November 29, 2012 in Debt Crisis, Economic Deception, Economy, Fiscal Cliff, Freedom, Government, Liberty, Obama-Nomics, Political Deception, Socialism, The Hope and The Change, United States Constitution, Welfare
“We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” –
— Winston Churchill
“When you see that trading is done, not by consent, but by compulsion – when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see money flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and pull than by work, and your laws don’t protect you against them, but protect them against you– when you see corruption being rewarded and honesty becoming a self sacrifice- you may know that your society is doomed.”
– Ayn Rand
Our Political Class is considering confiscating your private retirement account known as your 401k in order to “pay down the deficit?” A total deficit that is now being estimated at over $86 Trillion. Far Left Socialist professor, Teresa Ghilarducci of the New School of Social Research, describes 401(k)s and related plans as a failed experiment. For about ten years she has argued for government confiscation of 401k plans. In October 2008, Democrats were so enthralled with her unconstitutional confiscatory plan that they actually asked her to testify before their subcommittee.
After her testimony, James Pethokoukis wrote in Money on October 23d that:
“Ghilarducci would offer a lousy 3 percent return. The long-run return of the stock market, adjusted for inflation, is more like 7 percent. Look at it this way: Ten thousand dollars growing at 3 percent a year for 40 years leaves you with roughly $22,000. But $10,000 growing at 7 percent a year for 40 years leaves you with $150,000. That is a high price to pay for what Ghilarducci describes as the removal of “a source of financial anxiety and…fruitless discussions with brokers and financial sales agents, who are also desperate for more fees and are often wrong about markets.” Please, I’ll take a bit of worry for an additional $128,000.”
Would you believe that Ghilarducci’s plan is now actively being discussed in the “Cliff Talks” . Not so good you say? It gets worse. Also being floated is the idea that when you pass on to your Great Reward, your annunity would terminate. There would be no payout to your heirs. If you already feel like the government has stolen your retirement through the Social Security ponzi scheme, you had better speak out before your 401k is seized and redistributed to freeloaders as a solution to ward off the fiscal cliff.
The following article from our friends at the Pittsburgh Tea Party Movement demonstrates statistics that indicates that Pennsylvania is already well on the road to Obam-Nomics and a “Welfare State”.