"Democrat" 401K Confiscation Proposal is "Republican" Mandatory Savings Plan

John Birch Society ^ | 11/15/2008 | Eagle USA

[EagleUSA]

Monday, 10 November 2008 06:32

"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."

That was the lead sentence in an article entitled, "Dems Target Private Retirement Accounts," published in the Carolina Journal on November 4th. With those alarming openers, the article has gone viral over the last week — at least among those who advocate less government interference in their economic lives.

Unfortunately, the Carolina Journal is only telling half of the story — the baaaad Democrat half. Missing from the Carolina Journal is the baaaad Republican half that suggests replacing voluntary 401K contributions and savings with mandatory retirement savings accounts. This oversight is in keeping with the target market for the Carolina Journal — establishment Republicans who like their partisanship dressed-up in libertarian platitudes. The Carolina Journal is the flagship publication of the North Carolina-based John Locke Foundation (JLF). JLF employs respected (small government is better) scholars, but also raises money by bringing to town neo-conservative (bigger government is better for spreading democracy) luminaries like William Kristol and Frank Gaffney.

[EagleUSA]

This is a good read. Another look into the planning phases of a planned takeover of America's retirement savings. It does add some information that was not expressed well in earlier web articles on the subject. This topic needs to be FOLLOWED, POSTED, RE-POSTED, until every soul knows what these socialists are planning to do to the wealth of the American citizen.

[benasawin]

Bookmarked for later read.

[xjcsa]

You’re quoting the John Birch Society?

[stockpirate]

ping

[okie01]

Hmmmmmmm. John Birch Society, eh?

How much credibility should we assign this...???

[hinckley buzzard]

baaaad Republican half that suggests replacing voluntary 401K contributions and savings with mandatory retirement savings accounts.

I guess I missed it. Which republican suggested this?

[Keflavik76]

If there is a government move on IRA’s and 401K’s the massive anger and protest that will result will make the Boston Tea Party look docile.

[Candybar]

Socialism, Socialism, Socialism!

Here it comes. Look out!

[murphE]

If there is a government move on IRA’s and 401K’s the massive anger and protest that will result will make the Boston Tea Party look docile.

Don't count on it, the government just might coordinate the take over with the start of the new season of American Idol.

[Keflavik76]

There is no need to say the sky is falling, it already fallen.

[sport]

Maybe so but the media will make sure that it is directed to former President Bush and what then comprises the Republican Party. Not at the Democrats.

[berdie]

later

[Repeal The 17th]

I knew a guy that belonged to:
“The Society For The Preservation Of Wooden Toilet Seats”
It was commonly referred to as “The Birch John Society”.
Ba-dum-dum.

[Keflavik76]

Its going to be difficult for the media to keep blaming President Bush when the democrats are in control of two branches of government. When things go south for the dem’s they are going to have to carry that weight.

[Mount Athos]

[MrEdd]

Well, they aren't as phony a source as say, The New York Times or The Chicago Tribune.

[sport]

Does Herbert Hoover ring a bell?

[Misterioso]

Hmmmmmmm. John Birch Society, eh? How much credibility should we assign this...???

How much credibility would you assign it, and why?

[Tench_Coxe]

There are a lot of folks who will pull their money out before letting the govt gets its hands on it. I should start a company with bed matresses that have combination locks...

[dbacks]

Except the Republican plan paid at the actual rate of gains. The dems plan to pay out a fantastic 3% less government fees and TAXES which will be 5-8%. IOW, NET LOSS!