Something Feral

Digging up the flower-beds.

Thursday, November 6, 2008

Don't cry for us, Argentina

From each, according to their ability...
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.

Sound familiar?

It is a mistake to think that the Marxists will hesitate to strike while the iron is still hot. It has been less than forty-eight hours since Obama claimed the crown, and already the distant ring of hammer on anvil is heard daily, forging the shackles that we elected ourselves to wear.


Elusive Wapiti said...

Holy shite. I guess it is really happening.

Sure hope the repubs filibuster this one...but I'm not holding my breath.

Good thing that most of my investments are in non-qualified plans...even though they're taking a beating right now in the market.

Something Feral said...

Yep. I ordered more ammunition after the call for coronation on Tuesday night, not so much that I expect to need it soon, but that by February it will be slapped with a heavy federal tax, in addition to any other taxes the PRK levies to cover the shortfall of the Peoples' Budget. Finally, they're never worthless; tangible goods aren't "retirement" goods per se, but they will make the continuation of my years in relative safety and comfort a more likely event.

The Repugnicans won't filibuster. They wouldn't do anything with a majority, so I'm not holding out for a dying party to have a moral epiphany and rally at the final hour.

I simply do not understand the people that trust these proven thieves to watch their lives' savings... Talk about foxes guarding the henhouse.