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Author Topic: New Lame Duck Threat to Bailout Union Pensions  (Read 1556 times)

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Offline bijou

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New Lame Duck Threat to Bailout Union Pensions
« on: October 09, 2010, 03:14:59 PM »
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Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone.

Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci.

(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).

In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions.  This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending. ...
http://www.humanevents.com/article.php?id=39336
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Offline rich_t

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Re: New Lame Duck Threat to Bailout Union Pensions
« Reply #1 on: October 09, 2010, 03:55:31 PM »
I've been hearing rumbling about this for a while now.

If it begins to look that it might happen I will immediately stop my 401k and take steps to remove as much money as I can from it.

In fact, I just recently started a new job and had to do some serious soul searching about deciding whether or not to contribute to my company's plan.
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"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline thundley4

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Re: New Lame Duck Threat to Bailout Union Pensions
« Reply #2 on: October 09, 2010, 06:46:17 PM »
It's blatant and outright theft of people's personal retirement funds.
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Offline true_blood

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Re: New Lame Duck Threat to Bailout Union Pensions
« Reply #3 on: October 10, 2010, 05:53:07 PM »
How can this be done? This outright theft. PRIVATE 401k. Out right theft!
I would take my money as well. I'd stash it into a CD account or something similar. NO WAY will I let the gubberment touch that money. They did not earn it, I did. :censored:
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Offline rich_t

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Re: New Lame Duck Threat to Bailout Union Pensions
« Reply #4 on: October 11, 2010, 05:18:40 AM »
Quote from: true_blood on October 10, 2010, 05:53:07 PM
How can this be done? This outright theft. PRIVATE 401k. Out right theft!
I would take my money as well. I'd stash it into a CD account or something similar. NO WAY will I let the gubberment touch that money. They did not earn it, I did. :censored:

They will try to pull something cute with the tax code.  They will claim that since your 401K contributions were pre-tax, that they have a right to a portion if it now rather than later.

I'm sure that thay they will try some other cute little tax change to deal with the ROTH 401Ks too.
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"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline JohnnyReb

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Re: New Lame Duck Threat to Bailout Union Pensions
« Reply #5 on: October 11, 2010, 08:59:46 AM »
Quote from: true_blood on October 10, 2010, 05:53:07 PM
How can this be done? This outright theft. PRIVATE 401k. Out right theft!
I would take my money as well. I'd stash it into a CD account or something similar. NO WAY will I let the gubberment touch that money. They did not earn it, I did. :censored:

I have to much in CD accounts now....somebody is using that cash damn near interest free. ....and a run away socialist government wouldn't think twice about stealing those CD's from you either.

Remember "Spread the wealth around."
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“The American people will never knowingly adopt socialism. But, under the name of ‘liberalism’, they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened.” - Norman Thomas, U.S. Socialist Party presidential candidate 1940, 1944 and 1948

"America is like a healthy body and its resistance is threefold: its patriotism, its morality, and its spiritual life. If we can undermine these three areas, America will collapse from within."  Stalin

Offline Wretched Excess

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Re: New Lame Duck Threat to Bailout Union Pensions
« Reply #6 on: October 11, 2010, 09:30:33 AM »
there is $2.5 trillion in the 401-K accounts of about 50 million americans (and that if after the hit that everyone took a couple of years ago).  that's enough to pay for obamacare for 3 or 4 years and another flaccid stimulus. 

how can they resist?

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Offline JohnnyReb

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Re: New Lame Duck Threat to Bailout Union Pensions
« Reply #7 on: October 11, 2010, 09:56:04 AM »
Quote from: Wretched Excess on October 11, 2010, 09:30:33 AM
there is $2.5 trillion in the 401-K accounts of about 50 million Americans (and that if after the hit that everyone took a couple of years ago).  that's enough to pay for obamacare for 3 or 4 years and another flaccid stimulus. 

how can they resist?



The socialist amongst us cannot stand the thought of 50 million Americans financially independent of the federal government. Those 50 million can entertain independent thoughts, personal judgements and vote their own best self interest which would be counter to socialism.
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“The American people will never knowingly adopt socialism. But, under the name of ‘liberalism’, they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened.” - Norman Thomas, U.S. Socialist Party presidential candidate 1940, 1944 and 1948

"America is like a healthy body and its resistance is threefold: its patriotism, its morality, and its spiritual life. If we can undermine these three areas, America will collapse from within."  Stalin

Offline true_blood

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Re: New Lame Duck Threat to Bailout Union Pensions
« Reply #8 on: October 11, 2010, 12:40:33 PM »
Quote from: JohnnyReb on October 11, 2010, 08:59:46 AM
I have to much in CD accounts now....somebody is using that cash damn near interest free. ....and a run away socialist government wouldn't think twice about stealing those CD's from you either.

Remember "Spread the wealth around."
Don't remind me. I have two CD accounts and the interest rate is DISGUSTING! :censored: :banghead:
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Offline seabelle

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Re: New Lame Duck Threat to Bailout Union Pensions
« Reply #9 on: October 12, 2010, 02:02:01 PM »
Where is a safe place for our hard earned money?  I used to think it was home ownership, but our home de-valued about 200k in two years :(  It's almost paid for and we were counting on the almost 500k it used to be worth to retire-retire.

Otherwise, we have no retirement plan, just SS,military retirement and my handicapped son's disability.  I still think we're luckier than most, though wondering what Team Obama will screw up next and taketh away  ::)
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