{"id":3944,"date":"2009-01-08T05:00:13","date_gmt":"2009-01-08T10:00:13","guid":{"rendered":"http:\/\/www.shotinthedark.info\/wp\/?p=3944"},"modified":"2009-01-08T08:27:57","modified_gmt":"2009-01-08T13:27:57","slug":"now-thats-stupid-i-dont-care-who-you-are","status":"publish","type":"post","link":"http:\/\/www.shotinthedark.info\/wp\/?p=3944","title":{"rendered":"My Eggs. My Basket. Back Off."},"content":{"rendered":"

Whether you are a conservative, liberal or independent, or can’t\u00a0find it with both hands,\u00a0I can’t imagine anyone<\/em> outside Democrats in Congress thinking highly of this proposal, highlighted in the Most Viewed Story of 2008 on InvestmentNews.com.<\/p>\n

Powerful House Democrats<\/a> 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.<\/p><\/blockquote>\n

Powerful? Maybe so. Smart?<\/p>\n

Well now, we know they wouldn’t be Democrats if they were smart, would they.<\/p>\n

And here’s proof:<\/p>\n

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.<\/p><\/blockquote>\n

A poor, certainly intentional and patently alarmist choice of words. I can’t corroborate my suspicion, but I’m convinced Orszag is a prodigy of Al Gore.<\/p>\n

The market drops, like it does from time to time, and this one was a big one, but certainly no precedent, and $2 Trillion is “lost<\/strong>“. Someone with Orszag’s book-learnin’ credentials should know the difference between a presumably temporary (and albeit severe) fluctuation in the market, and a permanent loss.<\/p>\n

The sky is not falling. The market will recover from the cluster of liberal social engineering and corruption that caused this crisis; this despite the fact that those culpable are still at the helm or advising the Occupant of The Office of the President Elect.<\/p>\n

Orszag is on a mission.<\/p>\n

House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., 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.<\/p><\/blockquote>\n

Liberal Democrats have uncovered yet another avenue for government to invade our lives, confiscate our hard-earned dollars, and throw them down the same rat-hole that is the soon-to-be-insolvent Social Security Administration. It’s not the “nation’s 401k system.” It’s my <\/em>401k. It’s your <\/em>401k.<\/p>\n

Under Ms. 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% 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% a year, adjusted for inflation.<\/p><\/blockquote>\n

The reason prudent investors choose to diversify into equities and bear their inherent\u00a0risk is that historically over time that risk has returned a premium over “safer” investments that may have less volatility but\u00a0don’t keep pace with inflation and therefore lose purchasing power.<\/p>\n

In the mean time, these dollars are invested back into our economy unlike the dollars that would be “invested” by the government on your behalf. Most likely they would be stolen by greedy liberals with a penchant for spending other peoples’ money.<\/p>\n

“I want to stop the federal subsidy of 401(k)s,” Ms. Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”<\/p><\/blockquote>\n

The colossal<\/span> arrogance of Ms. Ghilarducci is beyond comprehension. Teresa, you ignorant slut. It’s not<\/em> a subsidy. It’s our<\/em> money.<\/p>\n

401k’s will be a boon to federal coffers as\u00a0most of\u00a0the dollars invested in “the nations 401k system” will be taxed once distributed to the retiree. True to form, liberal democrats’ myopia prevents them from waiting that long. They want your money. They want it now<\/em>.<\/p>\n

401k’s have been a boon to future retirees and may be the sole source of retirement income for many hard-working and deserving Americans who will never ever come close to recovering their mandatory<\/em> contributions to the mismanaged Social Security Administration.<\/p>\n

Most people understand this simple concept.<\/p>\n

Apparently Democrats don’t, or are counting on the fact that we’re too stupid to get it or too uninvolved to do anything about it.<\/p>\n

As the bumper sticker says, “If you’re not outraged, you’re not paying attention.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Whether you are a conservative, liberal or independent, or can’t\u00a0find it with both hands,\u00a0I can’t imagine anyone outside Democrats in Congress thinking highly of this proposal, highlighted in the Most Viewed Story of 2008 on InvestmentNews.com. Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most […]<\/p>\n","protected":false},"author":228,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,20,51],"tags":[],"class_list":["post-3944","post","type-post","status-publish","format-standard","hentry","category-economy-and-the-market","category-democrats","category-liberal-tyranny"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/3944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/228"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3944"}],"version-history":[{"count":0,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/3944\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3944"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}