What's this about 401ks? This morning I am listening to an

[doc03]

investment call-in show and they receive a call asking about the government taking over 401k's. The host talks to the guy like it is a done deal. I searched Snopes and Fact Check I couldn't find any thing on it, is there anything to it or is it just another Rethug scare tactic?

[donco6]

1. I don't even know what that means.

401ks are already monitored and regulated by the Feds. The name itself comes from tax code.

[doc03]

5. From what I gathered from the conversation is the government

is going to create some kind of retirement plan and take the money people have invested in stocks or whatever to fund it. Or else take it for SS, I don't know I can't keep up with Rethug lies.

[donco6]

8. Never heard of such a thing.

Sounds as likely as FEMA camps.

[Statistical]

9. GRA. Guaranteed Retirement Account.

Anyone suggesting this is a done deal (or even is up to a vote) is lying or misinformed but the idea is to create a 100% required govt retirement plan w/ guaranteed (3% + inflation) rate of return.

Of course some proposals favor rolling 401K into GRA but it wouldn't be a seizure of assets.

Some details.
http://www.thestreet.com/story/10890690/1/retirement-plans-get-extreme-makeover.html?cm_ven=GOOGLEN

[spanone]

12. that's b.s. ain't gonna happen. they would be stealing it from people.

it's a lie.

[babylonsister]

2. It's r/w propaganda that naturally some people are swallowing

hook, line, and sinker, though you'd think the host of the call-in show would correct that. Check out the google link and see which sites are promoting this b.s....


http://www.google.com/#hl=en&expIds=17259,18168,23756,24472,24692,24878,24879,25980,26095,26562,26637,27023,27143,27147,27151&sugexp=ldymls&xhr=t&q=government+401k&cp=11&um=1&ie=UTF-8&tbo=u&tbs=nws:1&source=og&sa=N&tab=wn&fp=fad0bccbc44b8016

[doc03]

6. This was a call-in show on some religious channel,

they give you financial advice with the hope that if you make more money you will share it with Gawd.
It wasn't Pat Robertson but he has done that stuff for years. I was halfway between home and Columbus in farm country and that was all I could find on the radio other than country music. I see on your link some Rethugs have been pimpin the BS but nothing about the government doing anything. They wouldn't lie on a religious channel would they?:sarcasm:

[Statistical]

3. GRA. An idea thrown out there off and on for last 2 years ...

to throw out 401K and replace them w/ guaranteed retirement accounts or GRA.

To my knowledge none have every gotten past comittee stage. Anyone acting like it is imminent or going to happen is either misinformed or more likely trying to misinform others.

The concept would be to end 401K and replace them w/ a mandatory 5% savings account which would invest in govt debt and earn a guaranteed 3% (plus inflation) rate of return.

http://www.thestreet.com/story/10890690/1/retirement-plans-get-extreme-makeover.html?cm_ven=GOOGLEN

[doc03]

7. I believe I did hear that kicked around a little a year or so ago

and thought it was dead myself.

[Statistical]

11. It is dead but it comes up from time to time enough to rile up the teabaggers.

If/when it ever gets out of committee (much less up for a vote or pass cloture in Senate) then I will start paying atention.

Personally I dislike the idea as presented. Teabaggers on the other hand take any idea no matter how unlikely and pass it off as Obama WILL DO THIS AND TODAY!!!!!!! DOOOMMMMZZZZZZ! They live in a very black & white world.

[Warren Stupidity]

13. Heck that would be a good thing.

And consequently will never happen. COLA+3 guaranteed is not a bad deal at all.

[Statistical]

15. The 5% REQUIRED contribution makes it less desirable.

Some people need that 5% of their paycheck. Also there funds won't be tax deferred so 5.75% (historical inflation has been 2.75%) taxable is comparable to 4.2% in a tax deferred account like IRA/401K.

Not the worst plan ever but hardly the best. Still no reason for repubs to go insane especially since it is nowhere close to law it is merely a proposed alternative.

[Warren Stupidity]

17. And don't they support almost exactly this sort of plan for SS?

Still all in all over the last 15 years my 401Ks and IRAs have crashed and burned twice to around 50% of prior value. (First time more than that, second time not nearly so much as I had learned from the first time.) I'd be fine with this, especially if the conversion disappeared the existing tax deferred obligation :-)

[ddeclue]

4. The brokerage firms are back on TV hawking their 41k's these days..

I'm really disappointed in Sam Waterston - he has a good gig on L&O and is set for life but he cashes in hawking 41k's for TDwhatever they are these days.

[sinkingfeeling]

10. Here's a more sane report on subject .

http://www.thestreet.com/story/10890690/1/retirement-plans-get-extreme-makeover.html?cm_ven=GOOGLEN

[Bigmack]

14. From Politifact...

From politifact...
"Yes, there are "some" in Washington who are tossing around the prospect of moving to a government-run system, and some of them may even want to scrap 401(k)s. But they are not elected officials and not in the Obama administration."

http://www.politifact.com/truth-o-meter/statements/2009/apr/

This bullshit is all over the RW viral emails. Quoting politifact or anybody else has ZERO effect. Those people live in an alternate universe.

[izzybeans]

16. If you have ads turned on, the ad running on this thread is saying that very thing

with a picture of Obama in an uncle same outfit saying "I want your 401(K)".

No shit. They are out there pumping this one now.

I clicked on it a few times. :) The site claimed Obama borrowed money from our 401(k) accounts to pay for his "spending".

pretty fucked up.

Here is the link to the landing page from the ad http://www.independentlivingnews.com/searchresults/landing_page_medium3.php?gclid=CPPE69ue3aQCFbJa7Aod30FuJw

It seems they are trying to head off a potential government guaranteed fund at the pass.

[mudplanet]

18. It's true. And then they're going to take our guns away. And then

they have a plan to kill my grandma. And then they're going to put all us true patriots in concentration camps.