Wasting Time With Alex

I think I know…

How the democrats plan to tackle their rampant deficit spending and the insane speed at which our deficit is going, at least in the short run, and I am scared, because it means they intend to confiscate our private investments.

Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive. House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute. A plan by Teresa Ghilarducci, professor of economic-policy analysis at The New School for Social Research in New York, contains elements that are being considered. She testified last week before Mr. Miller’s Education and Labor Committee on her proposal.

I guess they have the perfect vehicle to get them an easy and quick $ 3 trillion now, and trillions more to spend. Just like they have done with Social Security, where they raid the funds, leave IOUs for someone to pay back in the future, and then simply spend our money willy-nilly to prop up the massive and inefficient bureaucracy from which they get their power, these crooks now figure they can get their hands on a real large wad of cash. And have no doubt that this would be a confiscatory act. A law that does away with private accounts and forces you to move your money into whatever vehicle the government wants so it can then spend your money like it does with the SS income, amounts to a confiscation of your money any day of the week. We are doomed if these collectivists get their way. More of that hope and change I guess.