Is Your 401K Safe ?

Would Obama, Dems Kill 401(k) Plans?
October 23, 2008 10:47 AM ET |
James Pethokoukis

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.
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.”


8 Responses to “Is Your 401K Safe ?”

  1. Patriot Says:

    ohhhh the bogey man is going to take everything away!! Yes the Democratic party that has always been the party of the working people is going to take things away from them. Please stop your neo-con scare tactics. I know they have worked in the past to get Reagan, Bush 1 and Bush 2 elected. Just look at the damage these three fools have done to our nation. Your scare tactics will not work this time. We have seen the scrpt of that movie and are ready to react. President Barack Hussein Obama is too inteligent to allow that to happen. His campaign staff is far more saavy and educated then the opposition. The Dems have a plan to save America and make her a more caring and gentle nation. The world awaits the coronation of President Barack Hussein Obama. Jan 20, 2009 cannot come fast enough.

  2. allahisgreat Says:

    Allahu Akhbar!! There is no other God but Allah! Foolish Amerikans worry about money and owning thing that is not need. Allah sees that we have all we need. I do not live in Amerika…yet. I will when The Lion of Islam is seated in power at the throne of Allah. Thing will change quick in Amerika in the next coming years. Islam will flourish and Sharia will be the law of the land. The Qu’ran the book of knowledge will free the mind and soul of all Amerikans. The Qu’ran is a message from Allah to humanity. The Torah, Psalms and Gospels have all been superced by the Qu’ran. The Qu’ran is the final chapter of the 4. The Prophet Jesus was followed by the Great Prophet Muhammed pursuant to the Holy Qu’ran. All infidel Amerikans will bow down to Allah or be dealt with according to Sharia law. Stop fret about money and crime or other wordly thing because Allah will provide for you soon.

    • whitney Says:

      I will pray for you and your stupidy about the real God. The Qu’ran is false and your ignorance of what is real will be revealed to you one day. Sharia law is not a loving and caring law it is murderous. Our God loves people of all sexes and origin, your Allah does not. Our God does not want multitudes of women and children killed. Stay in the country you are we don’t want your lies here in America. PS: Get a dictionary and learn to spell.

  3. armageddonoutahere Says:

    AkAk you’re still singing the same old song. Your jealousy of America is
    showing more and more with each diatribe you post. You should get out
    your prayer rug and pray that your backward country will one day be as
    great as America is. I will sign off with these words of wisdom:
    A goat in the tent is worth 2 in the bush or is it I’d walk a mile for a camel.

  4. wander-rant Says:

    AIG- if you were a true, devout disciple of Allah- you’d blow yourself up.

    Boom, boom, baby-

  5. citizensagainstliberaldemocrats Says:

    No…I feel my 401K isn’t safe..the Pelosi Posse will be at our doors

  6. thetruthwillbeseen Says:

    I do not welcome Obama. Nothing is safe when government steps up to fix it’s problems with your money. They get enough of our money with taxes upon taxes. Why does every black person say we finally have a “black man” in the white house? No, we have a half black and half white man in the white house. I do not care what color he is. I want the best person to run the country not a “party or color”. We ended up with someone we do not even know if he is a US citizen, denounces Christianity, hates white people and a band of people who are mostly driven by their hate of Republicans. I think people voted for something that was against Bush. They believed a huge pack of lies about wanting to unite the parties. This guy is out for revenge. Watch out whites, Christians and Republicans. God (yes, Jesus) help you if you are all three with a retirement acct.

  7. Ted Burrett Says:

    My friend on Orkut shared this link and I’m not dissapointed that I came here.

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