Proposed Government 401k Grab
posted at 1:04 pm on October 14, 2010 by Laura Curtis
Jay Tea is on a tear at Wizbang about Democrat Senator Tom Harkin’s hearing on a proposal to confiscate your personal retirement savings. In the interest of protecting you, and of course, fairness.
Human Events has been on this story for a while.
In a nutshell, under the GRA [“Guaranteed Retirement Account”] 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.
Read more about this and about the inevitable Soros connection at Human Events.
This government confiscation is being considered along with a union pension bailout, which needs to occur before new financial transparency rules take effect on December 15. It’s so patently insane for anyone – even Democrats like Harkin who don’t have to worry about campaigning again until 2013 – to give this idea a serious look that I wonder if it’s being put out there in order to make the union pension bailout seem more reasonable. Yes, we’re requiring taxpayers to bail out irresponsible, corrupt unions but at least we’re not directly confiscating your savings to do so!
If this were to happen in a mad duck session after the Democrats get wiped out in the upcoming elections, then it’s certain that the GOP will quickly move to rescind such a policy/law/however they try to implement it. Because otherwise the crowd of people with torches and pitchforks would come after them. Even the GOP is not so stupid and statist that they’re going to permit this to happen. Still – don’t relax, because it’s the (entirely justified) outrage of voters that will prevent this theft.