Democrats Discuss Taking Over People's 401K's

If you don't think an Obama, Pelosi, Reid run government would result in a dramatic swing to the left, read US News and World Reports article on congress' discussion of takng over people's 401K's. 401K's are not 'rich people' savings plans they are middle America's retirement and savings plans, and Dems are looking to make them into 'government created' accounts. Would Obama, Dems Kill 401(k) Plans?

I hate to use the "S" word, but the American government would never do something as, well, socialist as seize private pension funds, right? This is exactly what cash-strapped Argentina just did in the name of protecting workers' retirement accounts (Efharisto, Fausta's Blog). Now, even Uncle Sam isn't that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans.

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, said that since "the savings rate isn't going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that's not generating what we now say it should."

Hat Tip to Smart Girl Politics original article Kiss Your 401k Goodbye!

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Democrats Discuss Taking Over People's 401K's

Economic and ACORN Links

With the first draft of the Democrat's economic bill including give aways to groups like ACORN, a combination of public outrage and confusion has lead to numerous questions about the bill, ACORN, and Fannie Mae and Freddie Mac. Here are some links to articles on these topics...

ACORN

Acorn's Sentaor

CRL: ACORN Will Still Reap Windfall from Financial Crisis

Rescuing ACORN

O's Dangerous Pal's

Econ Bill

ACORN Outrage Removes Affordable Housing Provision

ACORN Issue Fueling Bailout Opposition

ACORN, Obama, and the mortgage mess

THE MELTDOWN'S ACORN

Fannie Freddie

How the Democrats Created the Financial Crisis: Kevin Hassett

Where Was Sen. Dodd?

Where was Dodd during the Fannie Mae collapse?

Wrecks, Lies and Barney Frank

Obama's Ties To Acorn

Obama's Ties to ACORN

Scheiffer: Paulson Pleaded for McCain to Return to Washington

NewsBusters reports Schieffer: Paulson Pleaded for McCain to Save Bailout (follow link for video).

Here was Schieffer speaking with the Early Show's Maggie Rodriguez at 7:05 AM EDT today:

BOB SCHIEFFER: I am told, Maggie, that the way McCain got involved in this in the first place, the Treasury Secretary was briefing Republicans in the House yesterday, the Republican conference, asked how many were ready to support the bailout plan. Only four of them held up their hands. Paulson then called, according to my sources, Senator Lindsey Graham, who is very close to John McCain, and told him: you've got to get the people in the McCain campaign, you've got to convince John McCain to give these Republicans some political cover. If you don't do that, this whole bailout plan is going to fail. So that's how, McCain, apparently, became involved.

Continued Schieffer . . .

SCHIEFFER: He has gotten what he wants, he's going to have this meeting, kind of a summit today with the president and Barack Obama. I'm told that the leaders of both parties are getting close to having some kind of a bill. The question, though, is whether rank-and-file Republicans, especially, are going to vote for this.

...And that's where McCain comes in.

This certainly contradicts the spin that Senator McCain was motivated by politics. The fact remains that no one really knows how this will all play out. No one knows how much of the current events in Washington are influenced by politics. What is known is that there is an economic crisis that needs to be addressed, and the role Senator McCain is playing is significant.

Scheiffer: Paulson Pleaded for McCain to Return to Washington