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.
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.
CHANGE THEY BELIEVE IN!!! Do you??
Can you point to an actual news story, or quote some testimony in the Senate to support your claim that there is a plan to seize private 401K plans?
This subject goes back at least two years (even back to when Bush was president). There were discussions about alternatives to 401K's, and I'd guess that's still going on. But there was never a plan to seize your 401k and redistribute it. You might be given an option to put your 401k into another plan, but that would still be your money.
We’ve had many queries about this doozy. They all lead back to a Nov. 4 report posted by the Carolina Journal, a publication of the conservative John Locke Foundation of Raleigh, N.C. Its headline proclaimed, "Dems Target Private Retirement Accounts: Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs." The report is wrong. There’s been no such discussion.
What has been discussed is changing 401(k) and Individual Retirement Accounts in the future by limiting the deductibility of donations, and offering as an alternative a $600 tax credit and a new type of account with an annual return guaranteed by the government. That’s a controversial idea to be sure, but it’s a far cry from proposing that the government seize retirement assets that investors have already salted away in 401(k)s or IRAs. Nobody we know of is proposing anything like that.
I posted the story and the link to read it. It stated that there was a recess hearing to discuss these matters. Any old reports, if this is true, would be irrelevant, would they not? I didn't write it, but found it disturbing. Since I do not have a 401K any more, I did this to alert the community to what I read. Since I have LJ on ignore, I don't even bother to read here rebuttals. You can ignore this or check it out. I have gotten some pretty good information in the past from Market-Ticker.org.
Since I don't care if you have me on IGNORE and you don't care what I say, it's rather asinine to keep reminding everyone that you have me on IGNORE. Grow up.
I have several people on IGNORE but don't see the need to remind everyone after every one of the messages that they are.
From written hearing testimony submitted by Economic Policy Institute (EPI) Vice President Ross Eisenbrey:
“We need a comprehensive solution that addresses interrelated problems. For example, a system that places most of the burden for retirement saving on individuals will always have to wrestle with the problem of pre-retirement loans and withdrawals (simply plugging these leaks will not work, because many workers would stop contributing to the system). A system that relies on tax incentives to promote individual retirement savings will necessarily tend to favor high-income workers who can afford to save more and who benefit the most from these tax breaks. Conversely, a truly universal system would need to shield low-income workers from out-of-pocket costs or wage cuts. EPI has published and advocated what we feel would be an excellent national supplemental retirement plan, the Guaranteed Retirement Account which was authored by Prof. Teresa Ghilarducci, Director of the Schwartz Center for Economic Policy Analysis at the New School for Social Research. "
Nmysys wrote: I posted the story and the link to read it. It stated that there was a recess hearing to discuss these matters. Any old reports, if this is true, would be irrelevant, would they not? I didn't write it, but found it disturbing. Since I do not have a 401K any more, I did this to alert the community to what I read. Since I have LJ on ignore, I don't even bother to read here rebuttals. You can ignore this or check it out. I have gotten some pretty good information in the past from Market-Ticker.org.
Nice NOT to see LJs incessant diatribes of ignorance. I'm with ya' there Nmysys MUTE is the only place for it. :woo hoo:
Nice NOT to see LJs incessant diatribes of ignorance. I'm with ya' there Nmysys MUTE is the only place for it. :woo hoo:
