Government proposing to confiscate workers' personal retirement accounts

Government proposing to confiscate workers’ personal retirement accounts

So our government, or should I say one specific party, is talking about socializing our retirement plans into one big pot to go along with the Social Security program. Hmmm … Sounds like redistributing the wealth to me. Where in the hell does it say in The Constitution of The United States of America that government can steal from people who saved their own money and give it to other people?

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.

Teresa Ghilarducci, an economics professor, proposed this plan. Here’s Teresa’s explanation: “The way the government now encourages 401(k) plans is to spend $80 billion in tax breaks, which goes to the highest-income earners. That simply results in transferring money from taxed savings accounts to untaxed accounts. If we implement automatic [individual retirement accounts] or if we expand the 401(k) system, all we’re doing is adding to this inefficiency.”

Inefficiency?! WTF! When did our own government become efficient at anything besides “F’ing” shit up?

This story will make you sick.

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Tags: 401k, Democrats, house of representatives, ira, personal retirement account, Social Security, teresa ghilarducci

One Response to “Government proposing to confiscate workers’ personal retirement accounts”

Matthew C. Kriner Says:
December 23rd, 2009 at 9:39 am
Thanks for the great post. I have bookmarked it and will return for new posts. My Stock market knowledge