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October 13, 2010

Oh My: Lame Duck Session May Feature Plan To Seize Citizens' 401K Accounts To Give Them To Unions?

The private retirement account system works well.

The unions' pension system never did. It wasn't a system so much as a scheme.

So, you know. Fair is fair.

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

(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).

In a nutshell, under the GRA 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.

Thanks to Dave in Texas.


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posted by Ace at 12:27 PM

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