Holy smokes...

[darthcrank]

http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html

thanks to LJ User Voland for posting this.  Looks like there is some discussion brewing in Congress about the Govt. taking over 401K plans and allowing the Social Security Administration to control them and dole out the money.

I don't care how large my losses are

Comments

Hmmm

[tricstmr]

I read the article, but could not find any place where someone in our Congress was talking about the Government taking over our 401k plans.

Could you cite me the text of a government official doing so?

Re: Hmmm

[not_eurotic]

see my link.

it's bullshit.

Re: Hmmm

[darthcrank]

maybe and maybe not. Instead of telling people there is no way this is going to happen, they tell people "we are entertaining all ideas".

Washington politics is all about ideas being floated and pushed...this lady and her crazy ideas were invited and listened to...which means they are being considered.

It might be alarmist, but there is something there to be alarmed about!

Re: Hmmm

[not_eurotic]

Well being open-minded and those ideas actually being on the short-list are completely different. Seriously though, I'm sure if a business of any sort is looking for a new hiree they'll say they're "looking at all applicants," even though everyone ISN'T being looked at seriously.

All part of the game, is all. I'd be alarmed if I hadn't read the LA Times article first-- it's just the right wing trying to ruffle feathers.

have you actually followed congresisonal hearings?

[tricstmr]

I've read dozens of them for my dissertation

Re: have you actually followed congresisonal hearings?

[not_eurotic]

ayup

Re: Hmmm

[gregory07]

it is an actual idea of somebody from the far left, being dragged out into the light by somebody from the far right.

even mid-left ppl will be alarmed by this idea if it ever makes it into the realm of possibility, because, after-all, SSI is the fall-back for them if the private retirement accounts fail. *and it should be* since we're all forced to contribute to it (myself @ 15% since i'm "self-"employed).

Re: Hmmm

[darthcrank]

OK, I gotcha.
Garducci was invited to testify at a hearing by organized by and run by democrats, who didn't specifically endorse her ideas, but also didn't back away from the proposal.

"When asked whether committee members seriously were considering Ghilarducciâs proposal for GSAs, Aaron Albright, press secretary for the Committee on Education and Labor, said Miller and other members were listening to all ideas."

Apparently, Representative Miller finally was brow-beaten in distancing himself when pressed on TV.
"After repeated questions asked by Neil Cavuto of Fox News, Miller said he would not be in favor of killing the 401(k)or of killing the tax advantages for 401(k)s."

Maybe this is just alarmist crap, but politicians who don't immediately distance themselves from these draconian ideas need to be raised on a pole that has first been shoved up thier asses.

Re: Hmmm

[not_eurotic]

it sounds like it was one of MANY people testifying tho.

I doubt they even gave her a second thought.

yo..

[tricstmr]

.. I think it would be political suicide to touch anything involving tax-exemptions for retirement plans...

that's just fucking nuts.

And I doubt the Dems really want to go trying to raise taxes on retirement accounts--that's like stealing candy from babies--there is no one it helps--and it pisses off a lot of people...