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Democrats & Obama want your 401k

Discussion in 'Uncategorized Threads' started by Dbl Auto, Oct 29, 2008.

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  1. Dbl Auto

    Dbl Auto Active Member

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    I just wanted to let everyone here on TS.com know about this plan. I like to think that I stay pretty well informed but had not heard of this. The Democrats and Obama want to take over EVERYONE'S 401k. This could be possible if they get the total power the seek after next Tuesday. It scares me to death what might happen to our country. Here is the report:



    Doug
     
  2. Porcupine

    Porcupine Active Member

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    Wouldn't this be contrary to the Fourth Amendment?

    LA
     
  3. H82MIS

    H82MIS TS Member

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    Porc,,yes, and if osama gets in we'll have a lot fewer amendments,,,,like the 2nd,,,
     
  4. shadow

    shadow Active Member

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    Awww Gee,Yet another Social Security ponzi game for the politicians to plunder.

    Bring back Algore and his SS "lockbox".
     
  5. bigdogtx

    bigdogtx Well-Known Member

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    OICU812...as well as many other. People need to realize, the 2nd protects the rest. The 1st will be very limited as well and make no mistake, it will be as we have seen from his reaction to the Fox interview of biden.
     
  6. Bruce Specht

    Bruce Specht Well-Known Member

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    I will take my money and refuse to pay taxes if they try this scheme.
     
  7. H82MIS

    H82MIS TS Member

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    this guy is really scary,,and what amazes me is the number of idiots that follow(believe) him,,,
     
  8. JBrooks

    JBrooks TS Member

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    From Redstate.com

    Why Do Democrats Want Your 401k
    The Same Reason They Want the Rest of Your Money

    Posted by: Brian Faughnan

    Friday, October 31, 2008 at 11:14AM CDT

    House Democrats created a stir a few days ago when it came out that they are considering new taxes on 401k accounts, with the goal of eliminating them in favor of government-held retirement accounts. It's no surprise that liberals in Congress want to take over control of a little more of your hard-earned wages, but it's instructive to listen to why. This is what Chairman George Miller had to say during the recent commitee hearing that examined the idea:

    With respect to the 401k, it appears to be a plan that is not really well-devised for the changes in the market. We load an awful lot onto the back of the individual – and I’ve been to more seminars and conferences where they ask for more and more education about savings and investing. We keep asking this person to get smarter and smarter about their savings and that’s sort of it and they’re on their own...

    Miller makes the problem clear: people aren't smart enough to plan for their retirement. They can't be trusted with their own money. They need the help of the government to make sure that they're setting enough aside for their golden years. Right now they're dependent on the advice of financial planners who make money off their advice, and so they can't protect themselves and will ultimately wind up eating dog food in some back alley.

    "But," you might ask Chairman Miller, "hasn't the government -- in its infinite wisdom -- already taken care of my retirement? Isn't that what Social Security and Medicare are for?" And Miller would answer "why yes - yes they are. But you see, there's a little problem. Social Security and Medicare are going bankrupt, so in a few years there won't be any money left to give you the benefits we promised. Barack Obama won't start talking about it until after election day, but he's going to have to dramatically reduce benefits, or raise taxes... or both."

    Continuing your conversation with Chairman Miller, you could say "but I don't get it, George. How can that be? I know that my payroll taxes all went into a trust fund. It was like a lockbox. My money went in there, and you kept it safe, so that someday when I retired, you could open up that trust fund and give me back my money. What went wrong George? What went wrong?" And Miller would explain "well, here's the thing. We didn't just hold on to the money. We invested it in T-bills. And then the government took that money and wasted it -- just flushed it down the drain on all sorts of earmarks and whatnot. So now it's all gone, and all that's in the trust fund is a pile of T-bills. I'm really sorry."

    You're disappointed, but you're still willing to listen. So Miller starts to sell you on why this new retirement plan he's selling is better than your 401k. He says "Don't worry. You're going to love this. You know how your 401k is invested in a market that has its ups and downs? No worry with my plan. All that money you give us is going to be invested in the safest instrument there is: T-bills!"

    And that's where you go out and vote for someone who'll stop George Miller from flushing more of your money down the toilet while claiming to be doing you a favor.
     
  9. jimx200

    jimx200 Member

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    Shadow, I forgot about Al's "lockbox" line....problem is that only Al and Bill had the keys...lol.
     
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