Democrats want a new mandatory government retirement plan to replace 401k, IRA.

JimPethokoukis Twitter ^ | 10/4/10 | JimPethokoukis

[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

[apillar]

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.

[roses of sharon]

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.

[justlurking]

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.

[MHGinTN]

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.

[justlurking]

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.

[sappy]

Houses of Congress first! I insist.

[sappy]

Houses of Congress first! I insist.

[Jack Hammer]

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.

[6ppc]

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.

[NEMDF]

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.

[FightforFreedomCA]

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.

Just because you don't understand something, does not make it useless. It's a tool for conveying information -- it's up to the author to make it valuable.

[NEMDF]

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.

[6ppc]

And all of my comments are my personal opinion...your milage may vary.

[MortMan]

# @6ppc says that Tweets are an invalued source of news!

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

[blondee123]

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

Send this to your candidates who are running, I just did, lets get this out there.

No RAT will dare mention it, the Tea Party candidates MUST!

[Oldpuppymax]

Heck yeah. As thoroughly controlled by Big Brother as they ARE, those 401Ks and IRAs STILL reflect far too much FREEDOM as far as dems are concerned. And MOST IMPORTANTLY, Big Brother doesn’t get to USE all that MONEY!!!!!

[roses of sharon]

They will figure a way...all year the Labor and Treasury Depts had public comments about 401ks, many are talking about this.

They will find a way.

[untrained skeptic]

I find it hard to believe that many people with actual control over policy take Teresa Ghilarducci seriously. Maybe some hard core socialists with absolutely no economic sense think it is a good idea, but this would pull trillions of dollars out of the American Stock markets.

It would also devastate a lot of banks, and as we know Big Banks are big contributors to the Democratic Party. Rich liberals like Warren Buffet might be willing to take a slightly larger percentage cut of their earnings to go for taxes as long as they feel it is for a desirable cause, but this wouldn't just hit him directly, this would hit every investor with a 401K plan.

I can't imagine this would go over well with the likes of Sorros either, and Sorros funds a massive web of political organizations with which he could fight this.

I can see this being put forth and then expanding Social Security a bit and increasing the cap on taxable wages being then called a compromise, but I don't see how this could ever gain broad popularity in either political party.

[roses of sharon]

Take the time to read the twitters of mainstream trusted journalists (just once) who “take the time to write” all those fully contextual “news” items you crave....you will learn much about them, they are vicious towards conservatives and Republicans..they tweet snark like a 14 year old, they tweet ideas for Dems daily. And campaign for them daily.

Very informative and the REAL personalities of these Dem hacks posing as journalists.

And, make sure to post all their contexual reports of this confab...AND all the TV News broadcasts about the Dems plans for our earnings.

[6ppc]

I just don’t have the time...sorry.