Seizing 401K’s

Way back when, (July 5, 2010) I wrote a “What If” story. This story presumed that the House and Senate went to the Republicans in a big way. As we have seen, the house did in fact revert to the Republicans in a big way and the senate, while remaining Democrat, has seen a large number of incumbents being thrown out.

My story revolved around a lame duck session of Congress and what games the now defeated members would play. Little did I know I was seeing the future.

It looks like Sen. Tom Harkin, (D – Iowa) is proposing just that. He wants to seize the 401K accounts and use the money to fund the pension systems of the unions. The unions have a massive unfunded liability, and most of them are, for lack of a better term, broke.  Since Harkin is a bought and paid for lackey for the unions, this comes as no surprise.

They even have a name for this POS. It’s called a “Guaranteed Retirement Account” (GRA) and this stupid idea was dreamed up by one Theresa Guilarducci ((Theresa Guilarducci)) Director of the Schwartz Center for Economic Policy Analysis at the New School for Social Research.

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. ((New Lame Duck Threat to Bailout Union Pensions by Connie Hair))

As I have noted in the past, the progressives have despised the 401K and IRA accounts since they can’t access that money to pay off their cronies. The fear now is that they might try and slip this crap into something during the last few weeks of the 111^th congress.

Obviously, the political class is still in complete denial with regards to the recent election. They’re also quite bitter that the people have told them to take a hike. Without a doubt the members of the political class intend on punishing the voters for actually paying attention to what they’ve been doing and forcing them to stop.

There is just one small problem with this idea. If they manage to pull this off, everyone will go apeshit. The old saw about the guns coming out of the closet? In this case they will! The Progressive political class essentially stealing 10+ TRILLION dollars and transferring it to their Union paymasters will result in a violent reaction.

The life spans of members of congress who vote on this, not to mention Obama, will be measured in weeks. Even worse, the Presidential Security detail will be put into the worst position they could ever imagine. A flat out armed rebellion with tens of thousands, possible hundreds of thousands of armed Americans moving into Washington. They would have to know that if they tried to stop them, these people would wipe them out. In short order, this country would be turned on its head and “Really Bad Things” would happen.

We must avoid this, and the best way is to watch these idiots like a hawk and make sure they don’t try this. Hold their feet to the fire ((Figuratively speaking of course)). In a few short weeks, the current crop of criminals will be out and we will have a new crop who have listened to the people and will work to reign in our out of control government.

We must be ever vigilant.

~The Angry Webmaster~

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