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Posted on 10/10/2010 7:55:51 PM PDT by Zeddicus
Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone.
Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci.
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
(Excerpt) Read more at humanevents.com ...
Out and out robbery
When in the course of human events it becomes necessary for the people to disband the political bands that have connected them to another.....
White-hot anger. I don't have a pension either, just a meager 401K that I'm supposed to surrender...so YOU can have a pension. FY Democrat Party.
I forgot CO (Salazar’s old seat), so there are 5 opportunities to pick up seats to rein in a lame duck session.
...Just run this ad in every market. The election would not be close.
Agree !!!!!!!!!!!!!!
Be aware they’re smart enough to use the “one-off method”: they won’t seize your 401k outright, they’ll do something else which, by getting you wrapped up in explaining the difference, has the same net effect.
The Left has learned to confound the Right this way, rendering us impotent by getting tongue tied trying to explain why 2+2 does not equal 5 (even for large values of 2) while our enemies march ahead proclaiming the virtues of the new math.
It would be awesome to have all 4 of those seats become GOP seats and to shut down the lame duck session.
I don’t think we should call it “wealth redistribution” anymore. I think we should go back to the original word for it: STEALING!
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