U.S. House discuss confiscating 401(k)s, IRAsDemocratic leaders in the U.S. House discuss confiscating 401(k)s, IRAsCan you believe this?? Send this to the democratic azz holes you know, I would provide a link but put the whole top line in google, it is much more dramatic to see this story in 50 different places. It is not a joke or a rumor. Congress has used the SS as a slush fund for years and now it is empty. RALEIGH — 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. I'm guessing they have no doubt exempted themselves from this, they wouldn't want any mismanagement of their fat retirements. Jesse Jackson suggested something like this when he ran for president.. |