Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

RALEIGH — 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.

www.carolinajournal.com...

I don't have a 401k but I have before.. and this isn't good.. IMO, put your money in a sock.....

Mod Edit: External Source Tags – Please Review This Link.

[edit on 7/11/2008 by Mirthful Me]

reply to post by Komodo


And people didn't believe this would happen under a completely controlled Democrat government.

By the time they are done, if they have their way, they will own everything.

Everything.

Hey, congratulation on voting in Obama again everyone!

Excellent choice!

Gee, in a couple of months there won't be anybody to veto this either. Fantastic!

In a couple months my 401k won't be worth anything anyway! Maybe I'll cash it out and by that shiny sweet apocaplyse vehicle I saw posted in a different thread awhile back.

ya the thought of this makes me sick. They will take everything people save in their 401k and then just give them what they NEED when they retire versus what they DESERVE. Some may not deserve the same as others, that is the world we live in.

This sucks for the older generations who did everything right in their life to prepare for their retirements

Where are the usual liberal suspects here to defend this?

Isn't this the type of thing they all claimed would not happen?

You have to know that these people already stole (decimated- really) our Social Security for their fiscal escapades. Now they 'recommend' we give them equal access to OUR retirement money.

Oy.

All a part of the CHANGE we've been promised...

Pull everything you have out of the "markets" 'cause they are into a "money grabbing" frenzie. DO NOT wait until January, it'll be too late.

This seems important to me. Flag and Star, for more attention.

If true, people might be upset.... How sweet of them to have already raided the Social Security. People I know are VERY worried about their retirement already, and this will not help one bit.

take your money out while you still have some left. buy some food, water, guns and ammo - these things will be worth more in the long run

I'm reading the actual PDF from the Economics Institute.

This is a money grab and a return to forced pension plans. Wait, isn't that one of the (many) reasons that GM and Ford are hurting right now?

reply to post by pyrytyes


Hm.. well I'd say that this is the type of crap we are going to get pulled on us over the next 4 years. They will drain us down to so called "necessity" until we are humiliated. Is Obama unleashing his hatred for current America?

Of course, this could all be solved if they would look at the real problem. The monetary system. Money is only worth something if we say it is. Otherwise, it's just paper. Obama wants the greedy to pay. Where does the greed stem from? A system that's designed to keep people down (the people Obama thinks he is helping).

If you find value in money, Obama is going to tear your world apart. You can't fix a problem using the same methods that created it. Why is the American majority so thick headed? All it takes is a few moments worth of thinking...

WOW!! This got my attention........They raided the Social Security Fund the last time, and left IOU's, remember that. Now it's "Lets raid IRA's and 401K's" and leave IOU's........Unbelievable!!!!!!!!

reply to post by bdswetty




I hear you, and agree. However, in the given situation- IF someone starts to grab what you have , the reaction is to put whatever the grabber wants, out of reach.

By pulling all of my stuff out a few months ago, even with the 10% penalty, I figure that since most have lost 33% value...I gain, simply because they can not take it away. they may try, but they will not find it.

I guess I am just SELFISH... (Hope Mr. Emmanuel does not read this. I shudder to think what would have become of Joe the plumber had he waited til now to ask his question.)

reply to post by MetatronCubensis



Don't forget the whisky.

This is CHANGE we can believe in huh?

Looks like "change" is all we will have left if they go through with this.

This is ridiculous. People need to stand up and scream about this if it ever comes anywhere near close to happening.

Can the fluoride-numbed, chem-trail breathing masses get mad at anything anymore?

These are "Hearings", they are listening to many different ideas on how to save the economy, just because some crazy lady comes up there and lays out what her plan entails, doesn't mean they're going to use her plan.

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.

drew the most attention and criticism.

I'm sure there were some republicans there, why try and make it seem like democrats are going to take your retirement accounts. This board is degenerating from a group of intelligent critical thinkers into a bunch of mindless idiots.

[edit on 7-11-2008 by gopher mines]

Originally posted by michael
Can the fluoride-numbed, chem-trail breathing masses get mad at anything anymore?

No, they are too scared of being called raceist or they are scared of the new Obama brown shirts.

i dont think this is anything to get alarmed about.

first, consider the source.

it was a professor that "proposed that the government eliminate tax breaks" for retirement accounts. notice that she "drew the most attention and criticism".

the democrats themselves are not "targeting" private retirement accounts. they probably had hearings to determine ways to deal with the economic crisis, then that liberal wacko professor shows up and causes a ruckus.

(im not a democrat, by the way).

also-- notice how george bush did not "suspend" the election- the topic of a thread or two here. that is another illustration of my point- dont get carried away with crazy stories from unreliable sources. n

o one here every believes ANYTHING to be factual from ABC, FOX, CBS, etc., but no one questions the "Carolina Journal".