Democrats attempting to abolish 401(k)'s

Discussion in 'Politics' started by B_starinvestor, Oct 23, 2008.

  1. B_starinvestor

    B_starinvestor New Member

    Joined:
    Mar 1, 2006
    Messages:
    4,409
    Likes Received:
    0
    Gender:
    Male
    Location:
    Midwest
    Attaway Liberal Democrats!!

    In the face of a bear market and recessionary economy, let's elimate the primary vehicle for retirement savings.

    Under their proposal, all will be forced to contribute 5% of pay into government bonds paying 3%. Thats a suitable investment for, say, an 80 year old. The 401(k) provision which allows choice in deferrals will be eliminated. Employer match, also, would be ancient history.

    What a wonderful way to:

    1. Ensure the loss of tens of thousands of jobs in the 401(k) industry
    2. Ensure that, as a society, we are even less prepared for retirement
    3. Redirect funds that are flowing into the equity markets instead into T-Bonds
    4. Harm low-income workers by taking away employer matching funds
    5. Eliminate a key benefit from nearly every employer in the U.S.

    Its frightening what will occur when Obama, Pelosi, and Reid get together in a room and formulate their new world order.



    House Democrats contemplate abolishing 401(k) tax breaks - InvestmentNews
     
  2. B_Nick8

    B_Nick8 New Member

    Joined:
    Jun 29, 2007
    Messages:
    11,912
    Likes Received:
    44
    Gender:
    Male
    Location:
    New York City, by way of Marblehead, Boston and Ge
    Oh, star, you know I love you in spite of myself, but you are simply insane.
     
  3. Biggin'

    Biggin' New Member

    Joined:
    Apr 24, 2008
    Messages:
    485
    Likes Received:
    0
    Gender:
    Male
    Location:
    New York
  4. Biggin'

    Biggin' New Member

    Joined:
    Apr 24, 2008
    Messages:
    485
    Likes Received:
    0
    Gender:
    Male
    Location:
    New York
    the democrats have revealed themselves as the true slave owners. they seek to enslave their constituants in government giveaways to ensure a solid election base. the ignorance and "want it now" mentality make me fucking want to puke.
     
  5. BigBen

    Gold Member

    Joined:
    Jun 29, 2004
    Messages:
    566
    Albums:
    1
    Likes Received:
    134
    Gender:
    Male
    Location:
    Sanibel (FL, US)
    If the dems do abolish 401ks and employer matching 401ks and replace with them with the proposal of 3% on govt bonds. Many many many millions will never be able to retire and will exist in poverty over time. This will be a disaster for America. On top of the other financial and social disasters that the dems will impose in their socialst world.

    But many years down the road, the possiblity will be great of another revolution, not too unlike the one the French held, and all those socialist liberals (because they will not suffer under these changes...they will be the ones who rule the rest of us) and those they employed in their government, may find themselves hunted down and the blood of the tree of liberty will again be refreshed. Thomas Jefferson and many of the Founding Fathers foretold this. And after it is all over, socialism/liberalism will be dead forever has a great failure. Socialism the mortal enemy of the individuals spirit to live their life on their own terms and in their own way without government trying to run and ruin their life...otherwise known as freedom. Socialism is the mortal enemy of Freedom. Liberals are proving themselves to be socialists in the closet.
     
  6. mindseye

    Gold Member

    Joined:
    Apr 9, 2002
    Messages:
    5,685
    Likes Received:
    1
    Gender:
    Male
    Please stop twisting facts: there's a difference between 'eyeing proposals' and 'attempting', and there's a difference between eliminating 'most of the ... tax breaks' and 'abolish'ing the 401(k)'s themselves. For companies with an employer-match plan, the 401(k) would still be an attractive option even if all of the tax breaks would be eliminated.

    And according to the article two Democrats are looking at this proposal. If I posted over every cockamamie idea that twoRepublicans backed, I'd have enough smear to cover the country hip-deep.

    Other folks have questioned your sanity in this thread: perhaps you should let them, since it gives you an excuse.
     
  7. B_starinvestor

    B_starinvestor New Member

    Joined:
    Mar 1, 2006
    Messages:
    4,409
    Likes Received:
    0
    Gender:
    Male
    Location:
    Midwest
    Its another example of hijacking private industry and force-feeding citizens the government's loathsome medicine. When Dems add seats in the House and Senate, and the White House, this is the type of lunacy we will be subjected to, and it is enough to make me 'insane' if I'm not already there.

    What's next... Ried and Pelosi introduce a pooping toll fee....and Boxer introduces legislation that homeowners must open their homes up to illegal immigrants? :rolleyes:
     
  8. lucky8

    Gold Member

    Joined:
    Oct 30, 2006
    Messages:
    3,716
    Likes Received:
    17
    Gender:
    Male
    I realize I am young so this doesn't affect me whatsoever, yet, but I would prefer to keep it optional, if you want to invest in a 401K, do it, if you don't and want to be solely responsible for your own retirement, so be it. Same goes for medicare and SS. I'd rather start my own personal fund than being forced into paying into a system that isn't guarenteeing I will see the money i am being forced to pay. I will admit, these programs are a complete ripoff for people of my age, I will never see my medicare and SS money I've had to pay, bullshit, that's all it is, complete bullshit; stop making me pay for something I don't want. I really wish the reps would have nominated Ron Paul.
     
  9. mindseye

    Gold Member

    Joined:
    Apr 9, 2002
    Messages:
    5,685
    Likes Received:
    1
    Gender:
    Male
    Right after Obama beats up Colin Powell. You argue against fantasies because you can't refute the actual facts.

    Congratulations on your 666th post.
     
  10. B_Nick8

    B_Nick8 New Member

    Joined:
    Jun 29, 2007
    Messages:
    11,912
    Likes Received:
    44
    Gender:
    Male
    Location:
    New York City, by way of Marblehead, Boston and Ge
    Hi! I don't think we've met. Do you know my good friends star and faceking? FYI, the vomit bags are in the pocket of the seat in front of you. :rolleyes:
     
  11. SpeedoGuy

    Gold Member

    Joined:
    May 18, 2004
    Messages:
    4,229
    Albums:
    1
    Likes Received:
    10
    Gender:
    Male
    Location:
    Pacific Northwest, USA
    Some Dems might suggest abolishing 401(k)s?

    Pfffft. 401(k)s have already done a pretty decent job of self-destructing without any help from the government.
     
  12. B_starinvestor

    B_starinvestor New Member

    Joined:
    Mar 1, 2006
    Messages:
    4,409
    Likes Received:
    0
    Gender:
    Male
    Location:
    Midwest
    The only satisfaction you can get from paying into social security is hopefully you have a relative that is collecting it now. Otherwise, you can wave it bye-bye.
     
  13. sargon20

    Gold Member

    Joined:
    Mar 14, 2006
    Messages:
    11,390
    Likes Received:
    2,129
    Gender:
    Male
    Location:
    Atlantis
    The truth is Republicans have ALREADY abolished 401(k)s. And they did it in just 1 month. No one dares check their 401(k) balance today without a stiff drink in one hand and a Kleenex in the other. Many many MILLIONS are not going to be able to retire thanks to Alan G and The Masters of The Universe on Wall Street.
     
  14. slurper_la

    Gold Member

    Joined:
    Jul 6, 2008
    Messages:
    5,378
    Albums:
    2
    Likes Received:
    725
    Gender:
    Male
    Location:
    Los Angeles (CA, US)
    let's get real people.

    my 401k has lost $70,000 in the past month; that's 63% of its value on 8/30/08

    401k plans have been good but not in these deregulated times created by the republicans.

    thank God I'm not ready to retire because I'd be in real trouble.

    and these republicans are the same idiots who want to privatize social security? HAH! let's see them try to float that boat again after this miserable financial meltdown.
     
  15. sargon20

    Gold Member

    Joined:
    Mar 14, 2006
    Messages:
    11,390
    Likes Received:
    2,129
    Gender:
    Male
    Location:
    Atlantis
    FUUUUNY!! Once you've seen their posts it is kinda like vomit. Once you've seen it, once you've smelled you never need to look at it or smell it again. :eek:
     
  16. B_starinvestor

    B_starinvestor New Member

    Joined:
    Mar 1, 2006
    Messages:
    4,409
    Likes Received:
    0
    Gender:
    Male
    Location:
    Midwest
    Look at the bright side. It's a great buying opportunity. If you are several years away from retirement, this allows you to accumulate more shares at lower prices through 401(k) deferrals.

    Retirees and pre-retirees are suffering greatly. But if you are in the accumulation phase, this will turn out to be a benefit to you over the long-term.

    If Costco reduced all of its prices by 40% we'd be running down there and buying everything we could get our hands on. The same should be true of stocks.
     
  17. B_starinvestor

    B_starinvestor New Member

    Joined:
    Mar 1, 2006
    Messages:
    4,409
    Likes Received:
    0
    Gender:
    Male
    Location:
    Midwest
    You don't think republicans have lost any money in 401k's?

    Deregulation didn't cause this meltdown. It was caused by the convergence of a number of economic factors that imploded. The liberal media just does a great job of gift wrapping "Its the republicans fault" propoganda for every problem in society.
     
  18. mindseye

    Gold Member

    Joined:
    Apr 9, 2002
    Messages:
    5,685
    Likes Received:
    1
    Gender:
    Male
    Starinvestor:

    versus Alan Freakin' Greenspan:

    Starinvestor must have swallowed a centipede to explain the number of feet he has in his mouth by now.
     
  19. D_Bob_Crotchitch

    D_Bob_Crotchitch New Member

    Joined:
    Jun 11, 2006
    Messages:
    8,498
    Likes Received:
    18
    If your 401k lost 63% of it's value in one month, you were not properly invested. You needed to have a balanced portifolio. I am curious as to what investments you owned.
    I am glad that some blame is beginning to fall on Alan Greenspan but remember he was appointed by Clinton too. His interest policies fueled the enormous bubble of the 1990s. As I have long posted, his irresponsible printing of funny money allowed irresponsible citizens to borrow for a greedy lifestyle. Now, it's all come home to roost. Don't blame one party or the other. Blame your own greedy selves. I owe nobody a dime but am tempted to go buy a new vehicle to keep the government from taking my hard earned savings, and using it to buy more votes from lazy butt people.
     
  20. curious n str8

    curious n str8 New Member

    Joined:
    Nov 10, 2005
    Messages:
    941
    Albums:
    1
    Likes Received:
    0
    Gender:
    Male
    Location:
    The big AK
    Would you care to explain to me how this would be attractive option to business owners if all the tax breaks are eliminated?
     
Draft saved Draft deleted