Mark Hemingway: Unions target your private retirement savings

Washington Examinier ^ | 11/1/10 | Mark Hemingway

[Nachum]

Will the government outlaw your 401(k) plan? It seems like an absurd possibility, yet earlier this month two Democratic senators, Sen. Tom Harkin, D-Iowa, and Sen. Bernie Sanders, I-Vt., held a hearing on Capitol Hill exploring the possibility of doing exactly that.

On Oct. 8, the two senators from the Health, Education, Labor and Pensions (HELP) Committee held a hearing on "Retirement (In)security in America." Among the proposals discussed was "Guaranteed Retirement Accounts," or GRAs.

The purpose of the GRA proposal is simple: To force Americans to stop putting their retirement savings money into private 401(k) accounts and send their money to the government instead.

GRAs would "eliminate the favorable tax treatment currently afforded to 401(k) plans, and instead use those dollars to fund government-invested GRAs into which all employees would be required to contribute a portion of their salary," according to a letter signed by House Minority Leader John Boehner and 12 other Republican representatives.

[Obadiah]

There are many mysteries in the universe. One of these deep mysteries is how a liberal fanatic like Tom Harkin keeps getting elected in Iowa.

[kittymyrib]

A fine pre-election topic for Rush and Beck to explore today and tomorrow. Voters don’t take kindly to government wanting to get their greedy hands on our IRAs.

[Mind-numbed Robot]

I have pondered that mystery myself. Previously I had wondered about Tom Dachele in S. Dakota but that problem has been solved. Perhaps Harkin’s time is near.

[Lurker]

"Guaranteed Retirement Accounts," or GRAs.

I can guarantee a couple of things happening if they try this crap. The politicos won't like any of them.

[econjack]

As Jake would say on Two and a Half Men:

"I have another word for GRA, but you're not going to like it."

[The Hound Passer]

In the spirit of open gov’t, once the GOP retakes congress (& hopefully the senate too) they should let the Ds offer up these kooky, destructive ideas to a vote every year. It will serve as a reminder of why Ds shouldn’t be trusted with power.

[truthguy]

He’s good for the corn farmers. And that all many in Iowa care about. This plus most of these people don’t know all the things he has done.

[Clint Williams]

I can guarantee a couple of things happening if they try this crap. The politicos won't like any of them.

?

[sauropod]

Jesse Jacka@@ has advocated something like this for years.

[rhombus]

Won’t happen. It won’t get through the soon to be GOP House. If they try and rush this through as a lame duck issue, that still means Obama has to sign it - even if they can muster up 60 Senate votes. Obama doesn’t have the stones... not with what looks (right now anyway) like a tough re-election where he will want to convince people the Republicans are the real radicals.

[Obadiah]

Fallout 3 was a great game. New Vegas is pretty good too.

[TexasFreeper2009]

this will NEVER happen. People would burn down the government if it tried to take their life savings.

But this reminded me of a way we could easily end social security... simply offer to give a lump sum check to every living American equal to the amount they paid into social security in return for ending the program. Short term, the debt would skyrocket... but that would be a one time thing, and from then on we would of solved our deficit problem.

Of course all the idiot liberals would immediately run out and blow all the money on new rims for their car and plasma TV’s... but by the time they blew through the money and saw their mistake ... it would be too late :P

The welfare state would be over, a knife stuck through it's heart made of the greed that built it.

[WOBBLY BOB]

“Getting Raped Again” ?

[Personal Responsibility]

Government Retierment Accounts would "eliminate the favorable tax treatment currently afforded to 401(k) plans, and instead use those dollars to fund government-invested GRAs into which all employees would be required to contribute a portion of their salary,"

Don't we already have something like this? I think we do. I think it's called Social Security and it's completely broke. Who are they fooling?

And where does Bernie Sanders get off being listed as an Independent. He's an open socialist.

[TSgt]

I know many highly educated, reasonable and sane people who have unequivocally stated that they would commit violence if the government went after their life savings.

I’m talking physicians, etc...

They are playing with fire.

[Right Cal Gal]

And there you have it. The impetus behind this idea is to use the 401(k) funds to bail out Social Security, because Democrats are fast approaching critical mass - they have to get the money to pay the baby boomers from somewhere. The whole “tax free money” is a nice myth, but in fact taxes are merely deferred on these funds.

The whole GRA pot would be raided by Demorats just like social security was - even Bernie Madoff didn’t have a scheme like this.

[2001convSVT]

Hardcore all the way!

[SVTCobra03]

“I can guarantee a couple of things happening if they try this crap. The politicos won’t like any of them.”

One of which would be a change in hunting regulations to allow hunting democrats with dogs.

[Leftism is Mentally Deranged]

marxists hate it when hard working people set aside some money for the days when they won’t be able to work. marxists have their eyes on that money, and WANT IT. marxists want your hard earned savings to go to the lazy long-haired maggot infested slobs who vote democrat.