Save Your 401-K Don’t Allow The Government to Get Their Hands On It

Editorial by

Tom Bates

November 14, 2998

All Rights Reserved

 

We all know about how the government wants to ‘Bail Out’ certain financial institutions. They want to do this by actually buying pieces of companies rather than just offer government secured or insured loans. This hugh bundle of our (taxpayers) hard earned money is even now being eyed by everyone and his uncle wanting their own piece of the action. On Monday they will begin considering payback to the UAW, a long time Democrat Party contributor.

When the government gets their mitts into anything it’s all but impossible to get them to let go. They just get more and more bold. They will want to take control of other areas of our lives.

The House Education and Labor Committee has been holding hearings on how the government can take control of your 401-K retirement accounts.

Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, has been explaining how and why she thinks the government can do this.

She said “I’ve got a better plan. What we want to do, we want to take your 401(k) at its August level, before the crash. We’ll give you that equivalent and put it in your Social Security account, essentially, and we’re going to invest that money that we take from your retirement account, your 401(k), at its August level. We’re going to buy government bonds with it, which will guarantee you 3% — and then we will require that you put 5% of your pay into your 401(k) although it’s not yours anymore. The government owns it. They will manage it. They will take care of it, and then when your retirement day comes you’ll get your Social Security check and part of your check will be whatever your 401(k) monthly payout is, after 3% of growth every year under the stewardship of the government. ”

The main reason most Americans want their own retirement accounts is simple. We see how well the government has managed such things like Social Security and Medicare. The so called Social Security lock-box where your contributions are ‘kept’ doesn’t and has never existed. The money goes into the general fund and is used to pay current debts.

George Miller, who runs a congressional committee, Democrat in California, came out with the first notion of just getting rid of your being able to deduct form your income your contribution to your 401(k), that the government is “losing” $80 billion and we can’t afford lose that so they want to take that away.

George Miller seems to believe, as most liberal Democrats in Washington DC do, that all money in the country belongs to government. They then think that they should decide how much money you need.

A well known east coast Democrat recently said that he doesn’t understand why so many people have the simplistic notion that people who have earned accumulated wealth should be able to keep it.

This is simply socialism. Socialism with its strict government control over all facets of a nations economy always ends with the same result. Failure and poverty. This is the most prosperous country the world has ever know. Why do people want to turn it into a third world country. That’s simple. Under socialism, only the politicians have any wealth and a good standard of living.

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2 Responses to “Save Your 401-K Don’t Allow The Government to Get Their Hands On It”

  1. Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs « Goodtimepolitics Says:

    […] LINK: Save Your 401-K Don’t Allow The Government to Get Their Hands On It Possibly related posts: (automatically generated)Redistribution of wealthThe political destruction […]

  2. sfokc6125 Says:

    Under the Constitution The vote was illegal .

    Article. II. – The Executive Branch
    The President of the Senate shall, in the Presence of the Senate and House of Representatives, open all the Certificates, and the Votes shall then be counted.

    This never happened. The votes were not transportedand count in the this manner. The election was not Constitutional and the winners or losers were not leagal or right.

    Anyone taking the oath of office at this point will be committing Treason against the American People and the Constitution.

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