Wednesday, November 12, 2008

Wealth Redistribution: Your Retirement Account

I spotted the information below last week over at Infidel Bloggers Alliance.

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.


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.


The current retirement system, Ghilarducci said, “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.”
HERE is a pdf file from the Agenda for Shared Prosperity, where other topics are also covered. For a full picture of what the left has in mind, hunker down and do some reading of the site.

The following comes from the site's home page:
The American people need an economic agenda that will spur growth, reduce insecurity, and provide broadly shared prosperity....
From each according to his hard-earned assets to each who doesn't have the same amount in assets? Such a leveling-out plan is what wealth redistribution attempts to accomplish, dragging down everyone to the same low standard.

The following is taken from this link on the sidebar at the Agenda for Shared Prosperity:
Election shows the center has shifted in economic thinking

Commenting on the historic election of Barack Obama to the presidency, Economic Policy Institute President Lawrence Mishel writes that U.S. economic thinking has undergone a dramatic shift, and that Americans are increasingly open to careful and effective government intervention. "We can declare with confidence and relief that the conservative era is over," Mishel said in a statement issued Wednesday morning. "It is now possible to build an economy with widely shared prosperity."
Change America! Americans have voted in change!

What's next? Forcing a homeowner to share what he receives when he sells his home, the other primary "bank" for retirement?

All this proposed sharing of wealth will come as a shock to the Kool-aid drinkers who waited in line on November 4, 2008, and gleefully cast their ballots for change.

Not much hope, though, for those who work hard, pay their own way, provide for their golden years, and should rightfully benefit from the fruits of their labor.

This is what sharing the wealth will come to:

Additional reading from The Anti-Idiotarian Rottweiler (Warning! Strong language!)

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posted by Always On Watch @ 11/12/2008 06:00:00 AM