Pensions Under More Threat

Something to think about during these (s)elections:

Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.

Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci.

(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).

In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions.  This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.  Threat To Seize Pensions

It’s pretty clear, to me anyway, that your money in any bank is at risk. But it’s not your money…

The powers that be, whoesoever they are, actually and truly believe, that you are nothing more then an economic unit, fit for production and labor only, and certainly not entitled to any of your own labor.  And when they’re done with you, after a lifetime of service and work, they toss you away.

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