I am not fan of Time Magazine but you should really read this. Even a Liberal rag such as Time can see the writing on the walll.
Take a look at this one to:
By Neal Boortz
I've said it before and I will say it again ... hang on to your private pension plans. Love 'em while they last, because the reality of them being usurped by the government is becoming more real.
Back in October I told you about a House hearing that took place, where the chairman of the House Committee on Education and Labor Rep. George Miller said that sweeping changes are coming to the 401(k) system. Those changes could include confiscating workers' personal retirement accounts and converting them into accounts managed by the Social Security Administration. Just what we need - more government.
The real instigator is a woman I told you about by the name of Teresa Ghilarducci. She testified at this hearing and proposed that the government should eliminate tax breaks for 401(k) plans and other retirement plans. She also went on to suggest that these private pension plans should be converted into universal Guaranteed Retirement Accounts (GRAs).
And what's the motivation? Government knows best, wealth envy, wealth redistribution and power. Ghilarducci says that our current retirement system "'exacerbates income and wealth inequalities' because tax breaks for voluntary retirement accounts are 'skewed to the wealthy because it is easier for them to save, and because they receive bigger tax breaks when they do.'" Do you hear the wealth envy, folks?
Now let's get to the wealth redistribution. In October of this year Ghilarducci explains to a radio station that "I'm just rearranging the tax breaks that are available now for 401(k)s and spreading -- spreading the wealth."
And why would Democrats consider a plan like this? Because according to George Miller the "Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people" in regards to your pension plans. See, folks, there is the government-knows-best mentality.
I hate (love) to say this, but I've been telling you for over 10 years that if the Democrats are ever returned to full control of our government our pension plans are going to be in jeopardy. A plan to seize a portion of your 401K and pension plans was being discussed during the early years of the Clinton administration .. then abandoned when the Republicans moved into the Capitol. Just a few weeks ago the President of Argentina announced a plan to seize all private pension plans there. This one's a no-brainer, my friends. All the Democrats have to do is wave the wealth-envy flag; talk about all the advantages the rich had in setting up these plans - advantages that cost the middle and lower class their opportunities to do the same. So, "it's only fair," that these pension plans be seized and rolled into some type of government plan that benefits everyone, not just the evil rich. We're talking about somewhere around $4 trillion dollars here, and that's big change to Obamacons - change you can believe it.
And then, of course, there's the power thing. For decades the Democrats have been playing the "If you vote for the Republicans they'll make you _______! (Just fill in the blank.) Since 1952 the mantra was "If you vote for Republicans they'll take away your Social Security." Just think how powerful the message will be when the Democrats say "If you vote for Republicans they'll make you pay for your own retirement."
For more of the details on what Ghilarducci and the Democrats want to do with your private pension plan, I encourage you to read this excellent article by Karen McMahan in the Carolina Journal:http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html
Be sure to read up on the government seizing half of your pension plan if you die, only allowing half of your pension to be left to your family. And that's just the beginning.