401K Abolition Next for the Democrats?

Simply mind blowing, there is no doubt if McCain does not win the Democrats will economically reduce this great nation to a third world social st state. It pisses me off so bad that these greedy no good politicians most of whom have never worked a real job one day in their pathetic lives want to tax us even more.
America has a little over one week to wake up or all us working people are screwed and will end up working until we are dead.

It’s not enough that the Democrats total screwed up the banking system with their obstruction and lack of oversight that Bush and company tried to get on Fannie Mae, now they want to screw up the 401k system and really tank the market. Baghdad Jim and Miller need to be run out of D.C on a rail.


From the Free Republic and other news sources

House Democrats Contemplate Abolishing 401(k) Tax Breaks Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive. 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.

At that hearing, the director of the Congressional Budget Office, Peter Orszag, testified that some $2 trillion in retirement savings has been lost over the past 15 months. 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.