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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 ...
Denninger's coverage of this: If you had any doubt...
Done been cleaned out, converted into Roth IRA. Trying to stay a step or two ahead of them.
Fastest way to crash the U.S. economy into the ground, and I mean, all the way down into the ground.
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.
What makes you think Roth IRAs aren't next?
It appears this story was written by a Freeper.
Courtesy ‘Ping!’ for Connie Hair...
bookmarked
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.
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.
.....and still I hear crickets from the Repubs.
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.
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!!!!!
Me thinks this is unconstitutional, but then just about everything is these days.
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.
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.
...Just run this ad in every market. The election would not be close.
I LOVED this:
“And by the way - you don’t hold hearings on something you don’t intend to do.” from your link.
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.
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.
Yep I watched it with horror on c-span this week-end. And I mean HORROR.
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