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Author Topic: Dems Target Private Retirement Accounts  (Read 3984 times)

280plus

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Dems Target Private Retirement Accounts
« on: November 11, 2008, 08:21:36 PM »
OK, now I'm pissed...

I think the title is explanatory enough to avoid charges of drive by posting.

http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html
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Lennyjoe

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Re: Dems Target Private Retirement Accounts
« Reply #1 on: November 11, 2008, 08:25:50 PM »
Unbelievable.  Or is it?

This little gem is also in the story:
Quote
The majority of witness testimony during recent hearings before the House Committee on Education and Labor showed that congressional Democrats intend to address income and wealth inequality through redistribution

Redistribution.  Quite a nasty word to hard working Americans and a smile on the face of the lazy folks.
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MicroBalrog

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Re: Dems Target Private Retirement Accounts
« Reply #2 on: November 11, 2008, 08:26:29 PM »
Wouldn't people be REALLY ANGRY if they did that?
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Re: Dems Target Private Retirement Accounts
« Reply #3 on: November 11, 2008, 08:30:02 PM »
Whew, fortunately, I'm just starting out so they can't steal THAT much from me.

I guess it's just time to become a leech on society.

"Where's my government check!"
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Sindawe

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Re: Dems Target Private Retirement Accounts
« Reply #4 on: November 11, 2008, 08:34:36 PM »
Duplicate

All your 401(k) are belong to us...

Still infuriating though.... :mad:
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Re: Dems Target Private Retirement Accounts
« Reply #5 on: November 11, 2008, 08:37:24 PM »
Why would people be angry? That rotten Bush fellow was gonna screw up Social Security and instead of taking money out of their paychecks, so they wouldn't have to worry about doing so themselves, force people to invest money on their own in private retirement accounts.

This is the government PROTECTING your retirement investment from those crooked banks and GUARANTEEING you that you'll get Social Security. Why would anyone be angry about that?
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DJJ

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Re: Dems Target Private Retirement Accounts
« Reply #6 on: November 11, 2008, 08:44:37 PM »
Quote from: MicroBalrog on November 11, 2008, 08:26:29 PM
Wouldn't people be REALLY ANGRY if they did that?

Yeah, for a couple of days, until a new episode of "Survivor" comes on.
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280plus

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Re: Dems Target Private Retirement Accounts
« Reply #7 on: November 11, 2008, 08:54:41 PM »
oops, I saw thet title on that one but didn't read, sorry about the dup. Meanwhile the part that gets me the most is your heirs would only get 1/2 and the gov would keep the REST? NFW in plain English. I gotta talk to my accountant ASAP and see about eating the penalties and getting my $ out of my IRAs.  :mad:

They already bang your heirs hard with the whopping $255 they get from SS no matter how much you've put in over the years. That's about a half an obit.  ;/ This is friggin sickening.
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charby

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Re: Dems Target Private Retirement Accounts
« Reply #8 on: November 11, 2008, 08:54:55 PM »
This really pisses me off that they are talking about doing this.

I've already paid more into my IRA's and 401K account than I ever will into Social Security in my working career. I'll be damned if the government thinks they can take it.

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makattak

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Re: Dems Target Private Retirement Accounts
« Reply #9 on: November 11, 2008, 08:58:29 PM »
Hmm...

Might this be part of the reason the market keeps dropping?

What happens when EVERYONE decides it's time to take their money out of their 401k's?...
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So do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given to us. There are other forces at work in this world, Frodo, besides the will of evil. Bilbo was meant to find the Ring. In which case, you also were meant to have it. And that is an encouraging thought

charby

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Re: Dems Target Private Retirement Accounts
« Reply #10 on: November 11, 2008, 09:06:12 PM »
Congress critters need to give up their pensions also if this becomes law.



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Modifiedbrowning

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Re: Dems Target Private Retirement Accounts
« Reply #11 on: November 11, 2008, 09:15:23 PM »
Quote from: MicroBalrog on November 11, 2008, 08:26:29 PM
Wouldn't people be REALLY ANGRY if they did that?
Probably not the 53% who voted for you know who and increased the Dem numbers in Congress. We tried to warn them about socialism, but they wouldn't listen.
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Re: Dems Target Private Retirement Accounts
« Reply #12 on: November 11, 2008, 10:45:48 PM »
This is the House committee site, the one we need to watch. I need to watch the webcasts to see how loony this was. http://edlabor.house.gov/issues/strengthening401ks.shtml

If any of the bright idea make it out of committee and into a bill I'll take the hit and clean out my TSP.

I'd like to think there is no way this could happen but with court decisions like Kelo and the make-up of Congress I'm not so sure. This would turn us into another has-been great country. Just take the American Dream, rip it up, set it on fire, and piss on the ashes. Why work, why save, why get ahead?
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ramis

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Re: Dems Target Private Retirement Accounts
« Reply #13 on: November 12, 2008, 08:56:17 AM »
If this were to happen, what should one do with their money?
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makattak

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Re: Dems Target Private Retirement Accounts
« Reply #14 on: November 12, 2008, 09:28:59 AM »
Quote from: ramis on November 12, 2008, 08:56:17 AM
If this were to happen, what should one do with their money?

Hmm.. my 401k is less than a year old right now.

And I haven't the slightest idea of how to withdraw the money. (I thought that information would not be necessary to trouble myself with yet.)

Perhaps I should make an effort to alleve this no longer rational ignorance.
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I wish the Ring had never come to me. I wish none of this had happened.

So do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given to us. There are other forces at work in this world, Frodo, besides the will of evil. Bilbo was meant to find the Ring. In which case, you also were meant to have it. And that is an encouraging thought

Tallpine

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Re: Dems Target Private Retirement Accounts
« Reply #15 on: November 12, 2008, 12:12:55 PM »
If this ever does pass, it will probably include a one-year retroactive ban on lump sum withdrawals.  =|

You think they can't do that ???

Ask somebody with a 30 year old misdemeanor DV record about his guns.  :rolleyes:
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Waitone

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Re: Dems Target Private Retirement Accounts
« Reply #16 on: November 12, 2008, 09:03:35 PM »
Any honey pot full of money will attract congress.  Some pots are politically deadly and retirement funds are one such pot.  I don't think the move will be on in the short term.  What is happening is the designated stoog . . . .er, congressman, floats the balloon.  Meanwhile back in the head shed the brain trust notices the kinds and amounts of flak the proposal attracts.  The brain trust can then fine tune the pitch and wait for proper political conditions to actually make a move.

Judgment day on social security and medicare is approaching and congress will become increasingly irrational in their attempts to delay the inevitable.
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280plus

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Re: Dems Target Private Retirement Accounts
« Reply #17 on: November 12, 2008, 11:10:40 PM »
Forwarded the article over to my accountant. He said the last few days he's been FLOODED with calls about this and he didn't know what the hell was going on. he says, "Washington is going to take care of OUR money for us? Why, they can't even take care of a dead kitten!"  :laugh:
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280plus

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Re: Dems Target Private Retirement Accounts
« Reply #18 on: November 12, 2008, 11:29:51 PM »
BTW, Shot me a 287 at the match. .22 pistol offhand @50 ft. I believe that's a season high so far. Thought I had a clean timed looking through the scope but when I dragged it in there was one out by a hair so I only got a crappy 99.  :mad: 

 =D

(oops, wrong thread  ;/ )
« Last Edit: November 13, 2008, 05:27:43 AM by 280plus »
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RevDisk

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Re: Dems Target Private Retirement Accounts
« Reply #19 on: November 12, 2008, 11:39:10 PM »
Quote from: ramis on November 12, 2008, 08:56:17 AM
If this were to happen, what should one do with their money?

T bills, money market accounts, regular stock.  Basically the same investments, just without the tax advantages.  Sigh... 

I have a really hard time seeing the govt seizing 401k funds.  It's pretty un-Constitutional and more importantly (these days) it'd be political suicide.  Rewriting the tax laws to screw the citizens?  Sure, I could easily see that.
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Re: Dems Target Private Retirement Accounts
« Reply #20 on: November 12, 2008, 11:47:59 PM »
Quote from: RevDisk on November 12, 2008, 11:39:10 PM
T bills, money market accounts, regular stock.  Basically the same investments, just without the tax advantages.  Sigh... 

I have a really hard time seeing the govt seizing 401k funds.  It's pretty un-Constitutional and more importantly (these days) it'd be political suicide.  Rewriting the tax laws to screw the citizens?  Sure, I could easily see that.

If the Dems & Reps get together in the spirit of bipartisanship and larceny, I could see it happen.  Who you gonna vote for then?

Kinda like the $700B $850 $2T bailout. 

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RevDisk

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Re: Dems Target Private Retirement Accounts
« Reply #21 on: November 12, 2008, 11:57:05 PM »
Quote from: jfruser on November 12, 2008, 11:47:59 PM
If the Dems & Reps get together in the spirit of bipartisanship and larceny, I could see it happen.  Who you gonna vote for then?

Myself.  I'd probably run on the sole premise of returning folks' retirements back to them.  I've held a minor do-nothing (unpaid) township position and used to be somewhat active in the local Democratic Party.  Course, only reason why I got and held the position was because no one ran for the position for years prior and no one's run for the position since.

RevDisk (D-PA), has a ring to it, right?
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280plus

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Re: Dems Target Private Retirement Accounts
« Reply #22 on: November 13, 2008, 05:31:09 AM »
Hey I just got offered a job like that! Friend, "I'm doing it because no one else would, you want it?" Me, "Uh no, I'm not qualified."  :laugh:

That's what I was thinking. Either you keep putting money in IRAs etc and take your chances or you stop and get wacked with the extra taxes every year instead. Either way they win.  =|
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