http://www.carolinajournal.com/articles/display_story.html?id=5081 What is this country turning into? This is a compete outrage! !
Welcome to the Peoples Republic of North America. When folks decide they don't like this and stop their 401-k contributions you could see a slight drop in the market.
Outrage? Hardly. It's what we want. We've been voting for stuff like this for a couple generations. Might not come to pass now, but clearly we Americans want Uncle Sam to take care of us from the time we exit the womb until the time we are buried. Free health care, welfare, unemployment, bailouts, etc. Most voters want to be changed, cleaned, powdered and diapered. When they cry, they want the feds to put a pacifier in their mouth. The founders of this country would look upon modern America with glory at our success. Then they would see who we have turned into and turn away in disgust.
What does confiscating your 401k and have to do with uncle Sam handling you like a baby? It's because of IDEOLOGIES like this one that we're in this deep shit, no one is able to think for a second and apply sensible solutions to sensible problems. I read something very nice the other day, basically that the very rich and the very poor are much alike, they're both set in their ways, and have a very conservative view about America. And thus the really rich assholes get elected by the support of the poor who they then screw over. People need a damn brain already. I echo much more strongly the comment that people should consider the country. It's turning into a fascist state.
Did you really think the feds would just take the money without some sort of cover? Many people think other people are incapable and that the feds would do a better job of making decisions for them. The feds just say that people are mismanaging their 401Ks and becoming a bigger burden on taxpayers, so the government needs to manage those retirement accounts. Voters will eat that up, especially when the MSM backs it.
I agree, it's funny how everyone votes these people into office and then bitch when they socialize shit. Like you said, all these sheep sit around wanting hook ups and handouts and gummint intervention in anything and everything, but then bitch when someone messes with "their" money. As long as the money being used is someone else's then they are fine with big gummint, but when it bites them in the ass, they cry about it. Simple equation for my fellow Americans: Stop voting for these assholes if you want this shit to cease! When you vote for big gummint proponents, you get what you ask for.
Of course, the entire article and concept pisses me off, but I had a question about this particular part: All workers would have 5 percent of their annual pay deducted from their paychecks and deposited to the GRA. They would still be paying Social Security and Medicare taxes, as would the employers. The GRA contribution would be shared equally by the worker and the employee. Employers no longer would be able to write off their contributions. Any capital gains would be taxable year-on-year. Does that mean that you get to pay taxes on 3% of the 5% the government takes away from you for perpetuity? On money there's no guarantee you'll ever get to use?