The American Thinker reports on the latest Democrat Congress thoughts about retirement funds, noting that:
"The Democrats have made a political living by scaring older Americans into thinking that the Republicans were going to take away retirement and Social Security from the elderly.
Maybe someone, somewhere, in the Republican Party should point out that the Democrats are planning something even worse."
The scheme that is being considered is that Americans would turn over their 401k dollars to the government who would then ration it out back to them on the government's schedule. "For example, a 55-year-old worker with $50,000 in a 401(k) account in August would swap out the $50,000 for a guarantee of $500 per month in retirement." Future retirees would contribute 5% of their income to the government plan, and the government would contribute $600/year. In both cases, the new plan would be managed by the Social Security Administration and the 401k payout would be added to the retiree's social security check.
So.....President Bush talked about privatizing social security which isn't working, and the new Democrat plan looks at governmentizing 401ks which are working. Wonder how long it will take fedzilla to spend the 401k trust fund just like they did the social security trust fund? The full article is http://www.americanthinker.com/blog/2008/10/like_your_401.html
I heard Obama advisor David Axelrod say - we've used up the deficit, now we have to go where the money is. Looks like the liberal Govt will give away all American capital, now as 401ks invested to fuel economic growth. that means capital must come from overseas and we will end up selling American Corporations. Our country will be owned by the Chinese and others - not us.
ReplyDeleteAlso note that in their plan, you could not leave your $ to your children or other heirs. Just like Social Security, once they have it, it's not yours anymore
ReplyDelete