Want to see the Dow at its status before tax-deferred private investment accounts got approved? We’ll look at 8500 with wistful nostalgia. Get ready for 1500.

Ok Ed, wasn’t it about a month ago when you where arguing that the economy was’t that bad? GDP was up and unemployment was about 6 %. And now you are the ultimate bear. 1500? I think we are due for another depression but even I am not that bearish.

This new scam would entail another unfunded trust fund. The government will divert 5% of payroll from possible investment in the stock and bond markets, spend it on current projects and put a bunch of IOUs in its place.

The economy will suffer because these funds will not be available for investment. Our children will suffer because these trust will greatly expand the national debt.

About the “Stop the Raid” Campaign

As many Americans now know, Social Security currently runs a surplus, but will begin to run a deficit by about 2017. What many are surprised to learn is that Congress is spending today’s Social Security surplus on pork and earmarks— such as the $3,000,000 the federal government gave to the Cal Ripken, Sr. Foundation or the $1,700,000 it paid for the International Fertilizer Development Center.

In exchange for these surplus dollars—about $449 billion total between 2008 and 2012— the Social Security “Trust Fund” gets special IOUs from Congress that are legally and financially worthless.

http://stoptheraid08.com/about.php

DEMOCRATIC PROMISE #14: No More Borrowing from Social Security
Promise: “We will not borrow the money from the Social Security trust fund and from other creditors around the world.” – Rep. Rob Andrews (D-NJ), House Floor Remarks, March 28, 2007

Broken Promise: 215 Democrats, including Democratic Rep. Rob Andrews (D-NJ), voted “NO” on a Republican proposal to prohibit increases in authorization spending levels if the Social Security surplus has been spent the previous year. – Roll Call Vote #300, May 3, 2007

http://republicanleader.house.gov/brokenpromises/p_families.html

Lying liars, lying profusely.

This answer to maiden’s prayer, lousy idea, has to be strangled in its crib fast.

Maxie Waters is going to run oil companies, banks are being nationalized, now this…

It is going to be some kind of ride, kids, definitely an E-ticket.

This is insanity. I’m about ready to implode- where is McCain on this? It was brought up a few days ago and nothing! I appreciate that he’s out there doing 6 stops in 12 hours, but WTF? Where ARE the ads? “Joe average” doesn’t read Hot Air everyday- Every business owner, every boss, every CEO, banker, investment broker, ET AL, needs to get this information out to their employees immediately! This sucks and I have no doubt it’s only the beginning. Why isn’t BUSINESS beating the crap out of Obama?!

this is srtraight out of Argentina…or is their idea from here? Bad ideas travel fast amoung the political class when there is money on the table they can divert to their uses!

Reading the words of this “professor” she keeps using the “I” owrd about why this plan is good…”I want to stop subsidizing…”, “I believe this is…”,…guess what lady-it ain’t YOUR MONEY, and why should YOU decide for me and millions of other Americans what to do with it, how best to invest it?

You think I want my money in the same hands that have brought us to a financial brink?

What indeed do these people use for brains?

I am not sure whether to sh** or go blind.

Buy ammo.

Hello Neil Cavuto? Donald Trump? Michael Bloomberg?

The flight of capital will eliminate the necessary engine for recovery, but that’s a minor point. The price of stock will utterly collapse as everyone looks to liquidate their holdings, crashing Wall Street and throwing tens of millions out of work as publicly-held companies disintegrate.

Bingo.

And it will be blamed on George Bush.

Pethokoukis on 401(k) Demolition: Socialism

US News columnist James Pethokoukis has one word for the nationalization of tax-deferred retirement plans: socialism.
He can’t quite believe Democrats would be this foolish in an election
year,……