I find it very unsettling that any politician would
even consider this sort of thing.
Zim.
http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html
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.
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
(Article does continue. Zim.)
P.S. Just how well is Social Security providing for
folks retirements? The fact that OCU is cramming tons
of cash into his IRA's and 401K's should answer that
question for you.
How can anybody think that S.S. and the government
which has plundered it will 'do a good job' with
OUR assets?
Zim.
Mad Poet Strikes Again.
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