Wednesday, October 13, 2010

The Latest Dem Scheme For The Lame Duck Session - Stealing Your Pensions and 401K's

Obama and his allies in Congress have a surprise planned for you during the Lame Duck session of Congress - looting your private pension and 401K plans to bail out the Union pension plans of Obama's political allies.

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

A video of the committee meeting is available here, but I'll give you the gist of what the GRA is so you won't have to wade through the slime.

Under the GRA, the government would seize private 401(k) accounts, while setting up an additional 5% mandatory payroll tax to dole out what government apparatchniks decide is a "fair" pension to everyone, using the confiscated money and the mandated contributions to set up a permanent bailout of the union pension plans that are have been mismanaged for years and are now the one at Government Motors, for instance.

This, of course, would be an additional entitlement similar to Social Security. And just like Social Security, the Democrats could raid and loot it to pay for their insane spending, leaving a huge IOU in the form of government paper in its place and covering the theft with bogus accounting.

This corresponds with a bill already introduced in the Senate by Pennsylvania Democrat Bob Casey (D-Penn.) that would set up a permanent bailout of the union pension plans and any other groups the Democrats feel are deserving at taxpayer expense through a new fund at the government Pension Benefit Guaranty Corporation (PBGC) that would fund these bailouts annually, as part of the federal budget...while leaving the pension funds in the same corrupt hands that ran them into the ground in the first place.

ObamaCare was designed to loot and ration health care in favor of the 'more deserving' while raising taxes. The next source of wealth they're going to go after to fund their agenda is your pensions and 401K plans, which they'll confiscate 'for the greater good.'

Just like with ObamaCare, they'll tell you that it's necessary, and they'll beat the class warfare drum. They'll tell you that it isn't "fair" that some people have a better retirement than others, and that the wealth needs to be spread around so everybody is covered.

And just like in ObamaCare, the final bill will be structured so that government and Congressional pensions aren't affected.

There are trillions of dollars sitting in 401k's and pension accounts, and Obama and his allies want them. Look for them to try and shove this through before December 15th when new Financial Accounting Standards Board (FASB) rules are set to take effect that would make saddling the taxpayers with the cost of bailing out the underfunded pension plans in this manner more difficult.

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Anonymous said...

If they manage to succeed with this or any of the other schemes they want in the lame duck session, I wonder how long it will be before the American people overthrow their own government? I am not advocating violence, but more and more these donkeys remind me of the Communist leadership in the last days of the Soviet Union.

Anonymous said...

It's reaching the point whereat you almost have to have a secreted Swiss bank account for assured retirement moneys. What was that line from the 007 ' The World Is Not Enough ' ? : ' If you can't trust your Swiss banker, whom can you trust ? '


Anonymous said...

Dragon/Dinosaur, considering that Bernanke is trying to destroy the value of the dollar by printing too much money - inflation makes it easier to pay debts - what you humorously suggest is in reality a very good idea.