Atlas Shrugs finds a news story telling of Democrat plans to nationalize retirement plans.
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.
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.”
My $.02? This is a stealth plan by Democrats to take all this money in our retirement accounts and add it to the general fund in order to pay for their grand socialist plans like socialized medicine, the tax breaks to those who aren't paying any taxes at all, etc. Remember, there is no such thing as a trust fund for Socialist Security. That money is put into the general fund as tax receipts, etc. Socialist Security is basically, a bunch of I.O.U.s written by the Government to recipients.
Furthermore, you think the economy is bad now, wait until many of us (I'm one of those considering this option) take the 10% hit and cash out our accounts to avoid this government theft of our hard earned money. We could see a stock market crash which would make 1929 look like nothing. Our economy and the economies of the rest of the world would crash as well.
This is what "change" looks like.