Excuse me? Did You think your 401K was safe from Unions...

[Creeker]

& the Congresscritters who want it?

Think again...

New Lame Duck Threat to Bailout Union Pensions - HUMAN EVENTS

New Lame Duck Threat to Bailout Union Pensions
by Connie Hair

10/08/2010
Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone.

Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci.

(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).

In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending

....

[retdetsgt]

I suspect that will be like the moron's bill to force gun registration on income tax forms, it'll never see the light of day. Harkin's trying to just show the unions what a great guy he is......

[Creeker]

I suspect that will be like the moron's bill to force gun registration on income tax forms, it'll never see the light of day. Harkin's trying to just show the unions what a great guy he is......

Yes, I am pretty certain that same thing has been said about the Health Care Bill, Government Motors, State Sponsored Abortion, Card Carrying Commies in the Cabinet, Eugenics, ... I could go on.

Have you kept up with the Delphi fiasco, and how the GM union screwed those pensioners?

The Delphi Disaster: An Economic Horror Story Obama Won't Tell - HUMAN EVENTS

[retdetsgt]

There was a lot of public support for government health, bailing out the auto industry, etc. Just because you and I didn't like it didn't mean a lot of people even outside unions didn't think it was good idea. Obama and the Democrats didn't do a military coup to get power, they were elected, remember?

They can throw around tax dollars easily enough, but raiding private money is something else. They were able to screw with the Delphi pensions because they owned them. They would have to take over a lot of private companies to raid the 401's. What happened in court when they sued on Sept 24?

Conservative media spins things as bad as the liberal, feeding fear is how they make their living.

And FWIW, it doesn't take the government to destroy pensions. Our local electric utility was bought out by Enron just before they collapsed. People that worked there for 40 years ended up with nothing, nada for pension.

[wisco]

Just another example of why I buy bullion. The government can't take what they don't know I have. Plus I can sell in increments, privately, and pay no taxes on what I have rightfully earned.

Big brother can kiss my hiney.