wrote:

badgolferman wrote:
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.

http://www.carolinajournal.com/artic...y.html?id=5081

How about we add the second paragraph:

"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."

Doesn't sound so bad anymore does it?

I bet if you were 63, and it was your 401K's value going down the
toilet, you would be first in line SCREAMING for the government to
step in and bail your ass out.

How about we add the third paragraph:

"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."

You want your savings confiscated and turned into money that will be
used by the government for their pet pork projects just like Social
Security has become? The SSA "lockbox" concept has become a farce. I
think I know how to manage my own money better than they do.

--
"In general the art of government consists in taking as much money as
possible from one class of citizens to give it to the other." ~ Voltaire