Thursday, October 14, 2010

Forget the tar and feathers

If the plans reported in this post at Say Anything are true, and come to pass, it will be time for this:

Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.
In a nutshell, under the GRA {“Guaranteed Retirement Account”} 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.
h/t Donnie Baseball.