Socializing Your Retirement Savings
Generally, a ruckus can be guaranteed whenever a brave politician discusses allowing Americans to have greater personal authority over their Social Security retirement savings and the wealth it would generate.
Now Congressional Democratic leaders aren't just interested in avoiding reform of Social Security, they are considering seizing your private retirement savings and adding them to the Social Security Administration, a socialization of private savings worse than The Bailout and worthy of Castro and Chavez.
I know it sounds appallingly ridiculous, but here's a report on the hearing held by House Education and Labor Committee Chairman George Miller:
Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
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.
Here's the rest of the coverage.
