Senate Democrats want to seize private 401(k) plans to bail out union pensions
From Watcher:They want to more "fairly" [re]distribute taxpayer-funded pensions to everyone. If this is not socialism, I don't know what is.
(Human Events) Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone.
Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci.
(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions.
This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
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4 comments:
I guess the METH problem in Iowa must be beyond comprehension because I can't envision any sane reason why people would continuously elect such a creep as Tom Harkin.
Hi Guys.
I've read about it before a couple of months ago and you know the saying "Where's there's smoke ,there's fire".I believe it's on it's way.
back to cash and a black market.
More on how to make nice people into criminals, brought to you by the 'social justice' agenda
Gov't taking 401K's/IRA's has been rumored for more than a year. I cashed mine out June of last year after reading the second article about it. I'm hoping to dodge a retro-active confiscation. I paid off my house w/it.
I'd rather pile my money up in the backyard, set it on fire and roast hotdogs over it than give it to the gov't to waste.
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