They are coming for the pensions.
Barny Frank was after our IRAs. The intent was to take them away from us and put them into social insecurity.
But the public got wind of this, extreme environmentalism, oppressive health and other nasty regulatory efforts and gave Obama a shellacking (as he described it) in the US House of Representatives.
If we let the Progressive/Liberals have the House again we will certainly loose our IRAs and a whole lot more.
_______________________-
This is why even a RINO like Senator McConnell in KY is better than a democrat....Say what you will about the Republican Lite wing of the party, at least they aren’t dumb/corrupt enough to vote for something like this.
As I have said here before to Freepers who say there is no difference between a Mitt Romney or Barack Obama — oh, yes there is...Staying at home on election day is as bad as voting for a democrat. As William F. Buckley used to say, vote for the most conservative candidate on the ballot...
A surefire recipe to never again have a conservative candidate.
Perhaps it is fitting that the appeal to the R base is a cry to have no minimum standards for acceptability of a candidate.
The Honorable Hilda L. Solis
Secretary
U.S. Department of Labor
200 Constitution Avenue, NW
Washington, DC 20210
The Honorable Timothy Geithner
Secretary
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC 20210
Dear Secretaries Solis and Geithner:
As members of the Republican Savings Solutions Group, we write today to express our strong opposition to any proposal to eliminate or federalize private-sector defined contribution pension plans, such as 401(k)s, or impose burdensome new requirements upon the businesses, large and small, who choose to offer these plans to their employees.
In the Annual Report of the White House Task Force on the Middle Class, Vice President Biden discussed at length the creation of so-called “Guaranteed Retirement Accounts, (GRAs)” which would provide for protection from “inflation and market risk” and potentially “guarantee a specified real return above the rate of inflation” — presumably at taxpayer expense. In the Report, the Vice President recommended “further study of these issues.”
The Vice President’s comments are troubling, insofar as they come on the heels of testimony before Congress from supporters of GRAs proposing to 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 — again, with a government subsidy. These advocates would, essentially, dismantle the present private-sector 401(k) system, replacing it instead with a government-run investment plan, the size and scope of which remain to be seen. This despite data showing that 90 percent of households have a favorable opinion of the existing 401(k)/IRA system.
In light of these facts, we write today to express our opposition in the strongest terms to any effort to “nationalize” the private 401(k) system, or any proposal that would dismantle or disfavor the private 401(k) system in favor of a government-run retirement security regime.
Similarly, and more recently, the Departments of Labor and Treasury have jointly issued a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options.” While we appreciate the Departments’ seeking guidance and information from all parties and stakeholders in advance of regulatory activity, we strongly urge that the Departments not proceed with any regulation in this area before they have carefully and thoroughly considered all of the information received.
More specifically, we urge that the Departments take no action to mandate that plan sponsors — often, small businesses — include a “lifetime income” or “annuitization” option if they choose to offer a 401(k) plan to their employees, or that beneficiaries take some or all of their retirement savings in such an option. Data shows that 70 percent of Americans oppose the concept of a mandated annuity or government payout of their 401(k) plan. On a more fundamental level, Congress should not be in the business of choosing “winners” and “losers” among retirement security stakeholders. Instead, we urge the Departments to make it easier for employers to include retirement income solutions in their savings plans and to help workers learn more about the value of their retirement savings as a source of retirement income. Finally, to the extent new mandates and bureaucratic red tape from Washington push small employers out of the business of offering these plans to their employees, we would submit such an effort weakens, rather than strengthens retirement security.
We appreciate your consideration of our views in these important matters and stand ready to work with you and the Administration to promote secure and adequate retirement savings for all Americans.
Sincerely,
House Republican Leader John Boehner (R-OH)
Rep. John Kline (R-MN)
Rep. Dave Camp (R-MI)
Rep. Sam Johnson (R-TX)
Rep. Dean Heller (R-NV)
Rep. Brett Guthrie (R-KY)
Rep. Michele Bachmann (R-MN)
Rep. Pat Tiberi (R-OH)
Rep. Bob Latta (R-OH)
Rep. Erik Paulsen (R-MN)
Rep. Lynn Jenkins (R-KS)
Rep. Ed Royce (R-CA)
Rep. Buck McKeon (R-CA)
(in 2010)
Stop voting for RINO’s. Let the dems win and let them take the blame for running the economy/country into the ground. It's the only way the low information voters will understand who exactly is screwing them over.
Putting a RINO in office allows the left to point at Republicans as the problem or allows them to share the blame.
Romney would have simply prolonged the inevitable, and I am of the opinion the sooner it burns, the sooner it's rebuilt.
oh, yes there is...Staying at home on election day is as bad as voting for a democrat.
...and if any think otherwise just observe we are paying the price for this crazy thinking as we speak.
“not a dimes worth of difference between the two”, heard that one enough?