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Friday, October 17, 2008

Democrats Want To Take Away Our 401(k)

These blood and money sucking vampire Democrats just become enraged when someone saves themselves a nickel. The greedy, avaricious head of the Democrat Monster feels deprived when it cannot stick it's fingers into money that they aren't supposed to have their hands in. These people - and I mean Democrats - want nothing more than all of us to completely and totally rely on the Nanny State for everything. Now, Dems propose eliminating 401(k) plans and replacing them with a GOVERNMENT SUBSIDIZED RETIREMENT; because everything Government does it does so well and performs so flawlessly.

The Democrats want to take away American's 401(k) plans. From Investment News:

    “With respect to the 401(k), it appears to be a plan that is not really well-devised for the changes in the market,” Rep. George Miller, D-Calif., said.

    “We’ve invested $80 billion into subsidizing this activity,” he said, referring to tax breaks allowed for 401(k) contributions and savings.

    With savings rates going down, “what do we have to start to think about in Congress of whether or not we want to continue and invest that $80 billion for a policy that is not generating what we … say it should?” Mr. Miller said.

    Congress should let workers trade their 401(k) assets for guaranteed retirement accounts made up of government bonds, suggested Teresa Ghilarducci, an economics professor at The New School for Social Research in New York.

    When workers collected Social Security, the guaranteed retirement account would pay an inflation-adjusted annuity under her plan.


    With American workers facing $2 trillion in losses from retirement plans over the past year and Democrats expected to gain seats in the House and the Senate, actions being contemplated by the committee are an important harbinger of what could come out of Congress next year.

(AHEM...) "With American workers facing $2 trillion in losses from retirement plans over the past year" - which party has been in charge of Congress for the past two years? Hello? Anyone? Anyone want to take shot at answering this mysterious and brain-teaser of a question?

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Oh, don't fret, Barry's Magic Tax Calculator will make it all better. I got the links on my blog. My tax cut on the Obama plan is a big ZERO. But, I cannot find out how to figure if I am one of the ones that will have to pay the penalty from the tax cuts from the last eight years. Part of his plan demands that some folks return that money to the IRS, wonder why he doesn't talk about that part ever?

Yes, that is in his tax plan, too, which I also linked.
I'll take my chances with the stock market. After four years of Fraudy and the Fraudocrats, US Government paper won't be worth wiping one's ass with.
TD - Obama's platform has become the "what's in it for me" party.

Agree completely and fully with you. Will take my chances in the market and with a 401 over the gubberment any day. No shit.
I'll be doing a universal life insurance policy, thoes are tax free if done right!
Yeah, Arc. Watch out though, if Obama steals the WH and Congress gets more a majority they might go after anything they think they can tax, regulate, add a surcharge or a fee.
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