For those of you who haven’t been paying attention, here is what the Democrats have in store for us once they have full control of the government.
Since they are confident that they will pick up enough seats in the House and Senate races to make them a solid enough majorities that they can ram any kind of legislation down our throats that they want, they have come up with one that should be looked at closer, a LOT closer… your 401(k) plan.
Let’s just say that the Democrats don’t think it’s a good idea for you to keep hold of that money when they have such wonderful plans for it.
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
Key words “all workers would be obligated to contribute”. Sounds just like Social Security doesn’t it? We have all seen how well that system works too, a perfect example of the wonderful “New Deal” that they have in store for us. We will be taxed more, receive less and be forced to rely on the government for our retirement.
Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.
The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.
“I want to stop the federal subsidy of 401(k)s,” Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”
So, the tax breaks for you company doing matching contributions disappears which gives you only half of what you were putting in. Businesses lose that tax break so now they have to pay more in taxes which will hit their bottom line and, most likely, result in layoffs and restricted growth in all industries and what do we get in return? 3% interest and $600 on a government bond which is really nothing more than an IOU note meaning that you work for years, “invest” in the governments program and when you retire there may not be anything there for you at all.
See, Social Security is not an investment option, it’s a tax which means that the government can do with it what they will and if it’s not there for you when you retire you can’t do a thing about it. So, if now your 401(k) is going to be handled by the same people who have been doing such a great job with Social Security what do you think your chances are that there will be any money in the piggy bank when you are ready for the Bahama’s??
Once again it all comes back to the original question. Where do they get the authority and the right to pull something like this? They have decided they have the right and voila’, the legal authority exists. The last time we dealt with this kind of heavy handed government it ended up with a bunch of tea being thrown into Boston harbor and a little thing called the American Revolution.
But the fun doesn’t stop with your 401(k) plan, oh no that would be too simple. you will be taxed on what you planned on investing into your retirement plan – which may not even be there when you do retire, as well as redistributing your wealth too, so you being taxed more and bringing home less in the first place.
Add it the fact that Obama has said that he wants compulsory service, is against the Second Amendment, and wants a National Security Force that would be “just as powerful, just as strong, just as well-funded” as the military, and Charles Rangel has introduced a new bill that would bring back the draft and guess what kids?? We now start to look like our old friends the Soviet Union.
I may be clinging to my guns and religion, but it’s sure a hell of a lot better than what the left has planned for us.
Ad this from Charles Krauthammer “I’m for the guy who can tell the lion from the lamb”
My friend Jennifer tagged me with this internet thing, and since she is my friend I guess I will go ahead and do it even though I don’t have seven people to send it on to (she already got everyone I know).
1 – I was trained in police driving tactic by California Highway Patrol. We took an old decommissioned cruiser with bald tires out onto a mud field to learn about controlling a vehicles slide in less than ideal conditions. My instructor was about a foot taller than me and when he decided I wasn’t driving fast enough in the mud, he reached over with his foot and mashed mine down on the accelerator, you learn quickly that way.
2 – I broke my wrist during a fight in a Hong Kong bar; on the plus side I also broke the other guy’s jaw. Technically I didn’t start that fight.
3 – By the time I was 17 my dad had taught me how to fight, throw a knife, use a bullwhip, and shoot a pistol, rifle and shotgun
4 – I’ve been stabbed in the hand and had my arm slashed with a broken beer bottle. (No, they are not related to the bar fight above)
5 – My appendix ruptured and I didn’t notice it. I ended up going into the emergency room because it was a Sunday and the clinics weren’t open. The reason I went in? I had a slight pain in my right side that felt like a pulled muscle and it had been like that for almost a week. The ER stuck me inside an MRI after deciding that “We aren’t going to screw around with this all night” and that’s when I discovered it was ruptured.
According to the ER doc I should have been howling in pain instead of sitting there calmly saying “It really doesn’t hurt that much. Are you sure it’s ruptured?”
6 – I make a mean cheesecake as well as an awesome marinara sauce even though I am not a professional culinary 😉
7 – I have a Dr Who Sonic Screwdriver, I keep it in my 1942 gas mask bag that I haul my school stuff around in. It’s a geek thing, trust me.
‘Here’s my strategy on the Cold War: We win, they lose.’ – Ronald Reagan
‘The most terrifying words in the English language are: I’m from the government and I’m here to help.’ – Ronald Reagan
‘The trouble with our liberal friends is not that they’re ignorant; it’s just that they know so much that isn’t so.’ – Ronald Reagan
‘Of the four wars in my lifetime, none came about because the U.S. was too strong.’ – Ronald Reagan
‘I have wondered at times about what the Ten Commandments would have looked like if Moses had run them through the U.S. Congress.’ – Ronald Reagan
‘The taxpayer: That’s someone who works for the federal government but doesn’t have to take the civil service examination.’ – Ronald Reagan
‘Government is like a baby: An alimentary canal with a big appetite at one end and no sense of responsibility at the other.’ – Ronald Reagan
‘The nearest thing to eternal life we will ever see on this earth is a government program.’ – Ronald Reagan
‘It has been said that politics is the second oldest profession. I have learned that it bears a striking resemblance to the first.’ – Ronald Reagan
‘Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.’ – Ronald Reagan
‘Politics is not a bad profession. If you succeed, there are many rewards; if you disgrace yourself, you can always write a book.’ – Ronald Reagan
‘No arsenal, or no weapon in the arsenals of the world, is as formidable as the will and moral courage of free men and women.’ – Ronald Reagan
‘If we ever forget that we’re one nation under God, then we will be a nation gone under.’ – Ronald Reagan
Damn straight, and a hell of a lot more honest that Senator Hopechange or Senator Gaff have ever been
Michelle Malkin posts the last blog entry by Specialist Fortunato. After posting this he was kill last Tuesday when hit vehicle was blown apart by an IED.
It’s worth reading, and remembering. Here is a brief part of it:
I am a proud American. i believe that my country allows me to live my life more or less however i want to, and believe me, i have seen what the alternative of that looks like. i also believe that our big scary government does way more than it has to to help complete [expletive deleted]-ups get back on their feet, a stark comparison to places where leaders just line their own pockets with gold while allowing the people who gave them their power and privilage to starve. I have chosen my corner. I back my country, and am proud to defend it against aggressors.
God bless you, and bless your family in their time of pain.