Payback

If — and it’s a big if — Obama is elected next Tuesday, one of the more pleasant things for me will be to see, borrowing a phrase from Minister Wright, liberal’s chickens coming home to roost. Take your 401(k) for example. No really. I meant that. They’re thinking about “nationalizing” your 401(k). Read this:

I hate to use the “S” word, but the American government would never do something as, well, socialist as seize private pension funds, right? This is exactly what cash-strapped Argentina just did in the name of protecting workers’ retirement accounts (Efharisto, Fausta’s Blog). Now, even Uncle Sam isn’t that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans.
House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created “guaranteed retirement accounts” for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, said that since “the savings rate isn’t going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should.”

The joy of seeing the look on the faces of these morons, these ignorant, uneducated clowns, when their wonderful, compassionate party takes their retirement cash away from them, is almost worth the price for conservatives to lose theirs.
You idiots want change? Well, you may just get it.

4 thoughts on “Payback”

  1. Yep, I heard that, too and I’m so glad I took my money out of my 401K before the poop hit the fan. It’s in a CD now and at least I didn’t lose anything. If this ass clown is elected, I suggest ya’ll do the same thing.

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