"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.

[yorkie01]

Nothing new here. The Republicans, for years, have been advocating individual retirement accounts. Were they listened to, there would have been built-in safety mechanisms that would have saved those who most recently have retired, from disaster.

[okie01]

How much credibility would you assign it, and why?

Not much.

From Robert Welch forward, it's been pretty much the voice of hysteria. Dwight D. Eisenhower was not a Communist, for example.

What's your take?

[okie01]

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

That would be true. But doesn't that amount to faint praise...???

[EagleUSA]

You’re quoting the John Birch Society?
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What is of importance here is not the source, but the THREAT. Most people caught that.

[KarlInOhio]

I think this was a case of "If you want half a loaf you ask for the whole loaf. If you want the whole loaf, ask for a buffet with some nice cold cuts." The 'Rats want to get rid of tax deferred contributions to 401ks, so they ask to take them over entirely and "settle" on no new accounts and no tax deferral on new contributions. We shouldn't be tricked into giving up some 401k features in relief that they aren't taking them all.

[EagleUSA]

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!
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They do not plan to do you any significant favors. This is about the acquisition of your wealth for their political use, not about your retirement protection, or whatever other sceme BS reason they come up with to "justify" taking your money.

[arthurus]

I just cashed out my IRA. If Washington is going to confiscate these things it will happen suddenly without any formal warning . Just one morning you will check on your fund and find out that Uncle Sam has sequestered it, like when FDR confiscated gold.

[reformedliberal]

Plus the donk plan is only 50% inheritable, while the individual owned all of his own account under the GOP plan.

[EagleUSA]

If Washington is going to confiscate these things it will happen suddenly without any formal warning .
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Exactly. Totally covert. It is expected.

[dcwusmc]

Bump

[DownInFlames]

Just wait until Zero and co go after ALL pensions and roll those into SS.

[daylilly]

And how much credibility should we assign the Carolina Journal? I don’t know what to believe, but whatever decision I make is going to have a huge impact on my family. There may be a very small window to protect yourself if you need to, and it may be totally bogus. Who among the press ever tells the truth?

Wish I had some answers.

[okie01]

And how much credibility should we assign the Carolina Journal?

I have no idea. But we do know that their report is corroborated by other, highly credible sources: The Democrat majority in Congress IS examining ways to confiscate 401-K accounts and merge them with the bankrupt Social Security system.

[sibb1213]

Rush has been talking about this for several weeks.

[EagleUSA]

Just wait until Zero and co go after ALL pensions and roll those into SS.
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I am sure they are kicking that around too -— I wonder how that will sit with their union buddies???

[Misterioso]

Would you consider Obama a communist? The JBS never accused Ike of being a member of the Communist Party. But a discerning review of American history shows that he was never any thorn in the Soviet’s side. The Rockefellerites engineered the defeat of Bob Taft in 1952 and this country has never recovered from that betrayal of the Republic. YMMV.

[Misterioso]

One more thing. From Robert Welch forward? That shows your basic ignorance of the subject.

[okie01]

That shows your basic ignorance of the subject.

So Robert Welch had nothing to do with the JBS?

If that's the case, then I plead guilty.

[Misterioso]

There is no JBS before Robert Welch since he was the founder. You said from Welch forward, implying its prior existence. Is it your opinion that JBS articles are not respectable enough for FR?

[SuperLuminal]

bttt