.comment-link {margin-left:.6em;}

Monday, November 03, 2008

Democrats Eye Confiscating 401(k) Plans

Remember this when you vote on Tuesday.

The Democrats seek to confiscate your 401k retirement plan and SUBSTITUTE IT WITH A GOVERNMENT PROGRAM. Workforce.Com:

    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.

    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. ["Redircting"...that sounds a lot like redistributing, as in 'redistributing wealth,' - or at least "redistributing" a significant tax break for the Middle Class. - Drake]

    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.

    [...]

    The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.

    “I want to stop the federal subsidy of 401(k)s,” Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”

    [...]

    “From where I sit that’s just crazy,” said John Belluardo, president of Stewardship Financial Services Inc. in Tarrytown, New York.

    [...]

    “This is a battle between liberalism and conservatism,” said Christopher Van Slyke, a partner in the La Jolla, California, advisory firm Trovena, which manages $400 million. “People are afraid because their accounts are seeing some volatility, so Democrats will seize on the opportunity to attack a program where investors control their own destiny,” he said.

These money-hungry Democrats will not rest until they've confiscated every dollar you've set aside for your retirement or saved for a rainy day.Your greed is bad, it's evil. You must instead subsist wholly on Big Nanny Government.

From US News:

    This whole deal is similar to what Dems want to do with healthcare— create an alternative government insurance system that fatally weakens its private sector competitors so that in the end Uncle Sam is the last insurer standing.

    Wouldn't all this hurt the stock market and the ability of private enterprise to raise capital? You bet, but proponents will try to replace any missing private capital with government "investment" spending.

"Government 'investment' spending." In other words, "The Taxpayer's Money." There's always an unlimited amount of Taxpayer's Money to go around, isn't there?

Liberals can't stop spending. They just can't. They're diseased, like a rabid wild animal.

It's all about eliminating the Middle Class, enlarging the Dependent Class while Elitist Liberals are very well taken care of, thank you very much. This is Liberal and Progressive Marxism in its true form.

Oh, but don't call it Socialism or Marxism, no...The Left will become upset if you do.

Labels: ,


Comments:
Barry's grandmother died.

http://liberalsmash.blogspot.com/2008/11/dang.html
 
That's too bad.
 
Post a Comment

Links to this post:

Create a Link



<< Home

eXTReMe Tracker



Web Site Traffic Counters
Alabama Internet

Listed on BlogShares

This page is powered by Blogger. Isn't yours?

This site uses photographs and material from other sources in strict
accordance and compliance with Fair Use Section 107 U.S. Copyright Code.
All other images and content © 2005-2009 David Drake.
Not responsible for content contained at linked sites.

Policy on commenting:
- Anonymous comments have little chance of being published.
- Comments made on posts 60 days old or older have little chance of being published.
- Published comments do not necessarily reflect the views of this blog author.
- Discretion of publishing or rejecting submitted comments rests solely with the owner and creator of this blog.
- Comments that egregiously "plug" (i.e. advertise or promote) another site or blog will be rejected. This doesn't mean you cannot include a link to your story, blog or to another site, but don't go overboard.
- Profanity is not a disqualifying factor, but profane rants solely for purposes of profanity are unlikely to be published.
- The owner and creator of this blog is not liable or responsible for the opinions of those who comment.