Posted on 11/28/2019 9:30:37 AM PST by karpov
Down the road, look for “qualifying” plans to require purchase of US bonds.
Now Buttigieg is throwing everything his people can think of at the wall and hope it sticks , stole this from Warren ,LOL
Any and every public program is what Demonrats use to buy votes.
They steal money of those that work for a living and use the money to buy the votes of those that don’t.
Hmmm. I recall hearing something like this back in 2009.
Elizabeth Warren proposed this about 10 years ago, before anyone outside of the northeast knew who she was. That’s when she first hit my radar, and I’ve been worried about her gaining a national foothold ever since.
Yes another pile to be looted
1st it would be voluntary, then it would be compulsory once they get done looting the voluntary program to spend on other things
My 401k is doing great thanks to trump. No way I would let the govt touch it. If tbat were to hallen, I would rather withdraw it all, take a huge tax hit in one year and put it in my checking acct.
If it happens, they won’t let you.
We aborted them all.
FReepers may recall- in 2008 Congressman George Miller’s plan to take over ALL of the public’s retirement planning-— to never allow privatization of any part of the SS Trust Fund, and also never to allow each worker the option to have their Social Security withholding be payable to their OWN pension plan- self directed (like they do in— Chile!) , instead of the Ponzi Scheme that it is. Butt gig is recycling this crapola idea— and thinks no one will notice?
This dhimmi socialist Cong. George Miller (now a lobbyist for this crap, fairly certain) and his a@@clown buddy “Dr.” Jim McDermott of WA (the leaker of an illegally recorded telephone conversation during a 1997 committee investigation of then-Speaker Newt Gingrich with John Boehner— that guy).
Proposing a MANDATORY “contribution” or 5% of their earned money taken from them (with a subsidy of course) of every worker, into a ‘guaranteed’ 3% return on investment retirement fund. Not PRIVATIZED— it eliminated 401K’s and all tax benefits therein. Their “expert” was Teresa Ghilarducci. Mark Levin interviewed her, and tore this idiotic idea to pieces, because of the govt. MANDATE, and not allowing people to keep their own money!!
George Miller and McDermott (and explanation of Ghilarducci’s “expert” idea!!):
https://hotair.com/archives/ed-morrissey/2008/10/23/democrats-to-kill-401ks-for-privatized-social-security/
The Legendary Mark Levin takedown of this clueless socialist professor Ghilarducci on 2008 Mark Levin show, replayed here in 2012, and now Butt Gig is at it, the same crap-
Mark Levin and Ghilarducci:
https://www.youtube.com/watch?v=7TTsHel-qbc
See my posts— with the 2008 history on this and the 2012 replay of Mark Levin’s take down of this idiotic professor, and this idea...
And she says (after Mark asks where his money is in the SS Trust Fund)-— “you pick your crooks”
The Govt. BORROWED it from the Trust Funds— and issued IOUs— how can SS be insurance? “Full Faith and Credit of the US Govt.”
A beautiful crafted takedown interview— no tax breaks:
Link here:
https://www.youtube.com/watch?v=7TTsHel-qbc
Defined Contribution Benefit Plans are largely NON-existent nowadays- or doesn’t this idiot know that. And Government does NOT DO IT BETTER. A “govt. 401K” would be instantly spent in the general revenue (voracious FUND theft is what all Trust Attorneys do— in private malpractice, but they can get away with it with anonymity with a govt. 401 K with mandatory “contribution” through the employer. Again, making the employer the tax collector, in the form of a “contribution”)
Utterly nonsensical— and is from the point of view that ALL MONEY is owned by the government- including someone’s earnings,and thus subject to the mandatory contribution element of a “guaranteed” 3% return. Guarenteed by OTHER government money, which when it is spent out to debt— will then be BORROWED from the private Federal Reserve Bank!. Absolutely insane.
The figure in 2008 for the “unfunded mandates of Social Security” was (in the phone call Levin had stated) 23 Trillion dollars, nearly the same amount of actual debt the country has now.
This is a FRAUD another money grab. And to tie this to a longterm care plan (a govt. one) that pays $90 a day (which is nowhere near the inflationary amounts currently being charged against private plans— can tell you)— is devious, and lying in the extreme.
Yep- See George Miller and McDermott. It’s all being recycled in this “plan” attached to yet another redistro “bennie” we would all be slammed for.
Was instantly reminded of what the 401K seizers were saying in 2008 before obamaumao-care, and now we have butt gig’s.... long term goodie bar care, and forced takeover of private 401 Ks through the employers— yet again. Instead of privatizing the retirement plans of all our workers earning, oh noooo, we have to piratize their few private options, to fund their already overly unfunded mandate “plans” that is nothing but a bunch of IOUs for money borrowed from the Trust Fund.
Devious. The slogan Trump should use to any proposing this crap is..... “Don’t piratize the privatized accounts of hardworking Americans-— that is socialism and is actually, THEFT!
Exactly my first thoughts - just another ploy to pour more cash into the SS slush fund and make it all go belly up even sooner...
This is similar to the ideas for privatizing SS -- allow each person to decide how to invest his own SS fund.
From the Dem point of view this is a disaster because it gives each person an ownership interest in American business. Hating America and looting business for short-term redistribution to will no longer fly. The Dems will have to move right and try to add long-term growth to the economy -- a prospect they hate. They would far rather strangle us with regulation.
Believe me, that is not how they are going to work it. They will grab your money and spend it immediately. There will be no earnings, above any interest rate for them to keep.
They will give you some miserable low interest rate on the money they took, but it will be paid to you from taxes they collect in the future. There will never be a pile of real money anywhere -- just like the SS "Trust Fund", a scheme which would be illegal if anyone other than the government ran it.
Cash out all those business and bond investments vs. making them government-owned? Hmm...
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