I Really Hope They're Not Seriously Considering This

[rowyn]

The House Committee on Education and Labor hears testimony on nationalizing* pensions and 401(k) accounts.

Dear Congress:

I do not want a bailout. I do not want to be punished for having chosen to save for my retirement by having my savings taken away from me. I do not want my retirement savings to go bankrupt by the time I'm 65 the way the existing Social Security Administration is going to. In short:

DO NOT WANT.

Please keep your grubby hands off of my investments. K thx.

Love and kisses,
Rowyn

* Edit: shaterri looked at the actual testimony (which I can't do at the moment, so see his comment below), and apparently the article linked above is at the least inflammatory if not outright fabrication: the testifying speaker doesn't advocate "confiscating" existing 401(k)s or pensions. I feel better. Thanks, Shaterri! And I'm sure Congress wouldn't take her seriously even if she had. Really. 99.9% sure, anyway.

Comments

[bburnell.livejournal.com]

Yes, they've been talking about this even before the election. The "gotcha" will be that they will bring your 401k back to August levels (before the crash) and give you a guaranteed cost of living increase per year. Also, how much you can put in will be severely limited and they are considering making you pay taxes on it as well. Also, from what I know they are talking "spread the wealth" with these as well. Lord, help us all!