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Thread: Dems Target Private Retirement Accounts

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    Default Dems Target Private Retirement Accounts

    http://www.carolinajournal.com/artic...y.html?id=5081

    "Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration."

    Same happened in the Soviet Union before it collapsed. The gov. froze bank and pension accounts before the currency devalued through hyperinflation. People lost all of their savings and pensions denominated in local currency!

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    Default Re: Dems Target Private Retirement Accounts

    There is no faster way to bring the stock market back down to the 4000's than to eliminate these. It'll be a one term presidency too.

    I don't think people realize how broke the country really is and they are going to be looking in every nook and cranny for money - whether it is holding the public bridges hostage with tolls and towing more cars to taking money right out of your accounts.

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    Default Re: Dems Target Private Retirement Accounts

    It's a bit late for fear mongering, no? AFAIK, the election is over.

    This is old news that was well reported. The discussion was about reallocating the 80 billion or so dollars a year in tax benefits on 401k's to a different system. Not confiscation or conversion of accounts.

    It would render the 401k system pretty useless, with the exception of employer matching. Then again, as seen by the nations saving rate, the vast majority of Americans don't have 15.5k a year to put into a 401k, or employers who can afford to match it.

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    Default Re: Dems Target Private Retirement Accounts

    My understanding of the 'gist' of the proposal that was brought up in a (democratic controlled) congressional committee hearing is as follows ...

    - if people voluntarily agree to convert their 401k to a new gov't retirement account, they will be credited with the dollar value of their 401k account as it existed last August before the major stock market decline

    - if people voluntarily agree to convert their 401k to a new gov't retirement account, the money in that account will earn interest at a rate of the official inflation rate plus 3%

    - if people voluntarily agree to convert their 401k to a new gov't retirement account, the gov't will contribute some fixed amount of dollars per year to the account (with conditions) ... the annual number mentioned was $600 I think. On the flip side, no 'employer match' payments would be allowed.

    - instead of having this money invested in the private sector (i.e. stocks, corporate bonds, etc.) it will be invested in US gov't bonds under the direction of the Social Security administration. In other words, future payouts at retirement would no longer be contingent on the performance of private sector companies or banks, but would be contingent on taxes collected from future taxpayers (the same as existing Social Security bonds)

    - the limit on annual contributions to the gov't retirement account would be 5% of gross earnings

    - the contributions to the gov't retirement account would no longer be subtracted from current year gross earnings, thus effectively increasing current year taxable earnings thus current year tax bracket / liability

    - once a person opts to convert their 401k they are 'stuck' with the gov't retirement account forever

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    Default Re: Dems Target Private Retirement Accounts

    Quote Originally Posted by Adelina View Post

    "Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration."

    Same happened in the Soviet Union before it collapsed. The gov. froze bank and pension accounts before the currency devalued through hyperinflation. People lost all of their savings and pensions denominated in local currency!
    It's hard to take a site seriously when the fonts on their keyboard don't work correctly. Did you take it upon yourself to edit them out?.

    RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security

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    Default Re: Dems Target Private Retirement Accounts

    To find more research on this subject, Google "Teresa Ghilarducci 401K".

    Yes, this gal is positively as scary as she sounds. Lunacy like hers is what happens when someone lives their life in a cushy tenured liberal academic research pod instead of the real world. I seriously hope our President to be steers clear of her, or understands the consequences if he doesn't.
    Former SCJ now in rehab.

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    Default Re: Dems Target Private Retirement Accounts

    Quote Originally Posted by lunchbox View Post
    It's a bit late for fear mongering, no? AFAIK, the election is over.
    There is always a vote going on someplace. Ya gotta keep an eye on them ya know.

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    Default Re: Dems Target Private Retirement Accounts

    while Barack Obama has not taken a position on this proposal, for a fact it IS a real proposal brought before the house finance committee.

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    Default Re: Dems Target Private Retirement Accounts

    This is a hearing. This is not a bill that has been put before congress. This hearing was done by the Commitee for Education and Labor.
    The hearing was about The Impact of the Financial Crisis on Workers' Retirement Security. This was about pensions and 401ks. There were many different opinions given.

    Instead of reading an article with sound bites read the whole hearing on the government's website.

    http://edlabor.house.gov/hearings/fc-2008-10-07.shtml

    hell they even have a video link if you dont want to read.

    Because of the internet we have the power to go to the source instead of depending on someone else's skewed editoral. Use it and form your own thoughts.
    Last edited by Vamp; 11-11-2008 at 11:49 AM.
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    Default Re: Dems Target Private Retirement Accounts

    That would CERTAINLY reduce the diversity of our retirement fund sources. A pretty durned POOR idea, IMHO.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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