Courtesy of Wizbangblog, “If House Democrats have their way, the 401 (k) system that currently includes tax breaks will be eliminated:
“Powerful House Democrats are eyeing proposals to overhaul the nation's $3 trillion 401 (k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
“House Education and labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.”
So, who’s behind this confiscation of wealth?
Well, “A plan by Teresa Ghilarducci (the hotty pictured above), professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered.”
“Under Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation."
I’m beginning to get this.
Divorce the millions of working Americans currently invested in the stock market via 401 (k)’s, 457’s and IRA’s and you divorce them from any concerns over the stock market.
It’s almost brilliant...in a mouth-breathing, knuckle-dragging sort of way.
“Powerful House Democrats are eyeing proposals to overhaul the nation's $3 trillion 401 (k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
“House Education and labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.”
So, who’s behind this confiscation of wealth?
Well, “A plan by Teresa Ghilarducci (the hotty pictured above), professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered.”
“Under Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation."
I’m beginning to get this.
Divorce the millions of working Americans currently invested in the stock market via 401 (k)’s, 457’s and IRA’s and you divorce them from any concerns over the stock market.
It’s almost brilliant...in a mouth-breathing, knuckle-dragging sort of way.
.
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H/T Wizbang Blog
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4 comments:
If Obama is elected and the House and Senate is run by this gang of neo-Democrats, as the MSM is telling us will happen, it won't be long before Americans will wake up from their MSM propaganda induced drunken stooper and say "How did I end up in this bed last night?"
Yeah, it'll almost certainly get a whole lot worse before it gets any better....that's for sure.
When did American's get so for lack of a better word DUMB?
"When did American's get so for lack of a better word DUMB?" (CBW)
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Is that a trick question?
I think Americans have long been gullible and our relative prosperity has made us dull to the righteous and necessary fear of government with which this nation's Founders based our liberties on.
People forget that by April of 1930, the stock market had regained all the ground it had lost up until early 1929...not quite all the way back to its October 1929 highs.
It was the Smoot-Hawley Tariff Act of 1930 that really brought on the Great Depression.
I'm sure you see the rise in protectionist sentiments here AND abroad these days.
The Great Depression worsened during FDR's "Big Government" experiments...the stock market crashed again, and for the most extended period in 1937.
World War II dug America out of the Great Depression, NOT FDR! Americans shed their blood for the endo to that Great Depression, it was NOT cured by government action...other than that government action that was declaring war on the Axis Powers after Pearl Harbor.
If an Obama administration embarks on protectionist measures, watch out for this turning from a 1970s redux, into a 1930s redux!
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