Man, I Hate To Say I Told You So

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Dems take initial steps to seize your 401K savings accounts.

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.

Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on “The Impact of the Financial Crisis on Workers’ Retirement Security,” blamed Wall Street for the financial crisis and said his committee will “strengthen and protect Americans’ 401(k)s, pensions, and other retirement plans” and the “Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people.”

Currently, 401(k) plans allow Americans to invest pretax money and their employers match up to a defined percentage, which not only increases workers’ retirement savings but also reduces their annual income tax. The balances are fully inheritable, subject to income tax, meaning workers pass on their wealth to their heirs, unlike Social Security. Even when they leave an employer and go to one that doesn’t offer a 401(k) or pension, workers can transfer their balances to a qualified IRA.

That’s a lie really. I enjoy telling telling you so very much.

You know how this is going to work, right? They take your life savings from your 401K and add it to all the other life savings they steal from other 401K accounts and then they parcel it out to everyone, even those people who didn’t have savings in the first place. No need to keep the accounts separate really since it will be patriotic to share the wealth. Your wealth, that is.

Everyone gets a check and they have the power.

Brilliant!

Fricken fools who voted for Barry. Did you think your savings were going to be exempt? Jokes on you. And I would laugh very much if they weren’t going to take my money as well.

No, I am laughing. And taunting you with my silly French accent.

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2 Comments

  1. You forgot to mention an even more devastating effect of this ridiculous plan. Because US corporations would not be able to raise money for growth from the 401K’s and IRA funds that they depend on so much to raise investment capital, job growth will be nonexistent!

  2. Very true, and added with the higher taxes on small businesses and the Dems get what they want. A dependent society.


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