Demos poised to seize your IRA and 401k

[ucatchtrout]

http://www.augustreview.com/news_co...rget_private_retirement_accounts_20081107104/

Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration

 

[barfo]

http://www.augustreview.com/news_co...rget_private_retirement_accounts_20081107104/

Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration

I think that's a bit misleading. A professor testified before the committee on her proposal to do something like that. There are no statements of support of the proposal from any member of congress in that article, and given the author, if there had been any such statements of support, they surely would have appeared in the article. In large type, bold, underlined.

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.

barfo

 

[MARIS61]

I think a mod should edit the title to reflect the truth:

Demos NOT poised to seize your IRA and 401k