movealready's Blog

Dems Target Private Retirement Accounts
Carolina Journal | November 04, 2008 | Karen McMahan

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.


(Excerpt) Read more at carolinajournal.com ...


If you will not fight for right when you can easily win without blood shed; if you will not fight when your victory is sure and not too costly; you may come to the moment when you will have to fight with all the odds against you and only a precarious chance of survival. There may even be a worse case.
You may have to fight when there is no hope of victory, because it is better to perish than to live as slaves.  -  WINSTON CHURCHILL