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2008-10-23 Home Front Economy

Democrats' Assault to Redistribue Your Wealth Begins

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Posted by Beavis 2008-10-23 12:52|| || Front Page|| [11131 views ] Top

#1 Wait till they follow Argentina's lead and just nationalize the private pension funds [got to cover all those union plans with the Big Three in Detroit folding].

Posted by Procopius2k 2008-10-23 13:26|| 2008-10-23 13:26|| Front Page Top

#2 Many years ago when the IRA was first introduced I asked my then aging, depression era father what he thought of starting one. His reply was simply, "saving money is a good idea, but once in, mind the government's rules changing."

Posted by Besoeker 2008-10-23 13:35|| 2008-10-23 13:35|| Front Page Top

#3 I made a hard rule many years ago.

"If the Government is pushing something, stay well away from whatever it is."

Posted by Redneck Jim">Redneck Jim 2008-10-23 13:50|| 2008-10-23 13:50|| Front Page Top

#4 I guess looting Social Security isn't enough anymore.

Posted by CrazyFool 2008-10-23 14:11|| 2008-10-23 14:11|| Front Page Top

#5 Sounds like this is to replace that looting.

Posted by tu3031 2008-10-23 14:55|| 2008-10-23 14:55|| Front Page Top

#6 So instead of "privatizing Social Security" they want to "nationalize your 401K"?
Also so nice to see Baghdad Jimmmy has his fingerprints all over this one.

Posted by tu3031 2008-10-23 15:01|| 2008-10-23 15:01|| Front Page Top

#7 "Nationalize" the 401K system? Sounds like they want to turn it into a "National Pension Fund" similar to the 'remarkably well run' union pension funds that are so deep into debt now. The Public Employee Pension Funds, when they run low on cash, simply trigger a tax hike by the respective city or state. See that coming here, too.

Posted by Mullah Richard 2008-10-23 15:11|| 2008-10-23 15:11|| Front Page Top

#8 All those baby boomers that are counting on their 401k are gonna get screwed.

Posted by DarthVader 2008-10-23 15:38|| 2008-10-23 15:38|| Front Page Top

#9 Best of the Web noticed...

Ghilarducci outlined her plan last year in a paper for the left-liberal Economic Policy Institute, in which she acknowledges that her plan would amount to a tax increase on workers making more than $75,000--considerably less than the $250,000 Barack Obama has said would be his tax-hike cutoff. In addition, workers would be able to pass on only half of their account balances to their heirs; presumably the government would seize the remaining half. (Under current law, 401(k) balances are fully heritable, although they are subject to the income tax.)

Sounds pretty unappealing, doesn't it? But in her congressional testimony, Ghilarducci offered a sweetener:

"Short-term I propose . . . that the Congress allow workers to swap out their 401(k) assets, perhaps at August levels, for a guaranteed retirement account--just a one-time swap. . . .
How would this work? You go back to your districts and meet up with a 55-year-old who had had $50,000 in his account last month and now has $40,000 in the account. He can swap out that $50,000, valued in August, for that guarantee of what would become, if he retires at 62, a $500 a month addition to Social Security."

A 55-year-old who lost 20% of his 401(k) because of the recent stock market decline was investing more aggressively than he should have, given his age. Ghilarducci proposes to reward this imprudence in exchange for dramatically limiting everyone's ability to take risks (and enjoy the corresponding rewards) and for greatly increasing government control of Americans' retirement funds.

It is by no means a certainty that Congress or a President Obama would embrace such a proposal, but this is a direction in which things may move if the Democrats make big gains next month.

Posted by tu3031 2008-10-23 16:39|| 2008-10-23 16:39|| Front Page Top

#10 Under the current 401(k) system, investors are charged relatively high retail fees, Ghilarducci said.

Abslout fucking bullshit lie. Fidelity doesn't charge me jack shit as long as the account balance is over $10,000. These fucking parasites make my blood boil...

Posted by Raj 2008-10-23 19:25|| 2008-10-23 19:25|| Front Page Top

#11 Get the guns!

Posted by Hellfish 2008-10-23 20:01|| 2008-10-23 20:01|| Front Page Top

#12 Wait till they follow Argentina's lead and just nationalize the private pension funds [got to cover all those union plans with the Big Three in Detroit folding].

Actually they should start by nationalizing all of the public employee pension funds and putting the lot of them on Social Security. If they did that we'd see action on shoring up the system.

Posted by AzCat 2008-10-23 20:07|| 2008-10-23 20:07|| Front Page Top

#13 Vanguard has never charged me a DIME! These communist bastards will not rest until they have their hands on our 401K's and IRA's.

Posted by Besoeker 2008-10-23 20:09|| 2008-10-23 20:09|| Front Page Top

#14 Time to penalize the people who were foolish enough to save for their retirement.

Posted by DMFD 2008-10-23 20:17|| 2008-10-23 20:17|| Front Page Top

#15 What Hellfish said -- I believe this is the red line PTAH was alluding to a couple weeks back. This would push me to being hung for instigating an insurrection.

Posted by Daffy Phash5086 aka Broadhead6 2008-10-23 20:49|| 2008-10-23 20:49|| Front Page Top

#16 Post this article at work. Maybe it will swing a few people over to the Republican side.

Posted by Darrell 2008-10-23 20:54|| 2008-10-23 20:54|| Front Page Top

#17 Isn't this essentially what Bush wanted to do and they moaned like it was the end of the world?

Posted by Cheremp the Slender2106 2008-10-23 21:14|| 2008-10-23 21:14|| Front Page Top

#18 I think you have that backwards, Cheremp the Slender2106.

Posted by trailing wife ">trailing wife 2008-10-23 21:25|| 2008-10-23 21:25|| Front Page Top

#19 With all of their special plans, we will beankrupt within a week, maybe two. But then the US bond rating drops and all of those govmint checks stop coming. The banks wont lend because the shotgun is pointed at their investors. This reign of holy inequity will bankrupt us. It is far from Just. Pelosi et-al just get on planes and go visit their local tax havens to escape the madness. They have nothing to lose - just get on a plane as Joe scrapps for food on the edges of every cornfield.

This is the most reckless takeover I have ever seen. It is unwise and ill thought at best. It is ruinous in the decades.

Take heed and get rid of it please. We have other problems right now and cannot hold collapsing structures up with bankrupt collegiate ideology.

You had your fun, but there is business to attend to and you are in no way close to "fixing" anything right now.

Posted by newc">newc 2008-10-23 22:12|| 2008-10-23 22:12|| Front Page Top

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