Democrats Plan To Confiscate Everyone...

Democrats Plan To Confiscate Everyone's 401k Account

There are 29 comments on the StarNewsOnline.com story from Oct 24, 2008, titled Democrats Plan To Confiscate Everyone's 401k Account. In it, StarNewsOnline.com reports that:

I'm not making this up. Congressional hearings have taken place to seize your 401k and put it into social security.

Join the discussion below, or Read more at StarNewsOnline.com.

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Obama-401K Ends

Broken Arrow, OK

#1 Oct 24, 2008
Obama, Dems Seek to End 401(k) Plans
By Mark Impomeni
Oct 24th 2008 9:00AM

Sen. Barack Obama's Democratic allies in Congress are looking into a radical new plan that would fundamentally change the way Americans save for retirement. House Democrats recently heard testimony on the idea and, under a potential Obama administration, would likely move to put it in place. Democrats want to seize the money that workers currently invest in their 401(k) plans and replace the popular retirement savings accounts with a one-size-fits-all government sponsored retirement account. Under the scheme, Americans would be forced to transfer all of their hard earned retirement savings from their 401(k) to the government.

The government would contribute $600 a year to fund each account and would pay a rate of return of around three percent in interest. The government would also mandate that each worker contribute 5% of their yearly salary to the accounts. Under current law, workers with 401(k) plans contribute to their retirement accounts and earn interest tax free. The Democrats' plan would end those tax breaks, amounting to as much as a 15% tax hike on each American worker.

Rep. Jim McDermott (D-WA) said recently that Democrats had better ideas for the $80 billion that Americans contribute to their 401(k) plans each year. "We have to start thinking about whether or not we want to continue to invest that $80 billion for a policy that's not doing what we say it should." Sen. Obama would likely sign on to the plan as president.

Obama, McDermott, and Congressional Democrats miss the point that under current law, Americans have control over their retirement savings, where and how it is invested, and when and how much they contribute. The idea to nationalize retirement savings is another example of Democrats' socialist proclivities. They want control of Americans' retirement to reside in Washington DC, not on Main St., all in the name of "retirement security."

http://news.aol.com/political-machine/2008/10...
votetherightman

Broken Arrow, OK

#2 Oct 24, 2008
I sure do not want this to happen. If Mr. Obama gets in our money will be government controlled.
william buckley

Largo, FL

#3 Oct 24, 2008
THE AMERICA OUR FOUNDING FATHERS CREATED WILL SOON BE GONE. INDIVIDUAL HUMAN RIGHTS ARE ABOUT TO BE TAKEN AWAY AS WE CREATE A NEW SOCIALIST STATE.
Jeb Stuart

United States

#4 Oct 25, 2008
USSA Un-united socialist states of america. then they decide how little they give you when you die, Then , of , they KEEP the balance. Can u say Civil War?
forget hell

Austell, GA

#5 Oct 26, 2008
can't wait for the Kenyan to take over. This is going to be rough.
Realist

United States

#7 Oct 28, 2008
"...under current law, Americans have control over their retirement savings, where and how it is invested, and when and how much they contribute."

That's correct, and that's the bottom line.

So the rest of this article is.. just what it is. Fear mongering.
Unbelievable

United States

#8 Oct 28, 2008
This sounds optimal. The government has done a great job thus far in protecting our social security benefits - You know, the benefits I will more than likely never see - I am enthusiatic about this plan.
Your All Fools

Winchester, VA

#9 Oct 29, 2008
Your ALL fools if you think this will NOT happen if Obama is elected president. And it WILL be mandatory. He is a socialist and he wants YOUR money.... not just the weathly - but everyones money.....
Your All Fools

Winchester, VA

#10 Oct 29, 2008
Current laws say you can invest like you want - so Obama will just CHANGE the law with a majority Democratic house and Senate.... Don;t be FOOLS - Barak HUSSAIN Obama can NOT win on Tuesday,.....
electricblue97

Omaha, NE

#11 Oct 30, 2008
william buckley wrote:
THE AMERICA OUR FOUNDING FATHERS CREATED WILL SOON BE GONE. INDIVIDUAL HUMAN RIGHTS ARE ABOUT TO BE TAKEN AWAY AS WE CREATE A NEW SOCIALIST STATE.
As if the Bush administration isn't already whittling away at them.....with his "executive privelege" and warrantless wiretapping....
John Boy

San Ramon, CA

#12 Oct 30, 2008
Most Americans don't do a very good job managing their 401K plans and their employers are of very little help. Many plans saddle participants with high fees of one sort or another. What is being considered in Congress now is possibly doing away with further 401K deductions, not nationalizing existing 401K plans or existing IRA plans. A lot of average retirement savers would probably be better off in a plan that had a guaranteed return of 3%+ the inflation rate. My main questions are: would the Federal government simply use the funds accumulated in these new plans to fund more social programs or more wars? Or would the money actually be invested in numerous private sector investments? Would the plans be used to transfer benefits from the have's to the have not's? Or would the government actually pay annuity benefits that were tied to plan balances.
Realist

United States

#13 Oct 30, 2008
My bet is, come next Wednesday, Obama will be our next president. And it won't be because he's such a great guy. Honestly, I think both McCain and Obama will be strapped to do anything either positive or negative with the political system we have today. I'm an independent because I can't tolerate the ranting and raving that seems predominant from both parties. But, I will say this. I'm voting Democrat this time around for one reason, and one reason only. Bush is an idiot. He's embarrassing, and his white house has gotten us into so much crap... it will take years for either Obama or McCain to recover. It's time for the dems to see if they can fix it. It's only 4-8 years... nothing lasts forever.
Jason

Winder, GA

#14 Oct 31, 2008
Realist-I hope you read this. You say you are voting for Obama for one reason only-You don't like president Bush. That is the dumbest reason I have ever heard for voting for someone. I am ashamed that our voting system has narrowed our choices to Obama who has MANY radical ties to terrorists, socialists, marxists and communists and Mcain who has been a Senator for way to long. But how can you vote for someone like Obama just because you don't like Bush? Make a real stand and stay home and don't vote or vote for a 3rd party candidate.
meartone

United States

#15 Oct 31, 2008
Why doesn't anyone dare mention the obvious 'Pink Elephant' in America's living room?
Should "he" win, he and Pelosi will be dispatched
with a mega-huge IED at a time and place better suited by better and smarter folks than two young and dumb skinheads.
Realist

United States

#16 Nov 3, 2008
Jason - Sorry, I already voted early, last week. To me, it was a easy choice. You see, even though I'm a Christian (an elder in my Lutheran Church), and I'm against gay marriage, and I'm against abortion, and I'm against unfair taxation... I am absolutely against the Iraq war, and I have been from day one. We lost sight of the real goal of the war i.e. Osama Ben Laden, when we were mislead by Bush and Chaney. In many ways, I blame the republican party for blindly following that Bush/Cheney lead, but I know I'm not being fair when I say that. An 80% disaproval rating for Bush tells me that most people agree with me. I think McCain is a decent and experienced guy, even though I question his VP pick. If he wins, we'll be ok, I'm sure. But I'm not one who will be duped by pundents like Rush or Hannity into thinking that Obama is the anti Christ. Rush and Hannity are simply show biz, ratings mongers. Nothing more. I WILL be voting FOR the fairness doctrine, if that vote comes up.
Obama is NOT Utopia

United States

#17 Nov 4, 2008
Obama, Dems Seek to End 401(k) Plans

Sen. Barack Obama's Democratic allies in Congress are looking into a radical new plan that would fundamentally change the way Americans save for retirement. House Democrats recently heard testimony on the idea and, under a potential Obama administration, would likely move to put it in place. Democrats want to seize the money that workers currently invest in their 401(k) plans and replace the popular retirement savings accounts with a one-size-fits-all government sponsored retirement account. Under the scheme, Americans would be forced to transfer all of their hard earned retirement savings from their 401(k) to the government.

Rep. Jim McDermott (D-WA) said recently that Democrats had better ideas for the $80 billion that Americans contribute to their 401(k) plans each year. "We have to start thinking about whether or not we want to continue to invest that $80 billion for a policy that's not doing what we say it should." Sen. Obama would likely sign on to the plan as president.

Obama, McDermott, and Congressional Democrats miss the point that under current law, Americans have control over their retirement savings, where and how it is invested, and when and how much they contribute.
Realist

United States

#18 Nov 4, 2008
"Obama, Dems Seek to End 401(k) Plans"

Author: Mark Impomeni

http://www.hotpotatomash.com/2008/05/aol-reds...

Mark Impomeni is a blogger/propagandist at AOL's “Political Machine” and at RedState.com . You can read the back story to this video at this post and read my back and forth with Impomeni at this article he wrote about Karl Rove's appearance on This Week with George Stephanopoulos.

The gist of the story is that despite Karl Rove repeatedly refusing to deny involvement in the Don Siegelman prosecution to Stephanopoulos, Impomeni headlined his story about the interview,“Rove Denies Tampering With Investigation”. This is precisely the type of cover Rove was looking for from the media despite his careful language never denying anything.

When confronted with many examples of headlines opposite to his own, Impomeni wrote:“If this were any other figure but Rove, the media would be reporting the comments exactly as I am”. Thus, Impomeni thinks himself the only one with any journalistic integrity. But it gets worse:

“Raw Story, Josh Marshall, The Carpetbagger Report, Mother Jones, Huffington Post, News Corpse, Veracifier, and Crooks and Liars at a minimum are hardly bastions of independent and unbiased journalism. I personally would also question MSNBC and Dan Abrams.”

Hence the video labeling Mark Impomeni “Today's Worst Person In The World”.
this figgers

Dallas, TX

#19 Nov 4, 2008
like I told my democratic friends, if I didnt have money in a 401K I would laugh at them and then have my hand out for my share of the wealth. I would not be shocked, would you? Serves us right for making a stupid choice !!
Tmrep

United States

#20 Nov 5, 2008
Realist wrote:
My bet is, come next Wednesday, Obama will be our next president. And it won't be because he's such a great guy. Honestly, I think both McCain and Obama will be strapped to do anything either positive or negative with the political system we have today. I'm an independent because I can't tolerate the ranting and raving that seems predominant from both parties. But, I will say this. I'm voting Democrat this time around for one reason, and one reason only. Bush is an idiot. He's embarrassing, and his white house has gotten us into so much crap... it will take years for either Obama or McCain to recover. It's time for the dems to see if they can fix it. It's only 4-8 years...\

\ nothing lasts forever.
George W. Bush has flown jet airplanes in the National Guard. Can you fly a jet airplane?
Realist

United States

#21 Nov 6, 2008
Tmrep wrote:
<quoted text>
George W. Bush has flown jet airplanes in the National Guard. Can you fly a jet airplane?
"in the National Guard"... thanks to his Daddy wanting to keep his golden spoon son close to the nest.

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