Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs
November 04, 2008
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
Read the article
Do you know why the credit from the bankers is shrinking? I’ll tell you. They are getting paid their money from us at the point of a gun through the Emergency Economic Stabilization Act of 2008 (343). There is no need for the banks to risk a loss by lending to the populace anymore when they are receiving free cash via the Paulson payouts which are being kept secret and can’t be questioned by anyone including the courts.
Well maybe it is time we just say no to our politicos and not let them borrow another cent in our names.
To understand how bad it is one has to understand how much money we now owe because of those professional politicians. Let us go to the http://www.census.gov/ and read the population clock. 305,592,045 people in America. Then over to the Treasury and get the Debt to the Penny. The latest amount of debt is $10,566,146,196,490.58 owed.
We get the mathematical question of Debt divided by the Population.
$10, 566, 146, 196, 490.58 / 305,592 ,045 = $34, 575.9858
YES, YES, OOOh yes that is correct, that each live American Citizen owes Thirty-four thousand five hundred seventy-five dollars and ninety-nine cents. If you’re single you might be able to pay off your proportioned amount but if you are a family of three you’ll find yourselves over an hundred thousand total dollars owed.
Can you pay your share?
Or shall we call it tyrants day. America moves on step closer with the plan that you and I have had nothing to do with creating. As willing dupes there are a few who stop drinking the Kool-aid long enough to wake up. Such a man is James David Manning, PhD who last night released a desperate cry in video form. Now his option in the vote is not a real one such as a vote for Chuck Baldwin would be.