Dems Target Private Retirement Accounts
Dems Target Private Retirement Accounts
By Karen McMahan
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
Triggered by the financial crisis the past two months, the hearings
reportedly were meant to stem losses incurred by many workers and retirees
whose 401(k) and IRA balances have been shrinking rapidly.
The testimony of Teresa Ghilarducci, professor of economic policy analysis
at the New School for Social Research in New York, in hearings Oct. 7 drew
the most attention and criticism. Testifying for the House Committee on
Education and Labor, Ghilarducci proposed that the government eliminate tax
breaks for 401(k) and similar retirement accounts, such as IRAs, and
confiscate workers' retirement plan accounts and convert them to universal
Guaranteed Retirement Accounts (GRAs) managed by the Social Security
Administration.
http://www.augustreview.com/news_commen ... 081107104/
By Karen McMahan
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
Triggered by the financial crisis the past two months, the hearings
reportedly were meant to stem losses incurred by many workers and retirees
whose 401(k) and IRA balances have been shrinking rapidly.
The testimony of Teresa Ghilarducci, professor of economic policy analysis
at the New School for Social Research in New York, in hearings Oct. 7 drew
the most attention and criticism. Testifying for the House Committee on
Education and Labor, Ghilarducci proposed that the government eliminate tax
breaks for 401(k) and similar retirement accounts, such as IRAs, and
confiscate workers' retirement plan accounts and convert them to universal
Guaranteed Retirement Accounts (GRAs) managed by the Social Security
Administration.
http://www.augustreview.com/news_commen ... 081107104/
Comments
OBAMA FANS......
You get what you asked for...
Any articles on this from a non-tinhat website?
Here's the article from the actual committee's website showing that she wasn't the only one who spoke before the committee: http://www.house.gov/apps/list/speech/e ... aring.html
It was a discussion on how to protect people's 401k plans. Most of which have dropped 30-50% over the last year.
This will get about as much traction as privatizing social security I'm guessing.
Perhaps an article from a believable source, posted in an appropriate forum - would be a bit more credible?
or are you going to be our new RobRoy?
Those kinds of requirements make it quite difficult to find properly delusional and incendiary comments. I suppose next you'll suggest that credit rating agencies should use models that consider a borrower's total assets, total debt, and their income to determine if they are a safe risk rather than relying entirely on whether or not they paid their bills on time last month. Pfffftt!