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Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs 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. |
Personally I don’t think this will ever happen. This idea is just plain crazy and I don’t think Obama will stand for it.
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tard.
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Thanks for clarifying dickhead. That’s why I mentioned it would never happen and BHO would be against it.
then why did you post it? why post it with no link?
OMG I didn’t post a link to the story.
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