Dumb Things Politicians Say

[dapoes]

No one is stealing the 401k. They are talking about eliminating the tax subsidy of the 401k and creating an alternative retirement program. 401k's are perfectly safe.

Safe? Hardly that.

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.

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.

 

[dapoes]

And even more fuel for the fire...

Carolina Journal Exclusives
Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

November 04, 2008
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

 

[Garfield1966]

You are like a dog with a toy. Do your self a favor and stop reading the blogs. As has been pointed out to you time and time again they are not accurate.

No one is confiscating anyone 401k. According to Ghilarducci plan, pre-tax contributions of up to $5k would be allowed.

If you do not agree with her idea, fine. Argue the facts of the case. Use the internet to find out the facts about the issue you are arguing and stick with the facts. Don't find stuff that supports your preconceived bias and post it as fact. I am pretty sure given a bit of time I can find a blog that says the world is flat and they have proof.

Try reading the actual interview with Ghilarducci. Ignorance is a choice.

 

[dapoes]

You are like a dog with a toy. Do your self a favor and stop reading the blogs. As has been pointed out to you time and time again they are not accurate.

No one is confiscating anyone 401k. According to Ghilarducci plan, pre-tax contributions of up to $5k would be allowed.

If you do not agree with her idea, fine. Argue the facts of the case. Use the internet to find out the facts about the issue you are arguing and stick with the facts. Don't find stuff that supports your preconceived bias and post it as fact. I am pretty sure given a bit of time I can find a blog that says the world is flat and they have proof.

Try reading the actual interview with Ghilarducci. Ignorance is a choice.

err....the Carolina Journal isnt a blog, its in her own words in black and white. :blink:

 

[Garfield1966]

err....the Carolina Journal isnt a blog, its in her own words in black and white. :blink:

I am going to try and type as slow as possible so that maybe you an follow along.

READ THE INTERVIEW WITH GHILARDUCCI. READ HER WORDS.


It is her idea. Don't you think you should read her words instead of posting some idiots interpretation of what she said? If you can show me a quote by her where she said that 401k will be confiscated, I will acknowledge my mistake. As of now, I have not found anything that SHE said to support any of the quotes you have cut and pasted from blogs and op-ed pieces.

 

[dapoes]

I am going to try and type as slow as possible so that maybe you an follow along.

READ THE INTERVIEW WITH GHILARDUCCI. READ HER WORDS.


It is her idea. Don't you think you should read her words instead of posting some idiots interpretation of what she said? If you can show me a quote by her where she said that 401k will be confiscated, I will acknowledge my mistake. As of now, I have not found anything that SHE said to support any of the quotes you have cut and pasted from blogs and op-ed pieces.

Err....sure looks that way from her testimony.

 

[Garfield1966]

Err....sure looks that way from her testimony.

Now we are talking.

Now, your next task is to find the word confiscate in the document that you just linked too. Show me where in her testimony she said.

Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration

Find anything in the testimony that the supports that conclusion. Just so there is no confusion, I am seeking proof about the confiscation portion of the quote, not the elimination of the tax break part since that part of the statement is true.

 

[dapoes]

Representative James Cclyburn-Dem (go figure)

COLUMBIA, SC (WIS) - Representative James Cclyburn held a roundtable meeting to discuss how the newly-signed stimulus package will affect South Carolina.

He said not only would it create jobs, but also repair roads and bridges around the state.

Clyburn also had some strong comments for Gov. Mark Sanford on why he thinks he opposed the stimulus.

"The governor of Louisiana expressed opposition. Has the highest African-American population in the country. Governor of Mississippi expressed opposition. The governor of Texas, and the governor of South Carolina. These four governor's represent states that are in the black belt. I was insulted by that," Clyburn said. "All of this was a slap in the face of African-Americans. It had nothing to do with Governor Sanford."

Clyburn also said that the money is there, and its up to the state to use it to create the jobs.

A spokesman from the governor's office says, "Representative Clyburn is no stranger to playing the race card, because he has no defense for the runaway spending and the deficits contained in this so-called stimulus bil that will hurt our economy. Spending money at the federal level that we do not have represents a future tax increase on all South Carolinians, regardless of their color - and in the process of doing so, he's ripping off everyone he claims to represent."

So opposing the porkulous spending bill is now...racist? :blink:

 

[dapoes]

Now we are talking.

Now, your next task is to find the word confiscate in the document that you just linked too. Show me where in her testimony she said.



Find anything in the testimony that the supports that conclusion. Just so there is no confusion, I am seeking proof about the confiscation portion of the quote, not the elimination of the tax break part since that part of the statement is true.

Ok maybe that Carolina Journal article took a wee bit of creative license with her testimony. So I now stand corrected. :huh:

Short term, I propose that since 401(k) accounts and the like are financial
institutions -- the bank about where 38% of the workforce2 can intend to save for their
retirement -- Congress let workers trade their 401(k) and 401(k) - type plan assets
(perhaps valued at mid-August prices) for a Guaranteed Retirement Account composed
of government bonds (earning a 3% return, adjusted for inflation). When the worker
collects Social Security, the Guaranteed Retirement Account will pay an inflation
adjusted annuity, based on the accumulated funds.

 

[Garfield1966]

Holy ####. I need to sit down. The two of the idiots you linked lied through their teeth.

Now would it not have been easier to say something to the effect that you do not like the idea of government requiring you to contribute to any retirement plan because it is none of their freaking business and leave it at that?

I'll let 777 deal with the Copperhead education as that seems to be his baby.

 

[dapoes]

Holy ####. I need to sit down. The two of the idiots you linked lied through their teeth.

Now, now, don't get a big head over it.

Now would it not have been easier to say something to the effect that you do not like the idea of government requiring you to contribute to any retirement plan because it is none of their freaking business and leave it at that?

What fun would that have been?

I'll let 777 deal with the Copperhead education as that seems to be his baby.

Bah, he tried already...didn't happen.

 

[777 fixer]

Bah, he tried already...didn't happen.

That's because you could not admit to the historical facts of the matter. You rather believe what some blogger said that what the actual history.

 

[777 fixer]

Sorry you wont have that either...Obama, Dems Seek to End 401(k) Plans

Could you show me where the Prseident has come out in favor of such a plan?

 

[dapoes]

Could you show me where the Prseident has come out in favor of such a plan?

Im sure thats in the works in Stimulus 2.0, Stimulus 3.0, Stimulus 4.0, Stimulus 5.0, etc....

 

[777 fixer]

Im sure thats in the works in Stimulus 2.0, Stimulus 3.0, Stimulus 4.0, Stimulus 5.0, etc....

That's not what I asked. What I asked is for you to show me where the President has come out in favor of this so called plan.