Will Obama confiscate your 401(k)?

11/18/2008:

I was speaking with a friend of mine yesterday – who is in a hurry to withdraw his 401(k) plan, even with the penalties! He was nervous that “the government” is going to hold his retirement money hostage till, well, retirement age. He was worried that in case of a dire emergency, that money will no longer be accessible.

What do you think about this?

Dems Target Private Retirement Accounts

barack-obama-liar-liar.jpgDemocrats 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.

Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on “The Impact of the Financial Crisis on Workers’ Retirement Security,” blamed Wall Street for the financial crisis and said his committee will “strengthen and protect Americans’ 401(k)s, pensions, and other retirement plans” and the “Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people.”

You can read the whole article over at Carolina Journal Online.

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164 Comments on "Will Obama confiscate your 401(k)?"

Easy-E
Member

[quote comment=”120411″]barry obama on the tv for last 30mins with more staff assignments…mostly more clinton people; melody barnes a laywer from the center for american progress who works for podesta, she was chief counsel to ed kennedy, so she knows how to handle DUI charges for sure! she was at the EEOC and served on the house judiciary subcommittee…so she’s real good at blocking judicial appointments too!! awsome, more change!
formalized the larry summers appointment…he’s former Treasury secretary under bubba clinton. MORE CHANGE!
tim geithner to head Treasury, he’s already at ny fed and christina romer hails from all the best econ depts in academia like harvard princeton and mit. no other experience with those 2.
it is clear that barnes is the right person to be on the attack for obama domestically. their agenda should serve their favotite 12% of the population well. summers will be fighting to dominate geithner so i don’t expect young tim to last long. he’ll be a scapegoat for the expected economic problems by april.
not seeing any across the aisle appointments yet. barry’s a real people person though![/quote]

Sounds like change to me. Sorry, do you have some kind of loony neo-con definition that is different from common English?

http://dictionary.reference.com/browse/change

strand tramp
Member
strand tramp

call him whatever you want…

beamrider9
Member
beamrider9

[quote comment=”120411″]barry obama on the tv[/quote]

Don’t you mean “barry HUSSEIN obama”?

strand tramp
Member
strand tramp

barry obama on the tv for last 30mins with more staff assignments…mostly more clinton people; melody barnes a laywer from the center for american progress who works for podesta, she was chief counsel to ed kennedy, so she knows how to handle DUI charges for sure! she was at the EEOC and served on the house judiciary subcommittee…so she’s real good at blocking judicial appointments too!! awsome, more change!
formalized the larry summers appointment…he’s former Treasury secretary under bubba clinton. MORE CHANGE!
tim geithner to head Treasury, he’s already at ny fed and christina romer hails from all the best econ depts in academia like harvard princeton and mit. no other experience with those 2.
it is clear that barnes is the right person to be on the attack for obama domestically. their agenda should serve their favotite 12% of the population well. summers will be fighting to dominate geithner so i don’t expect young tim to last long. he’ll be a scapegoat for the expected economic problems by april.
not seeing any across the aisle appointments yet. barry’s a real people person though!

brian_g
Member
brian_g

When the Constitution was originally created the only Federal office that the people directly voted for was the House of Representatives. Presidents were elected by electors and Senators were selected by State representatives, which usually resulted in the same thing. Whoever controlled the state houses won the elections.

Having said the popular vote winner has won the Presidential election every time but 3 in our history.

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