Would Obama, Dems Kill 401(k) Plans?
House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return.
more (somewhat more partisan/inflamed) at: http://news.aol.com/political-machine/2008/10/24/obama-dems-seek-to-end-401-k-plans/
originally found in http://community.livejournal.com/conservatism/3064509.html
do i even need to adumbrate what withdrawing trillions of dollars of investment from the stock market would do to individuals and to the american economy? how many fewer business startups and expansions would find funding (in a time when india and china are rising)? what the consequences would be of turning trillions of investment funds over to government keeping - which would then pay in the form of more taxes - at a miserable return hardly even up to the present rate of inflation, not to mention the higher inflation under a more left-tending mixed economy?
says j. mcdermott (dem-wa, chairman of the house ways and means committee's subcommittee on income security and family support): "we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that's not generating what we now say it should."
well "we" can decide what "we" want to do with our money ourselves, thank you. how about you stop addling the economy with your interventions?
these idiots think there's some sort of golden fountain from the exploitation of the poor oppressed workers that can just be infinitely siphoned from. they do not seem to know that the system is already battered and on its knees from their bad "management." this is yet another smashing blow. how long can a complex system endure such massive distortion?
this is insane. if this comes to pass, i might just started taking thomas jefferson's line about what's good every now and then. enough is enough.
[ horrifiedly x-posted all over ]