Oral Testimony for Confiscation of 401(k)'s...
- Thread starter ProfitTakgFool
- Start date
well i'm done putting more money into my 401k for at least a few years so that hopefully this threat has passed. i can't believe people can't see how giving the government (someone who is significantly more irresponsible than the average american as far as long term planning goes) a boatload of money and expecting them to save for our retirement is clearly not going to happen. let's just go ahead and add on trillions in liability and classify it as pay-as-you-go so we don't even have to figure it in to the national debt!
If this passes SSA will become a lifetime partner for buying the US's debt, now that Asian countries have slowed down their acquisition of this debt. It also creates another source for Congress to borrow from and place IOU's with, much the way they do with SSA now.
Profit,
Can you elaborate a bit on the IOU's?
I just read the whole pdf file. Nowhere did it say that the contents of existing 401Ks or IRAs would be confiscated. It did not say it explicitly or even hint at it.
(In case I missed it please copy/paste the section from the pdf where it say anything about confiscating money.)
What it did say loud and clear was to establish a new guaranteed retirement account and to phase out the tax breaks on the current 401K/IRA setup to help pay for it.
Thanks for posting this, it was not too long and relatively easy reading. I suggest y'all read it over lunch before running out to buy your first assault rifle.
(In case I missed it please copy/paste the section from the pdf where it say anything about confiscating money.)
What it did say loud and clear was to establish a new guaranteed retirement account and to phase out the tax breaks on the current 401K/IRA setup to help pay for it.
Thanks for posting this, it was not too long and relatively easy reading. I suggest y'all read it over lunch before running out to buy your first assault rifle.
Social Security current has an approximate $600B deficit because Congress taps this source of revenue and uses it for things like Iraq, or building project X in their home state. The Social Security tax that you and I pay is supposed to go into a pool and get invested and pay for our future retirement but it doesn't. Instead, Congress uses the funds today and leaves promisory notes in the fund instead. If IRA's and 401k's are converted to a GRA then congress will use these funds for the same things they used the SSA funds for. The GRA fund, if it ever gets off the ground, could be broke in 30 years.
This is the other thing that is worrisome. If the US defaults at some point in the future the GRA will not get paid, and people will lose their money.