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New Lame Duck Threat to Bailout Union Pensions (stealing 401k's)
Human Events ^ | 10/08/2010 | Connie Hair

Posted on 10/10/2010 7:55:51 PM PDT by Zeddicus

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.

Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci.

In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.

(Excerpt) Read more at humanevents.com ...


TOPICS: Business/Economy; Front Page News; Government
KEYWORDS: 401k; duplicate; guilarducci; lameduck; pensions
Here it comes folks. Better clean out that 401k while you still can.

Denninger's coverage of this: If you had any doubt...

1 posted on 10/10/2010 7:55:56 PM PDT by Zeddicus
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To: Zeddicus

Done been cleaned out, converted into Roth IRA. Trying to stay a step or two ahead of them.


2 posted on 10/10/2010 8:03:53 PM PDT by pingman (Price is what you pay, value is what you get.)
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To: RFEngineer; bamahead; calcowgirl; sickoflibs; mkjessup; stephenjohnbanker; DoughtyOne
...seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax...

Fastest way to crash the U.S. economy into the ground, and I mean, all the way down into the ground.

3 posted on 10/10/2010 8:05:29 PM PDT by rabscuttle385 (Live Free or Die)
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To: rabscuttle385
...seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax...

Fastest way to crash the U.S. economy into the ground, and I mean, all the way down into the ground.

This is a lot more serious than it sounds. This would not end well.

4 posted on 10/10/2010 8:09:31 PM PDT by The_Media_never_lie
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To: pingman
"Done been cleaned out, converted into Roth IRA."

What makes you think Roth IRAs aren't next?

5 posted on 10/10/2010 8:09:59 PM PDT by SnuffaBolshevik
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To: Zeddicus; Connie Hair

It appears this story was written by a Freeper.

Courtesy ‘Ping!’ for Connie Hair...


6 posted on 10/10/2010 8:10:55 PM PDT by airborne (Why is it we won't allow the Bible in school, but we will in prison? Think about it.)
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To: Zeddicus

bookmarked


7 posted on 10/10/2010 8:11:10 PM PDT by goodnesswins (f you don't support Obama, and the deconstruction of America: YOU are a RACIST.)
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To: Zeddicus

I believe that IF they really did try this, people would resort to actual violence against the politicians. I know they steal from us every day, but this kind of blatant theft would push about half of the country over the brink.


8 posted on 10/10/2010 8:11:51 PM PDT by jdsteel (CONGRESS: Take it again in twenty ten.)
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To: rabscuttle385

Fastest way to get crowds in DC carrying pitch forks and torches. Ok, that may be an anachronism, it’d be firearms and hangin’ rope. Just who do these people think they are, common thieves? Guess not, a common thief would mug you, get maybe a couple hundred from your wallet. These soon to be ex-Congressmen think they can steal your entire retirement savings and get away with it? They’ve become far too bold and self-assured, time to disabuse them of that notion.


9 posted on 10/10/2010 8:12:00 PM PDT by ThunderSleeps (obama out now! I'll keep my money, my guns, and my freedom - you can keep the change.)
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To: airborne

.....and still I hear crickets from the Repubs.


10 posted on 10/10/2010 8:13:01 PM PDT by luv2ndamend (They call themselves greens because they're too yellow to admit they're reds.)
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To: Zeddicus

Hubby’s worked for the same company all his life.

Can’t get out. Can’t touch one cent, unless we “loaned” it out. Wisely, we aren’t going to do that. Could make things worse.

We are soooooo scr*wed.


11 posted on 10/10/2010 8:13:33 PM PDT by TruthConquers (Delendae sunt publicae scholae)
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To: The_Media_never_lie

full frontal assaut on EVERY family member of ..............

Time for a revolution of unseen proportions in the USA if this happens. It will be the peoples OCTOBER SURPRISE.

Bring it on, rats!!!!!


12 posted on 10/10/2010 8:13:49 PM PDT by Michigan Bowhunter
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To: Zeddicus

Me thinks this is unconstitutional, but then just about everything is these days.


13 posted on 10/10/2010 8:15:39 PM PDT by joelt
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To: luv2ndamend

The Republicans in office are as big a problem as the Democrats.

Well, most of them anyway. They won’t be bothered by this. They’ll just write the laws to exempt themselves.


14 posted on 10/10/2010 8:15:39 PM PDT by airborne (Why is it we won't allow the Bible in school, but we will in prison? Think about it.)
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To: SnuffaBolshevik

There’s a world of difference between concocting a scenario to confiscate tax sheltered accounts and dreaming up a reasonable rationale for seizing the ‘after tax is paid’ assets of citizens.

Not that they won’t try, but Roth’s are not low-hanging fruit.


15 posted on 10/10/2010 8:15:39 PM PDT by pingman (Price is what you pay, value is what you get.)
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To: Zeddicus

...Just run this ad in every market. The election would not be close.


16 posted on 10/10/2010 8:15:42 PM PDT by luv2ndamend (They call themselves greens because they're too yellow to admit they're reds.)
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To: Zeddicus

I LOVED this:

“And by the way - you don’t hold hearings on something you don’t intend to do.” from your link.


17 posted on 10/10/2010 8:15:49 PM PDT by TruthConquers (Delendae sunt publicae scholae)
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To: Zeddicus

This is why it is so important to win the special senate elections this year. There are four seats that are having special elections to replace appointed senators who are filling vacancies that occurred over the last couple of years. What’s important is that the senators elected in these special elections will take office immediately after their elections are certified by their state’s Secretary of State. A net gain of these seats will help Republicans shut down a lame duck session.

All the special senate elections are to replace DemocRAT incumbents. Any Republican wins would be Republican pickups. The seats are DE (Biden’s old seat), IL (Obama’s old seat), NY (Hillary Clinton’s old seat), and WV Byrd’s old seat.


18 posted on 10/10/2010 8:18:06 PM PDT by Paleo Conservative
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To: Zeddicus

There will be a true revolution like you have never seen in America. I was scared of this happening at the beginning of Communist Obama’s term. Now, I am so confident that this kind of bill will never pass. Especially, not in the lame duck session.

Whew! We dodged it.


19 posted on 10/10/2010 8:19:35 PM PDT by indianrightwinger
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To: Zeddicus

Yep I watched it with horror on c-span this week-end. And I mean HORROR.


20 posted on 10/10/2010 8:20:40 PM PDT by therut
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To: Zeddicus

Out and out robbery


21 posted on 10/10/2010 8:22:43 PM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
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To: Zeddicus

When in the course of human events it becomes necessary for the people to disband the political bands that have connected them to another.....


22 posted on 10/10/2010 8:24:04 PM PDT by samadams2000 (Someone important make......The Call!)
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To: Zeddicus
Shareen Miller, a personal care assistant and a member of the Service Employees International Union (SEIU) Local Number 5 in Falls Church, Virginia, offered testimony about the need for wealth redistribution to fund her pension. "I make $12 an hour and receive no healthcare benefits, retirement benefits, sick time or vacation," the SEIU union member said.

White-hot anger. I don't have a pension either, just a meager 401K that I'm supposed to surrender...so YOU can have a pension. FY Democrat Party.

23 posted on 10/10/2010 8:24:08 PM PDT by denydenydeny ("Tolerance becomes a crime when applied to evil." Thomas Mann)
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To: Zeddicus

I forgot CO (Salazar’s old seat), so there are 5 opportunities to pick up seats to rein in a lame duck session.


24 posted on 10/10/2010 8:24:18 PM PDT by Paleo Conservative
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To: luv2ndamend

...Just run this ad in every market. The election would not be close.

Agree !!!!!!!!!!!!!!


25 posted on 10/10/2010 8:24:44 PM PDT by DontTreadOnMe2009 (So stop treading on me already!)
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To: Zeddicus

Be aware they’re smart enough to use the “one-off method”: they won’t seize your 401k outright, they’ll do something else which, by getting you wrapped up in explaining the difference, has the same net effect.

The Left has learned to confound the Right this way, rendering us impotent by getting tongue tied trying to explain why 2+2 does not equal 5 (even for large values of 2) while our enemies march ahead proclaiming the virtues of the new math.


26 posted on 10/10/2010 8:24:50 PM PDT by ctdonath2 (+)
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To: Paleo Conservative

It would be awesome to have all 4 of those seats become GOP seats and to shut down the lame duck session.


27 posted on 10/10/2010 8:25:58 PM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
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To: denydenydeny

I don’t think we should call it “wealth redistribution” anymore. I think we should go back to the original word for it: STEALING!


28 posted on 10/10/2010 8:26:27 PM PDT by CitizenUSA
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