Posted on 10/10/2010 7:49:36 PM PDT by Lorianne
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.
(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).
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 ...
OMG-—— that poor looking woman they had testify about all her heart string pulling problems about nothing to leave to her children, just wanting a respectible old age life, not being a burden on her children etc. was a planted UNION SEIU member. Good Grief these people are shameless.
OMG-—— that poor looking woman they had testify about all her heart string pulling problems about nothing to leave to her children, just wanting a respectible old age life, not being a burden on her children etc. was a planted UNION SEIU member. Good Grief these people are shameless.
Your joking. The Dums have had their sights on the Billions + in the 401k System. Jesse Jackson has been the man behind the curtain on this one.
I think people better wake up, Cutting social Security, seizing 401ks, IRAs,. If the middle class has money ANYWHERE these fascist will try to seize it. Hearding the cattle to the slaughterhouse.
June 18, 1998—You can find this out by clicking on your freeper name.
later
I would not put another penny in the 401(k), and bury my real retirement in the back-yard. Time to Galt this rag - or take up arms.
Do both. Really!
I sure hope they start with Calpers!!!
go ahead. i think voters will remember 2012.
Against armed federal marshals and FBI agents? That would be a very short firefight.
NOW it IS time to lock and load. If the fools on the Hill do this... then they best have some place very secure in which to hide their sorry traitorous hides. Heads WILL roll, and I do NOT mean that in a metaphorical way.
She is saying the demonrats may attach it to any tax cut extension bill, and Republicans would vote for it. Frightening! Their attitude is how dare people not want to be a burden to their children!
Would this seizure of assets include 403(b) plans, I wonder?
You can find this out by clicking on your freeper name.I know but I didn't feel like it was important enough at the time to bother.
The fact that they are talking about this now makes me think they will do it when the economy drastically fails. It has been done in other countries and with what we have in charge now, why are we any different? I do think it may cause a large demonstration which will, of course, not be reported by the media.
WE outnumber THEM 1,000,000 : 1
Moreover WE would be fighting to defend what is OURS... That money represents time from our lives, and therefore its theft represents a threat to our lives and that of our spouses. I would not hesitate to take up arms over this... And the FBI etc, would be no match for a people who have finally been pushed too far. The British also thought they were invincible... They got their clocks cleaned by a bunch of farmers. Remember that.
I don’t know reeb. The article doesn’t mention TDAs either
They’re not going to “take” anyone’s 401k. They will simply “rename” it something else and give you one choice of holding: “Retirement” bonds.
That said, if they tried to hide something like this in another bill, as soon as there’s wind of it, people will rush to empty out their 401k’s (and accept the penalties) before letting the gov’t control it.
Not to mention that they would put many mutual funds out of business and cause a market collapse with all of that money being pulled out of capital markets.
In the end, they won’t do anything. They know very well that is one genie they won’t be able to put back in the bottle. Smart money is on this being another dog and pony show being used to placate some group or other.
This will never happen. People would take up arms.
I know I would!
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