Sunday, October 10, 2010

You Think Your 401(K) Is YOURS? Think Again!

While you're buying more ammo, you might start buying a few guns. Diversity is good!

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.

...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.

And as to the taxpayer-funded handouts to union pension plans:

...the Casey bill from Sen. Bob Casey (D-Penn.) is a new entitlement program that would set up a permanent bailout of the union multi-employer pension plans that are desperately underwater through a new "fifth fund" at the government Pension Benefit Guaranty Corporation (PBGC). Casey’s bill would create a line item on the federal budget through the PBGC to fund these union pension bailouts annually...

One example is the Central States (Teamster) pension fund, which has been in trouble for Mafia connections and worse-than-dismal investment schemes for at least 40 years. That fund, by the way, had Brookfield connections--starting with the old Alioto's on the Bluemound.


TerryN said...

Ain't gonna happen. But the fact they considered it ought to make people question who they voted for. Alas, but it won't. Too many fools...

diana said...

I will drive to Pennsylvania and personally kick this Bob Casey in the ass.

I sacrificed house, furniture, vacations, contractors,etc to put the highest amount possible per year for 14 years into 401k and now some asswipe wants to take it away to pay for the losers who really thought that 75k a year gets you a 250k house and then bought it with no money left over to save for their own retirement.

Screw him and the shitheads that voted for him.