Democrats are going to confiscate people's 401k's????

[TheFarseer]

I kept hearing this when I went home this weekend. The rumor is the government is going to replace people's losses in their 401k's, but it will be taken away and put into social security and if you die before you retire, then your 401k - your children's inheritance is just gone! Can anyone tell me what is going on with this so I can refute this?

[FormerDittoHead]

1. Hard to refute pure, made-up bullshit n/t

[kikiek]

2. I h.eard that is the latest Limbaugh lie. He just makes shit up

[depakid]

5. Ready for the fairness doctrine yet?

[geckosfeet]

3. Oh. You mean the few dollars that have not been stolen already??

[jwirr]

4. All these rumors have one thing in common - they are ridiculous. Whoever

starts them or believes them has never even studied history in high school. When have the Democrats ever raised taxes on the middle class? When have they ever confiscated savings plans? Even when have they ever taken guns away from the people? On this last one they have regulated the ownership of guns but not in an unreasonable fashion and that statement comes from a gun owner. Do these people really believe these idiot statements?

[BanTheGOP]

6. Not "confiscate"...but SAVE from republican devastation!

The first recommendation that is being bandied about is the transfer of the private retirement funds, predominantly 401(k) accounts, from private to government control. The proposal is to return all funds to August, pre-crash financial levels, then tie the financial indices to government, not private, bonds that rise at about 3% per year. This will allow the eventual transfer of all retirement funds to a safe, non-republican controlled government economic policies.

In short, this will save all the current funds and establish a non-private, non-profit-based approach to retirement funds. I hope this helps.

[cushla_machree]

7. my relative said this

i didn't really know what the heck he was talking about. I suppose i don't watch fox news or listen to rush, so it was all news to me. I had to laugh when i heard it though...why would a dem steal your 401K?????

[jedr]

8. yes, the guy from Obama administration who came ;

to take my guns away yesterday,( he was black and never worked before and lived on welfare), told me the same story!!!:sarcasm:

[still_one]

9. it is bs, and r/a lies. Someone testified before congress made an inane

suggestion to use 401k money for social security

The r/a hate used that to say that is what Dems want

It is a lie just like their party

[last1standing]

10. Ask for the source.

If they can't provide a source that shows something is going to happen then you have your proof. The only thing necessary in proving a negative is that a positive not be found true.

[WePurrsevere]

11. It's pure spin. I ran across it late last month.

It stems from 2 Dem House Committee Chairmen holding HEARINGS to look into POSSIBLE solutions and the IDEA presented by Ghilarducci seems to be the one they're in a tizzy over.

Considering the timing of the spin I'd guess it had something to do with the election.. guess it didn't work. :)

From the source I was given (FWIW I know nothing about it):
http://www.workforce.com/section/00/article/25/83/58.php

House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.

A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. She testified last week before Miller’s Education and Labor Committee on her proposal.

<snip>

Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.

The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.

“I want to stop the federal subsidy of 401(k)s,” Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”

[creeksneakers2]

12. It was just one idea brought up among many

that were heard at a committee hearing. There's no bill or plan or anything like that. More importantly, there's no money to do such a thing.

[raebrek]

13. What I read about it

http://www.carolinajournal.com/articles/display_story.html?id=5081

Raebrek!!!

[Totalitarianism]

14. Confiscation of Assets

You are so quick to dismiss the truth. See what your buddies are talking about doing to your 401K's and IRA's. In Obama's own words "YES WE CAN" BEWARE OF THE SOCIALIST

http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html

[durablend]

17. LOL--welcome the DU

Enjoy your visit--however short it may be....

[SoxFan]

19. No anchovies, please

[mrreowwr_kittty]

20. So how's your 401k doing these days?

Guess it's okay when the bankers confiscate it, huh?

[sweetpotato]

22. What is the Carolina Journal?

It is the only source for this that I can find on *the google*

Am I missing something?

[Ezlivin]

23. The socialist didn't get elected

Although he gave it his best shot, Socialist Candidate Brian Moore did not win the election.

[KayLaw]

24. They are not.

You shouldn't let yourself be suckered this way. Just because an economist had an idea and testified doesn't mean anyone is embracing that idea or proposing it. Don't let yourself be suckered by these propagandists. You're getting all worked up over nothing.

[RUMMYisFROSTED]

15. The 401(k) was instituted under Carter.

Asshats.

[Bandit]

16. Don't forget the first born of every American will be taken as well

They will be indoctrinated into being the Gestapo force we will need when we gather up Republican's guns and then take over their bank accounts. It is all a part of the plan..We will then force all the men to marry other men and force all the women to abort all the next pregnacies they have.. If it is a Decider they want a Decider they will have..

[durablend]

18. And if they resist...

INTO THE OVENS WITH THEM!!!!!!

[high density]

21. It's the latest right wing echo chamber lie

Just say it enough until it becomes a fact to the brainless.

[Ganja Ninja]

25. I'm gonna have to check and see if I even have any of my 401K left.

But even if I do it's hardly worth worrying about. Hell I wish I had bought Treasury Bonds with it. I'd be ahead right now.