Saturday, October 25, 2008

It Has Begun... Dem Leaders Call for 25% Slash in Military Spending-- Nationalizing 401K's

It Has Begun... Dem Leaders Call for 25% Slash in Military Spending-- Nationalizing 401K's
Cross posted respectfully from Gateway Pundit

More Hope and Change...Rep. Barney Frank (D-MA) of Fannie-gate fame, announced yesterday that he wants a 25% cut in military spending. He also echoed Barack Obama and wants to slash defense projects.SouthCoast Today reported:
In a meeting with the editorial board of The Standard-Times, Rep. Frank, D-Mass., also called for a 25 percent cut in military spending, saying the Pentagon has to start choosing from its many weapons programs, and that upper-income taxpayers are going to see an increase in what they are asked to pay.The military cuts also mean getting out of Iraq sooner, he said."The people of Iraq want us out, and we want to stay over their objection," he said. "It's extraordinary." The Maliki government in Iraq "can't sell (the withdrawal deal with the U.S.) because it sounds like we're going to stay too long.""I was teasing (U.S. Rep.) Jack Murtha (a key supporter of military budgets) and I said to him, 'For the first time, somebody else has got a bill that's almost as big as yours.' We don't need all these fancy new weapons. I think there needs to be additional review."

Democratic Leaders also have already proposed nationalizing 401K plans.Workforce and Free Republic reported:
House Democrats Contemplate Abolishing 401(k) Tax Breaks 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-California, and Rep. Jim McDermott, D-Washington, 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 Miller’s Education and Labor Committee on her proposal. At that hearing, the director of the Congressional Budget Office, Peter Orszag, testified that some $2 trillion in retirement savings has been lost over the past 15 months. Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation. The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.

This strategy didn't work so well in Argentina.Argentina announced it was taking over the pension system to protect workers from losses this week. This caused the Argentina market to crash 16.7 percent this week.

More... Bob Owens has just one question for America.
posted by Gateway Pundit



    i hope it is ok to post this
    this really stinks to high heaven.

  2. I got to "Barney Frank" and stopped reading. Who in their right mind would listen to the financial advice of the man who presided over the Congressional Finance Committee during the second largest financial collapse in US history?

    Oh, right...Congress. Crap...

  3. I am seldom truly shocked at anything I hear any more Roger.

    But when I first read about the 401K thing, I did not truly understand the scope of what it meant.

    Rush Limbaugh went into great detail on this. What it means is they will have the right to simply TAKE away from us all the money we have worked so hard to save in our retirement ... and they can do whatever they want with it.

    Do you really understand the magnitude of this???

    Just TAKE our retirement away from us. That's HUGE, that's AWFUL, That's worse than run of the mill socialism or communism.

    They will put all your money, and my money, into the Social Security Administration, and we all know what a wonderful job they have done so far ...

    Then they will add a little to American's social security checks each month, whatever they deem you deserve, give your family a $300.00 check when you croak to bury you with.

    Oh but Obama is going to make everything just like heaven.

    Debbie Hamilton
    Right Truth

  4. With a 25% slash in military spending Obama can spend more on his national police force. This is part of his overall plan to elimiate the Constitution and impose upon us his dictatorship.

    An Obama presidency will lead to civil war. While most Americans will not openly take up arms, those of us who do will be remembering each and every traitor who doesn't support or help our cause.

    Yes Roger. It looks like Obama will win, and he will suspend the Constitution in order to declair himself President for Life.

    Why else would he propose such things as:

    Slashing the military budget.
    Nationalizing banks and businesses.
    National police force.