Posted: 11/6/2008 5:31:03 PM EDT
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http://www.carolinajournal.com/exclusives/display_exclusive.html?id=5081
Just a tidbit of the article. By Karen McMahan November 04, 2008 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. |
| Ya know...you look at some of the shit they are "proposing" and if they actually get it passed, they've be looking at a revolution. Ain't no way I'm letting them touch my 401k.....if they did I'd be relocating out of the country for my job till the next election and they couldn't touch my money. |
| Do they not understand that your number of shares didn't decline? That the dollar you're putting in 401(k) today is buying more shares than the one last year did? If you ride it out and don't try to cash in now, this could be very good for 401(k) accounts when the stock/bond prices go back up. I'm increasing my contributions. |
