Government Confiscating IRAs and 401Ks

Targeting Private Retirement Accounts!
Submitted by SadInAmerica on 2008, November 7 - 12:33am.

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.

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.

It has been proposed by Democrats 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.

This is what Obama was talking about for his redistribution plan, among 
other things.

http://www.knowthelies.com/?q=node/2989