No kidding…the Democrats are looking at and proposing TAKING your 401K and forcing you to invest 5% of your income (wonder if they’ll cap income soon also?) and then get a guaranteed 3% return and $600 “subsidy” per year and NO TAX BREAKS…..no more company matches….and you will not longer be able to invest 401K into the markets! In other words you will be forced into the program and forced to put in a given amount…..been there, done that with the broken, Social Security system.
This is Social Security redux and an attempt for Democrats to get their hands on YOUR money….if this plan succeeds….be looking in about 10-15 years at how “nationalized 401K” will run out of funds…..just like Social Security…..
The Democrats want more and more of YOUR money, more CONTROL of YOUR money, and they will spend it before you have the chance to get it back…..mark my words!
The will have a great chance to succeed at this government control of more of your money if Obama wins with a filibuster proof Senate! VOTE McCain/Palin….please!
From Hot Air:
So why are Democrats now looking to partially nationalize existing 401(k) plans into the exact same kind of private/public pension system?
House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
Hmm …. “a system of guaranteed retirement accounts to which all workers would be obliged to contribute.” That sounds very, very familiar, doesn’t it? Don’t we already do this with Social Security?
A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. She testified last week before Miller’s Education and Labor Committee on her proposal. …
Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.
The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.
That means your employer can no longer write off their contributions to your 401(k), and your capital gains would be taxable year-on-year. In other words, it becomes just another investment or savings account, with no tax benefit at all, and no employer contribution. Instead, Uncle Sam would give you your “matching” funds — up to a whopping $600 per year! Whoopee!
As Michelle Obama says, you could buy a pair of earrings every year … except, of course, you can’t. It’s in The Lockbox, defined by politicians as Locked Away from You but Accessible to Us. It goes there along with 5% of your gross earnings, apparently to play with the 7% of your gross earnings that already goes to Social Security. And what do they do with the money? They give you government bonds as your only investment option.
Maybe you’ll be lucky, and they’ll have Franklin Raines running the agency issuing those bonds.
The Democrats want to end the private retirement system that has allowed Americans to become a vast investor class and put them back in thrall of the federal government. This is nothing more than a second welfare system that would sit on top of the crumbling Social Security entitlement. It would leave the American working and middle classes with no retirement option other than a government handout.
If the Democrats control both Congress and the White House, kiss your 401(k)s goodbye, and get into the bread lines first before the crowd arrives. (via Q&O)
Filed under: 2008 Presidential election, Barack HUSSEIN Obama, John McCain, Politics, Progressives Ain't, Sarah Palin, Socialism, Taxes | Tagged: 2008 Election, 401K, Barack Obama, Democrat majority, John McCain, Politics, Sarah Palin, Social Security, Socialism
I’d rather hand it to the Democrats who believe in economic regulation than give hand it to the Republicans who through deregulation have destroyed our economy. And don’t try and blame it on the Democrats.
You see to have learned a lot from the clown Sean Hannity and the comedian Rush Limbaugh.
How ’bout not handing it to anyone because YOU earned it??
Retard.
God forbid this happen, but is Obama is president, you’ll be singing a different tune. Everyone knows that history shows that universal healthcare will fail (look at what happened in Hawaii) and that socialism is not what this country is about and will not endure.
I can’t believe that there are so many ignorant people out there. God bless those of us who work, have worked for what we have, haven’t taken any “bail outs” from the government, love country, fear God, and believe in responsibility and self-respect.
Well it is obvious someone in this blog post does not have at 401K plan. I could spend time challenging this shallow notion that deregulation has caused this existing problems but why waist the time. I am amazed the confidence people have in the government to run the economy. I thought the idea of central planning ended when the Berlin wall came down in 89. With sentiments like this I expect to hear politicians to be touting their five year plans and another round of property seizures.
Back to the main point, Democrats do not want citizens to be self sufficient with their own investment accounts. They want us to be a captive audience to their social programs.
“I’d rather hand it to the Democrats who believe in economic regulation than give hand it to the Republicans who through deregulation have destroyed our economy. And don’t try and blame it on the Democrats.”
Let’s study this a moment…OK, I’m done.
Are you ignorant or just a moron?
I think you are trying the say that IF you HAD a 401K, you’d rather “hand it to the Democrats” than the Republicans?
Let me straighten you out there, child. The Republicans think we (talking more about ME) are smart enough to figure it out for ourselves. This isn’t in any way their idea. They don’t want any of our 401K money.
Some Democrats think we are too stupid to figure it out, and that only CONGRESS is sophisticated enough to guarantee that we save any money, even though they couldn’t balance a budget if their lives depended on it.
In your case, ‘kylelmeade’, the Democrats may well be correct. Seeing as a fool and his money are lucky enough to get together in the first place, YOU go ahead and send them a check every month. YOU will probably be better off.
Let’s be realistic.
The fact that Americans are willing to elect a Marxist as President and give the Democrats a supermajority in Congress, shows their utter disregard for the economy. You could argue till you’re blue in the face about the importance of savings and investment and the virtue of personal responsibility, but it won’t make a difference.
Four years from now, there probably won’t be a stock market. Taxes on those who work, save, and pay their bills will have skyrocketted. Unemployment will approach Great Depression levels. But don’t expect the American public to learn from this lesson, given our changing demographics and the government’s rewarding of poverty.
I am considering moving to another country so that I can have a pension plan of my own. My only concern is that the Democrats will withhold my existing 401K. Dual residence may be the answer.
The big thing is THE REPUBLICANS ARE NOT ASKING YOU TO HAND OVER YOUR 401K’s TO THEM. It’s the Democrats dummy. I’ll bet you complainers don’t even have a 401K account.
You complainers are probably some snot-nosed kids not yet dry behind the ears from some LIBERAL college being taught by Liberal profesors who could care less about our country. It is for sure a plan of I DO N0′T HAVE ANY-GIVE ME SOME OF YOURS. Why should I work for it if I can get it for free you say.
Kylemeade….too which deregulation are you referring and how exactly did this non-existent deregulation cause this mess. Or, was it when the Republicans tried to REGULATE Fannie and Freddie and Barney and company said everything was just fine at F and F. If you wanna play the dereg card, have some examples. I’m sure the CRA and HUD had no role either.
Are you $%&*&^% happy!!!! There you get what you desrved MORONS!!!
(Edited by SRT)
Start counting days before we will work for free!!