency controls that might get put in place.
“A few, maybe. A majority, on the other hand, still wouldn’t believe it even as it’s happening to them.”
Yea, I know. We are living in a time where we have the most stupid people that have ever lived. They are living in the greatest country in the history of the world and do not realize it. They won’t even know it when the country is gone.
Surely you know that this has been
Posted
http://www.freerepublic.com/focus/f-news/2131791/posts
and posted
http://www.freerepublic.com/focus/f-news/2130011/posts
and posted
http://www.freerepublic.com/focus/f-chat/2129488/posts
and posted
http://www.freerepublic.com/focus/f-news/2128948/posts
and posted
http://www.freerepublic.com/focus/f-news/2126622/posts
It’s so important, it can’t be posted enough.
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