Socialism? What socialism? Senator Orrin Hatch knows better. He kinda sounds desperate and I guess I understand why. The Democrats have proposed taxing 401ks, and instead imposing mandatory saving that will be placed in a government run pension program at … get this … 3%. And, as Hatch says, Republicans wont be able to stop them.
Update: Details from Steve at Conservative 247 below the fold.This from Steve at Conservative 247, and then read more at Hotair here.
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.
How to tank the stock market. And all of your current investments. Tell me when has the government ever run anything well. Think social security. The irony here is they are selling as protection against a tanking stock market, and the action alone will tank the market.
About Jim Vicevich
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Wasn’t the rate on the income tax when it was first implemented something like 3 -5%? Now look at it.
There is no way, much as in the case of SSI, that the government will be able to look at that pile of cash and not say “we could spend it better.” Then they will hand us a bunch of IOUs for this nestegg too.
Isn’t SSI enough? We have 401Ks because SSI is underperforming for the needs of retirees, and it has to be supplemented.
I encourage you to look at the story of Galveston, which was able to opt out of SSI before the loophole closed. Check out the results.
You will love this one, Jim!
http://www.ncpa.org/ba/ba215.html
I posted about this too. Remember, it’s just a couple of Democrats that like the idea proposed by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York. Social research? Other schools include general studies, management and urban policy, design, liberal arts, music, drama, and contemporary arts.
Let’s just say the school’s professors don’t have privileges at Hillsdale.
“I want to spend our nation’s dollar for retirement security better. Everybody would now be covered” if the plan were adopted, Ghilarducci said.
It’s not your money Ghilarducci.
Socialism? Check.
http://conservative247.org/government/683/congress-wants-your-401k-tax-breaks-back.html
Crooked as a dog’s leg.
Remember — SSI ends up in cheaper paper than 3%. Eventually, this will end up in that sort of paper.
Maybe Menken was right:
“A national political campaign is better than the best circus ever heard of, with a mass baptism and a couple of hangings thrown in.”
— H. L. Mencken
Not necessarily the quote I was thinking of, but it will serve for the moment.