I overheard an "Obama's going to take our 401K" conversation

[rucky]

today. They actually told their employers to stop the contributions. They were even considering the implications of cashing out. Granted that's their business, but they're doing this from false information. False information that they got from somewhere, and thousands of other people who got the same bad info/advice, may also be cutting off their 401K's. Maybe enough to move the market?

So what's the motivation for inventing this rumor? Has it been traced back to the Norquist type discordians who actually want the Dow to tank? Of all the stupid rumors to make up, why this one? Who benefits?

[d_b]

1. typical rw garbage

http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html

[treestar]

2. Anybody who takes action on an issue like this without going on

more than what they've heard verbally deserves what they get.

Too stupid to live.

[knixphan]

10. seconded.

[Bramlet Abercrombie]

3. there's nothing left to take.

lolz?

[drm604]

4. One "expert" suggested something like this to Congress.

So the blogosphere immediately starts screaming that congress is considering it. Here's one example: http://www.usnews.com/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans.html

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 (Efharisto, Fausta's Blog). 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 , 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."

They were hearing testimony on a number of different ideas, and as far as I can see there's no reason to think that they're giving Ghilarducci's idea any serious consideration. But that hasn't stopped the right from deciding that they are going to adopt her ideas.

[Erin Elizabeth]

5. Well that's incredibly stupid!

[high density]

6. Let them screw themselves

Obama said during the campaign that he wanted to let people make a 401k withdrawal without penalty because of the sucky economy. If they want to do it now and pay Uncle Sam for the privilege, I say let them do it.

[Doctor_J]

7. Bush already took 30% of mine

Repukes are stupid. You are stupid for posting this

[RamboLiberal]

8. The ditto heads are buying in to this cause Limpballs is pushing it

-----

(Rush) Now, I could answer this in two ways. First, I know you're scared to look at your 401(k) statements when they come in, what's happened to this market. Are your 401(k)s safe from congressional Democrats? They're not safe from Democrats right now, folks, because Democrats have caused what we're all experiencing. The second answer to the question is the startling information in this story. "If you have a 401(k) or equivalent retirement plan, you've probably been watching nervously the past few weeks as your nest egg has shrunken owing to the current turmoil in the markets. Well, it could be worse. But don't take heart, for what we mean is it could get worse. The market turmoil has some politicians on Capitol Hill eyeing the end of the 401(k) as we know it. Workforce Management reports on a hearing of the House Education and Labor Committee earlier this month."

Listen to this. Look at me. "A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. ... Under Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the US government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration." In other words, there is a plan that the Democrats are considering to convert your 401(k) to the Social Security Administration, your 401(k) then administered by the SSA, your private retirement plan becomes owned by the government. "The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation."

http://www.rushlimbaugh.com/home/daily/site_102408/content/01125109.guest.html

If they believe this crap on Limpball's words and especially if they stop contributions or cash out - well they are ditto heads for a reason.

[JuniperLea]

9. Idiots. What's left to take?

BushCo stole it all already!

[Not a robought]

11. ...

[WinkyDink]

12. Let the morons sink.

[GalleryGod]

Who ARE these people???????????

The key word they all use, " I HEARD".
That = RW Talk Radio.
'Nuff said.

Maybe we should "Revisit the Fairness Doctrine" Eh???

[EconomicLiberal]

13. This is right wing radio fodder.

They have nothing to offer, so they spout this garbage.

Please don't spread their talking points.