Dems target private retirement accounts

[Abiqua]

From the Carolina Journal:


Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

By Karen McMahan
November 04, 2008

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.

more (http://www.carolinajournal.com/articles/display_story.html?id=5081)

[mmike87]

Hey, this country is going to get exactly what it deserves! If a "super majority" want BO than they need to be prepared to fork over their retriement accounts for the greater good.

BOHICA!

[Left Sig]

And if they pass this legislation, everyone will simply empty their 401k's before it goes into effect and pay the taxes and penalties under the current laws. This will absolutely crash the stock market and sink us into a deep depression.

I'll be damned if they take my retirement savings.

I was responsible. I saved plenty of my income in IRA/401K accounts, got a 30 year fixed mortgage on a house I can more than afford, paid off my cars (one payment away on the last of 3) and generally carry no balances on credit card until recently (wife was out of work for a few months). I'm also paying off my student loans for my master's degree.

I pay my taxes on time, I don't underreport my income, and I don't take deductions I am not entitled to.

When are they going to reward those of us who do the right thing and stop punishing us for being responsible?

[FromMyColdDeadHand]

I have heard reports on this and I think people are missing the bigger point. They give you treasuries that mature in so many years. In return they get the stock. Now if they sell it, they tank the market. They keep it, and all of a suddent they are the largest shareholder in most publicly traded companies. Communism by fiat.

[thopkins22]

I know a VERY wealthy lady who, depending on the "change," said she will close down her two businesses, put all of her money in zero interest bank accounts, and live out her days on what she has already saved. "I will not leverage any more lazy SOBs...."

I was also in her shop when a black couple came in, the husband in a suit and the wife in an Obama t-shirt. She offered the husband a discount and told the wife to get the hell out of her shop, that her kind wasn't welcome. Unfortunately I think they interpreted it as racist instead of a hardworking woman who's been taxed to death and isn't going to take it anymore.

IF The dems/repubs/whomever try to steal private wealth that has already escaped the greedy hands of government once, well then we're in way worse shape than we thought.

Side note...She went to high school with George Bush and does a lot of work for daddy Bush, and laughs every time she talks about it because he did not use to have any Texas accent, and apparently was easily dominated in debate.