Is Congress Going To Nationalize Your 401k?
Posted: Monday, February 22, 2010
by Richard Vail
Chisel & Plane
Is Congress going to nationalize your 401k retirement fund? It sure looks that way if a report in Investor's Business Daily is correct. Democrats in Congress last fall held hearing on just that proposal . House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., of the Ways and Means Committee are the Congressional authors of a proposed bill that will do just that."> Investor's Business Daily is correct. Democrats in Congress last fall held hearing on just that proposal . House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., of the Ways and Means Committee are the Congressional authors of a proposed bill that will do just that.
In those hearings, that weren't publicized at the time, a proposal by Teresa Ghilarducci, a professor of the New School for Social Research in New York would be to give all workers "a $600 annual inflation-adjusted subsidy from the U.S. government". Then, the benevolent government would in return for require those same workers "to invest 5% of their pay into a guaranteed retirement account administered by the Social Security Administration."
The model for this concept is taken from the economic power house, Argentina, who in 2008, nationalized all priviate retirement investment accounts. The socialist government did this after the country's bond rating had been reduced again, just as the US bond rating is now under review by the World Bank. That extra-governmental organization is proposing to reduce the US bond rating from AAA to AA, which would greatly increase the cost of floating bond issues for the United States.
This is yet another reason why the US Congress's popularity rating is so low...much of what is considered "business as usual" is conducted behind closed doors. That business as usual attitude will end up bankrupting this country
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Top-level comments on this article: (5 total)How do you sleep at night with all this incredible stuff running around in your head before you write your pieces? An appropriate quote would be "throw the bums out...." Can we do it? I hope and pray!I consume mass quantities? Just kidding...thanks for comming by MJ!
I do not know why you have to keep scaring me, richardI only write about what I read...this is what our "progressive masters" in DC want to do...the scary thing is they're taking their lead from a 3rd world country...think about it...
I know- I am well informed. Like I said, I usually already know what you tell us. Keep being the Town Crier.Hey, I'm just over here in my corner of the City Green...standing of my soapbox, tubthumping away! It's an ugly job, but someone's gotta do it.
Thanks for this article. I have heard a little about this, but hadn't heard the part about forcing us to buy Treasury Bonds. If they don't give us an option to remove our retirement funds from the system without a early withdrawal penalty then I will be first in line to organize a class action lawsuit against the Federal Government to challenge the constitutionality of this. This will directly hit where it hurts the most - in our pocketbooks. If this goes through, I believe there will be a serious backlash against the federal government like we have not seen in our lifetimes.Thanks for the heads up!This is just one of several items that are no on the Dem's agenda...to pay for all those wonderful programs they say we need, and NEED RIGHT NOW!
Thank you for keeping us informed and updated on what's going on around the government nowadays... It's a great article!Thanks,TerenceThanks for taking the time to read and comment.
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