If you don’t think an Obama, Pelosi, Reid run government would result in a dramatic swing to the left, read US News and World Reports article on congress’ discussion of takng over people’s 401K’s. 401K’s are not ‘rich people’ savings plans they are middle America’s retirement and savings plans, and Dems are looking to make them into ‘government created’ accounts. Would Obama, Dems Kill 401(k) Plans?
I hate to use the “S” word, but the American government would never do something as, well, socialist as seize private pension funds, right? This is exactly what cash-strapped Argentina just did in the name of protecting workers’ retirement accounts (Efharisto, Fausta’s Blog). Now, even Uncle Sam isn’t that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans.
House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created “guaranteed retirement accounts” for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, said that since “the savings rate isn’t going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should.”
Hat Tip to Smart Girl Politics original article Kiss Your 401k Goodbye!
You guys must be well-stocked in tinfoil.
By: ToddPT on October 28, 2008
at 5:23 pm
[...] Hat Tip to Smart Girl Politics original article Kiss Your 401k Goodbye! Democrats Discuss Taking Over People’s 401K’s [...]
By: Democrats Discuss Taking Over People’s 401K’s | Grizzly Groundswell on October 29, 2008
at 1:24 pm
[...] Hat Tip to Smart Girl Politics original article Kiss Your 401k Goodbye! Democrats Discuss Taking Over People’s 401K’s [...]
By: Blogs For John McCain’s Victory » Democrats Discuss Taking Over People’s 401K’s on October 29, 2008
at 1:25 pm
[...] Retirement funds, particularly 401K’s, are at risk. As previously mentioned in the article Democrats Discuss Taking Over People’s 401K’s Democrats are looking to eliminate the tax break for 401K’s and to subsidize a takeover of [...]
By: 401K’s in Jeopardy « Blogs for McCain on October 31, 2008
at 11:00 am
[...] funds, particularly 401K’s, are at risk. As previously mentioned in the article Democrats Discuss Taking Over People’s 401K’s Democrats are looking to eliminate the tax break for 401K’s and to subsidize a takeover of [...]
By: 401K’s in Jeopardy | Grizzly Groundswell on October 31, 2008
at 11:09 am
Well the people of America have done it again. I guess this is proof that Americans are very politically illiterate. First they re-elect George Bush and now they have to give the Democratic part more power to screw the American people over. The bad part of all this is that the smart ones that actually pay attention to politics and vote for the person that would actually do a good job has to suffer because of the idiots that voted emotionally.
By: Tledon on November 5, 2008
at 10:08 am
Tledon,
You pretty much summed it up. Makes you wonder why some of us devote any time to informing ourselves. It seems our more ignorant brethren going about their happy little lives only pop in once every few years to not only determine policy but actually benefit the most (subprime bailouts, “tax cuts” for not taxpayers), and they say only Wall Street bankers are greedy.
By: Becky on November 5, 2008
at 2:59 pm
t seems people need reminding every now and then that putting Democrats in charge isn’t such a good idea. The problem is that this one is scary.
As for the 401ks, its all about the money. Democrats are looking for more money to blow on their pet projects. Lets face it, they know that raising taxes will actually decrease government revenue. As Obama put it when reminded of that fact by one of the few reporters who had the balls to actually ask him a tough question it is not about the revenue it’s about “being fair.” Ideology trumps reality!
So, they know their policies won’t raise the money they want in the long run. But there are all those trillions of dollars sitting there ripe for the picking in people’s privtae 401k accounts! All they have to do is grab the money and spend it the way they did the social security accounts.
By: Lo56 on November 6, 2008
at 7:41 am
Taxing 401K’s will be another step of “spreading the wealth around” If you tax millions of people who have the average 401K you can then hand out the money wherever “they”, Pelosi Posse, seem fit to do so. Not a good idea
By: citizensagainstliberaldemocrats on November 7, 2008
at 5:30 pm
[...] Democrats Discuss Taking Over People’s 401K’s If you don’t think an Obama, Pelosi, Reid run government would result in a dramatic swing to the left, read US [...] [...]
By: Top Posts « WordPress.com on November 11, 2008
at 7:34 pm
And I suppose you “more politically informed than the democrats” wanted to vote another republican in office and I am sure you voted for “W” twice. Read the Washington Post or the New York Times or CNN or AP or Wall Street Journal. Watch the news instead of listening to Rush and you might just agree that most republicans are paranoid old thinking people who are afraid of someone who just might get our butts out of this mess and show you that it can and will be done. We put up with W for 8 years, now give us a chance and shut up!
By: Sue on November 12, 2008
at 7:58 am
and by the way, what could be more scary than Palin running the show and a president who thinks just like W? Please explain since you are so full of wisdom and I am just ignorant. I would say ignorant is not acknowledging something when it is staring you right in the face. Admit that Republican administration pretty much clipped the world at it’s knees and now expects us to stand by and elect another….now THAT’s IGNORANT!
By: Sue on November 12, 2008
at 8:01 am
by the way….lock up your guns because I am sure on day one Obama will be knocking on your door and take it out of your hand (as it he doesn’t have better things to do). You poor stupid, ingnorant, frightened, paranoid old republicans…how ignorant is that!
By: Sue on November 12, 2008
at 8:04 am
[...] Security is not the answer and neither is the government. If the government gets their way your pre-tax contribution will be a post-tax contribution. As an investor in your own future you must stop the government from doing this to our [...]
By: More On 401ks…Keep Investing! « Ms Placed Democrat on November 25, 2008
at 3:00 am
Hello webmaster
I would like to share with you a link to your site
write me here [email protected]
By: Alexwebmaster on March 3, 2009
at 7:37 am
I can see some people really don’t know what is socialism. Unfortunetaly I have lived all of the and I have read all the books about it and it simply doesn’t work .
I would prefer Palin, the woman knows how to kill her own food that is a Real woman the one that we need.
I disagree with her on many things, but she has better principles and is proud of her country.
By: Taty on March 3, 2009
at 5:30 pm
My Grandfather left Sweden when he was fourteen years old to come to this country because of Swedish Socialism - he saw there was no future for him there. That allowed my father to live the REAL American Dream; education, working hard to build a business, so you can afford to buy a house. Now politicians forgot the first two things and just want everyone to go right to the “own a home” finale. This is where the graveyard of lofty political ideas gets us, every time.
By: jennifer on March 6, 2009
at 6:12 pm
Nice post. I agree 100%. here’s some more info on Lowest
Price for Zyban Online
By: jacklara3 on May 3, 2009
at 3:06 am
Great site, I will be back. Well done
By: Power Home Solar Review on January 27, 2010
at 12:31 am
[...] most are white, he wants their pensions, homes and deaths so he can save trillions to pay off the unions with their money and get illegal [...]
By: TMNCare Is A Failure | The Magic Negro on November 16, 2010
at 1:59 am
It’s going to be end of mine day, except before ending I am reading this impressive paragraph to improve
my knowledge.
By: gold watches on October 24, 2013
at 1:28 am
Awesome issues here. I am very satisfied to see your post. Thanks a
lot and I’m taking a look forward to touch you. Will you kindly drop me a mail?
By: gold watches on October 24, 2013
at 2:42 am