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Democrats want a new mandatory government retirement plan to replace 401k, IRA.
JimPethokoukis Twitter ^ | 10/4/10 | JimPethokoukis

Posted on 10/05/2010 11:20:30 AM PDT by roses of sharon

I am Live Tweeting America's Fiscal Choices conference at the Newseum in Washington, DC 2 minutes ago via TweetDeck

# Teresa Ghilarducci wants a new "mandatory" government retirement plan to replace 401k, IRA; admits preferred euphamism is "universal" 10 minutes ago via TweetDeck

# "Social Security is affordable and extremely efficient." We should have a national "conversation about expanding it." 22 minutes ago via TweetDeck

# Teresa Ghilarducci is on panel; she wants to get rid of 401ks and IRAs and create a new government retirement system 24 minutes ago via TweetDeck

# @juliemrobison Indeed, they have! 26 minutes ago via TweetDeck in reply to juliemrobison

# SS panel: Only elitists concerned about Social Security 30 minutes ago via TweetDeck

# Ooooh ... Cato Institute gets slammed for raising Social Security hysteria 33 minutes ago via TweetDeck

# These SS experts would rather raise SS earnings cap rather than means testing 35 minutes ago via TweetDeck

# Just heard that the only people who work past SS retirement age are those who have to .... 39 minutes ago via TweetDeck

# The question is not just if Social Security is actuarily sound; it's whether it represents the best use of these dollars for that purpose 43 minutes ago via TweetDeck

# America's Fiscal Choices conference continues. Now up Social Security ... about 1 hour ago via TweetDeck


TOPICS: Business/Economy
KEYWORDS: 2010election; 401k; democrats; economy; elections; fail; ira; retirement
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Following tweets about the leftwing "America's Fiscal Choices" conference.

Economic Policy Institute.

Scary, scary, stuff!

1 posted on 10/05/2010 11:20:32 AM PDT by roses of sharon
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To: roses of sharon
And they'll spend every penny and create a phony "lockbox" where they keep the IOUs, just like they did with Social Security.
2 posted on 10/05/2010 11:22:31 AM PDT by E. Pluribus Unum ("The only stable state is one in which all men are equal before the law." -- Aristotle)
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To: roses of sharon

ATTENTION REPUBLICAN CANDIDATES....RUN ADS FROM THIS CONFERENCE!


3 posted on 10/05/2010 11:23:20 AM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: roses of sharon

Seizure of Life Savings


4 posted on 10/05/2010 11:23:51 AM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
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To: roses of sharon
it's whether it represents the best use of these dollars for that purpose

Actually, the only real question is: "Is it ok to take money from one person at gunpoint and give it to another?"

If I recall, one of the big 10 was "Thou shall not steal".

/johnny

5 posted on 10/05/2010 11:25:31 AM PDT by JRandomFreeper (Gone Galt)
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To: roses of sharon
Nothing against the poster of this thread, but this just reinforces my opinion that Twitter is the most useless, time wasting, trivial dreck to appear on the internet.

There is no news worth taking the time to read in those tweets.

6 posted on 10/05/2010 11:27:20 AM PDT by 6ppc (It's torch and pitchfork time)
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To: roses of sharon

There is about $10 trillion in IRAs, 401Ks, 403B, etc and the Democrats want to get their hands on it.


7 posted on 10/05/2010 11:27:39 AM PDT by Frantzie (Imam Ob*m* & Democrats support the VICTORY MOSQUE & TV supports Imam)
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To: GeronL

This is very serious, imv.

These people are very well respected (barf) in the media and in Academia (barf).

I will no longer listen to anyone claiming this stuff cannot be done...just watch the tweets, they discuss how to MASK their intentions from the public.

And the MSM will not cover this in context.


8 posted on 10/05/2010 11:28:04 AM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: roses of sharon

This has been kicked around before, always by the left. I think Jesse Jackson wanted to do it when he ran for Prez as reparations.


9 posted on 10/05/2010 11:30:13 AM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
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To: Frantzie

The Economist promoting this policy testified before Congress....for the Democrats last year.

Republicans can use her testimony in political ads.


10 posted on 10/05/2010 11:31:03 AM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: JRandomFreeper

401K’s aren’t just for retirement. But let’s just say that if Social Security is the Third Rail, then my 401K is the Trip Wire.


11 posted on 10/05/2010 11:31:36 AM PDT by massgopguy (I owe everything to George Bailey)
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To: roses of sharon

Ministry of Plenty bookmark.


12 posted on 10/05/2010 11:32:51 AM PDT by IrishCatholic (No local Communist or Socialist Party Chapter? Join the Democrats, it's the same thing!)
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To: 6ppc

Waiting for the MSM to bring you “news” of the Democrats plans and dreams to steal your earnings is futile.


13 posted on 10/05/2010 11:33:05 AM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: roses of sharon

I hope someone is copying it all down and will write about it. Maybe alert someone at the Washington Examiner?


14 posted on 10/05/2010 11:34:24 AM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
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To: roses of sharon

Think hard about the possibilities here, linked up with a potential lame duck session of the most unpopular Congress in memory, and a Presidential Commission on the Economy scheduled to report the first week of December.

“Never waste a good crisis”, right?

Retirement accounts represent one of the last large stashes of liquid cash that the Government hasn’t been able to tap, yet. I’m not sure what it would take, but it would amount to outright seizure of private funds, and I can’t think of a better way to literally set off a revolution.

And imagine what the effect on the markets will be when people even think this imminent, and start cashing out those accounts, damn the penalties, to stuff the mattress full of cash or buy as much gold as they can.

This Regime is capable of anything.


15 posted on 10/05/2010 11:36:24 AM PDT by Bean Counter (Now what kind of a geroo are you anyway?)
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To: roses of sharon

This cash reserve-10-12trillion..is the last untouched “playground” for the Feds. You better believe our national creditors expect it delivered to them on a platter.

Actually this is where I expect the ‘Lame duck “ congressional sessions to be focused...


16 posted on 10/05/2010 11:38:01 AM PDT by mo
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To: Frantzie
There is about $10 trillion in IRAs, 401Ks, 403B, etc and the Democrats want to get their hands on it.

If they think people and businesses are hoarding their hard-earned money now.... they haven't begun to see what'll happen.

17 posted on 10/05/2010 11:38:01 AM PDT by ScottinVA (The West needs to act NOW to aggressively treat its metastasizing islaminoma!)
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To: roses of sharon

“ATTENTION REPUBLICAN CANDIDATES....RUN ADS FROM THIS CONFERENCE!”

H*ll yeah! They want seniors dead faster to tax their estates and steal their retirement plans. Evil Dems.


18 posted on 10/05/2010 11:38:12 AM PDT by Frantzie (Imam Ob*m* & Democrats support the VICTORY MOSQUE & TV supports Imam)
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To: GeronL

As I recall, Robert Reich was promoting a “one time tax” of 15% on retirement plans while he was Clinton’s Secretary of Labor. My take on it was that only the 1994 election stopped that one.

Unfortunately, retirement funds are the last sizable reservoir of money in the country. The Demoncrats will never rest until they have it in their grubby little paws. Then they can issue IOU’s till that’s gone.


19 posted on 10/05/2010 11:40:37 AM PDT by Ole Okie
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To: E. Pluribus Unum

And they’ll spend every penny and create a phony “lockbox” where they keep the IOUs, just like they did with Social Security.

Yep. Blood suckers! Need to get the news out!


20 posted on 10/05/2010 11:40:51 AM PDT by Bitsy
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To: Bean Counter

My investment plan is in my tagline


21 posted on 10/05/2010 11:40:51 AM PDT by tgusa (Investment plan: blued steel, brass, lead, copper)
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To: roses of sharon

They don’t like the “public” (private citizens) to have wealth saved that cannot be “borrowed” and spent by the State.


22 posted on 10/05/2010 11:41:11 AM PDT by a fool in paradise (Ask yourself,where does Saudi Arabia fit on a scale of "passive" to "moderate" to "extremist" Islam?)
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To: GeronL

http://www.businessweek.com/investor/content/jul2010/pi20100715_763691.htm

This Economist wrote for Businessweek just a few months ago, she writes and testifies for many “mainstream” publications.

The left’s VAST propaganda machine are working on mainstreaming this idea right now, as we speak.


23 posted on 10/05/2010 11:42:22 AM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: Ole Okie

A looters’ government


24 posted on 10/05/2010 11:42:22 AM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
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To: roses of sharon
The title is wrong: the participants may be Democrats, but they don't represent the party.

Teresa Ghilarducci is a left-wing loon.

She peddled the same crap in front of a Democrat Congressional Committee, and was roundly ignored.

25 posted on 10/05/2010 11:42:39 AM PDT by justlurking (The only remedy for a bad guy with a gun is a good WOMAN (Sgt. Kimberly Munley) with a gun)
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To: roses of sharon

Evil.

Bastards.


26 posted on 10/05/2010 11:47:11 AM PDT by BenLurkin (This post is not a statement of fact. It is merely a personal opinion -- or humor -- or both.)
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To: justlurking

Nonsense, she wrote this for Business Week 2 months ago, she writes and speaks for many “mainstream” publications.

http://www.businessweek.com/investor/content/jul2010/pi20100715_763691.htm

Solving a Looming U.S. Retirement Crisis
The 401(k) has been a failure and should be replaced with new Guaranteed Return Accounts that could be made available to all workers


27 posted on 10/05/2010 11:48:03 AM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: roses of sharon

I’m not going to sit still for the government confiscating my savings. I don’t care what they call their crap program. Nor do I care how they justify it.


28 posted on 10/05/2010 11:48:03 AM PDT by popdonnelly (Class warfare is Obama's thing.)
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To: roses of sharon

OMG, so they can continue the robbery of Americans.

How bout a new law that says if you take money from Social Security in the present or the future you got to prison for life.


29 posted on 10/05/2010 11:48:26 AM PDT by dila813
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To: popdonnelly
I’m not going to sit still for the government confiscating my savings.

It's already well underway. Our savings have lost 12% of purchasing power just since June 2010 with all the "money" the Federal Reserve has added to the system. Twelve percent in three months...gone...poof!

30 posted on 10/05/2010 11:52:29 AM PDT by kevao
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To: roses of sharon

They looted Social Security. Now they want to loot your life savings to redistribute it to those who didn’t save.

They will try to make it look like a good deal. But it will be a mightmare.


31 posted on 10/05/2010 11:52:42 AM PDT by dforest
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To: roses of sharon

Might explain why Gold and Silver are shooting for the moon today.


32 posted on 10/05/2010 11:52:55 AM PDT by justa-hairyape
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To: 6ppc
Nothing against the poster of this thread, but this just reinforces my opinion that Twitter is the most useless, time wasting, trivial dreck to appear on the internet.


33 posted on 10/05/2010 11:58:53 AM PDT by Disambiguator
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To: roses of sharon
Social Security is a FAILED program. It is bankrupt, it is falling apart under it's own weight, it does not provide a viable return and will require even higher confiscatory taxes in order to salvage the program.
34 posted on 10/05/2010 11:59:26 AM PDT by taxcontrol
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To: roses of sharon

VAT TAX:

# All agree taxes must go up on middle-class voters. And they’re out! about 3 hours ago via TweetDeck

# America’s Fiscal Choices panelist from Brookings thinks Obama Fiscal Commission might be some agreement on cutting defense spending about 3 hours ago via TweetDeck

# In fact, guy said VAT MUST be layered ON TOP OF existing income tax about 3 hours ago via TweetDeck

# More discussion on the best way to do a VAT. Hey, how about first repealing income taxes. Probably won’t hear that ... about 3 hours ago via TweetDeck

# Ezra Klein almost tripped into understanding that if you tax capital/labor, you get less of both. But like Rob Petrie, avoided the hassock about 3 hours ago via TweetDeck

# And now it’s time for talk about a carbon tax. Hey, how about a VAT, carbon tax, let Bush cuts expire? An All of the Above tax hike plan!


35 posted on 10/05/2010 12:00:37 PM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: popdonnelly

More than a decade ago, Dickhead Gephardt was being interviewed by Brian Lamb when Gep stated that he was all for a privatization of SS so long as the government designated where the funds be ‘invested’ since he and the party (democrats don’tchaknow) didn’t trust that the average American could manage such funds on their own behalf. Democrats have been working on this takeover for decades, to get at the multi-billions in private accounts and provide for the unions which have squandered members’ pension deposits on getting democrats elected and instituting the planned progressive commie takeover of the Republic. The union pension plans are as good as bankrupt now and the democrats must re-imburse their benefactors with taxpayer funding. Or so these lyig, thieving democrats believe.


36 posted on 10/05/2010 12:02:15 PM PDT by MHGinTN (Dems, believing they cannot be deceived, it's nye impossible to convince them when they're deceived.)
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To: roses of sharon

Houses of Congress first! I insist.


37 posted on 10/05/2010 12:03:45 PM PDT by sappy (criminalibs)
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To: Disambiguator

Sorry, but tweeting the words from conference of Dems planning to steal your earnings is not retarded.


38 posted on 10/05/2010 12:04:33 PM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: indylindy

‘They’ want to loot private pension funds to pay the unions back for spending union pension funds on getting democraps elected. THAT is the agenda regardless of how the deserving-of-guillotine media spin it.


39 posted on 10/05/2010 12:05:33 PM PDT by MHGinTN (Dems, believing they cannot be deceived, it's nye impossible to convince them when they're deceived.)
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To: MHGinTN

And I would guess (from previous experience) that maybe 2 in 10 Republicans elected will try to stop this.

Most are just not strong enough to do battle with the MSM/Hollywood/DNC/Academia propaganda machine.


40 posted on 10/05/2010 12:08:10 PM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: roses of sharon
Just let this legislation look like it's going to pass in the congress and watch hordes of people cash out their 401-K’s and IRA. Talk about a market crash! Better to salvage some and take the tax hit, than let the democrats get ahold of it to use for their socialist boondoggles.
41 posted on 10/05/2010 12:08:35 PM PDT by apillar
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To: apillar
No, as they discussed today...they would couch it in a euphemism of some sort.

People will be desperate...more and more will be using Obamacare, AND will be working for Fed and State Government..and therefore, they will have more voters on their side.

42 posted on 10/05/2010 12:13:47 PM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: Ole Okie
As I recall, Robert Reich was promoting a “one time tax” of 15% on retirement plans while he was Clinton’s Secretary of Labor. My take on it was that only the 1994 election stopped that one.

No, it was Alicia Munnell, who was assistant secretary of the treasury for economic policy under Clinton from 1993-1995. As far as I know, there was no serious legislative attempt to enact such a tax, even before the 1994 elections.

43 posted on 10/05/2010 12:15:19 PM PDT by justlurking (The only remedy for a bad guy with a gun is a good WOMAN (Sgt. Kimberly Munley) with a gun)
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To: roses of sharon

The guillotine-deserving media stack the odds against non-progressive commies, because to get the message or refutation out to the public one must pay the propaganda arm of these same commie overlords to post it, while the commie overlords get the sycophantic posting of progressive lies for free since the media whores worship the commie overlordisms.


44 posted on 10/05/2010 12:16:37 PM PDT by MHGinTN (Dems, believing they cannot be deceived, it's nye impossible to convince them when they're deceived.)
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To: roses of sharon
Nonsense, she wrote this for Business Week 2 months ago, she writes and speaks for many “mainstream” publications.

She can write and publish articles all she wants. So far, no one in Congress has taken her seriously.

45 posted on 10/05/2010 12:16:43 PM PDT by justlurking (The only remedy for a bad guy with a gun is a good WOMAN (Sgt. Kimberly Munley) with a gun)
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To: roses of sharon

Houses of Congress first! I insist.


46 posted on 10/05/2010 12:18:14 PM PDT by sappy (criminalibs)
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To: roses of sharon

Houses of Congress first! I insist.


47 posted on 10/05/2010 12:18:24 PM PDT by sappy (criminalibs)
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To: JRandomFreeper

If I recall, one of the big 10 was “Thou shall not steal”.

True; however, one is forever barred from working in government unless one can look a taxpayer in the eye, smile into his face, and steal his wallet - all at the same time.

And the same is true for all the other commandments.


48 posted on 10/05/2010 12:21:02 PM PDT by Jack Hammer
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To: roses of sharon
Waiting for the MSM to bring you “news” of the Democrats plans and dreams to steal your earnings is futile.

Twitter is not the only source of this information, and I frankly can't get much out of a bunch of 150 or so character tweets.

If something is worth reporting then I'll wait until someone has the time to write coherant sentences and paragraphs with a bit of context before wasting my time reading it.

Don't get me wrong...I'm in the technology business and write software for a living. Twitter is great for clueless teeny boppers and Jersey Shore junkies, but it's not a proper communication tool for thinking adults.

49 posted on 10/05/2010 12:22:10 PM PDT by 6ppc (It's torch and pitchfork time)
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To: roses of sharon

Why don’t we start by having the mandatory government retirement plan funded only by employee contributions to cover all of the unions and government jobs, no more defined benefits. Just close out their current plans and start fresh with the new government 401(k). See how it works out. If going good in 50 years, then consider implementing for everyone else.


50 posted on 10/05/2010 12:22:55 PM PDT by NEMDF
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