Posted by
Chris on Friday, November 07, 2008 6:16:57 AM
401k's in Jeopardy? If you have not read this article yet you need to. This article as well.
Obama, Dems Seek to End 401(k) Plans
Rush Limbaugh transcript
here.
Here is an audio where Mark Levin Debates Dr. Ghilarducci the lady proposing this idea. (It is around the 55 minute mark)
If you feel that the Government has done a
really good job with Social Security then this should make you happy.
If you are like the other 99.99% of Americans who know what a lousy job
they have done handling Social Security you may want to start writing
and calling your house representatives now and expressing your
unwillingness to have the Government confiscate your 401k(s). I spoke with a worker at Representative Mchenrys office yesterday. To his knowledge there is no open discussion on the House floor as of yet. I expressed my concern ahead of time letting Rep. Mchenry know that if this does come up that I strongly oppose it. Rep. Jim McDermott (D-WA) said recently that Democrats had better ideas
for the $80 billion that Americans contribute to their 401(k) plans
each year.
Does all of this mean that this is going to occur? I do not know. The reality is that if this were to be openly discussed most people would probably close out their 401k's. That would cause a mess in the financial markets. The Democrats hold the majority though, so this could be proposed and passed quickly. We need to keep our eyes and ears open on this one though. The thought of the government controlling even more of my life is frightening.