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Government Prepares To Seize Private Pensions
Posted By admin On October 12, 2010 @ 4:11 am In Featured Stories,News In Focus,Paul Watson Articles | Comments Disabled
Massive wealth confiscation program would replace 401(k) system with Social Security-run ponzi scheme
Paul Joseph Watson
Prison Planet.com 
Tuesday, October 12, 2010
The government is preparing to seize the private 401(k) pensions of millions of Americans while enforcing an additional 5 per cent payroll tax as part of a new bailout program that will empower the Social Security Administration to redistribute pension funds in a frightening example of big government gone wild.
Public pension plans have been so aggressively looted already by the government that cities and counties face a $574 billion funding gap, according to a CNBC report .
That black hole is set to be filled by a new proposal that will “fairly” distribute taxpayer-funded pensions to everyone, by confiscating the private wealth of millions of Americans. Its proponents express staggering arrogance in thinking that they can just steal money people have worked for decades to accrue as if it’s their own.
Not only would the government confiscate 401(k) pensions, it would also impose a mandatory 5 per cent payroll tax payable by everyone, according to a hearing chaired last week by Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee.
“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,” writes Connie Hair .
The hearing was a platform for advocates of Guaranteed Retirement Accounts (GRAs), a program authored by Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York. Back in November 2008, Ghilarducci testified to Congress that 401(k)s and IRAs should be confiscated and converted into universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
“You don’t hold hearings on something you don’t intend to do,” points out the Market Ticker blog . “I hate it when I’m right. I hate it even more when tens of millions of Americans are going to get reamed to pay for the crimes of the handful on Wall Street, and their crony enablers in Washington DC.”
As Bloomberg reported earlier this year , pension funds are already being taken by stealth and invested in failed banks.
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The GRAs would be enforced by means of a mandatory savings tax equating to 5 per cent of an individual’s annual paycheck deposited to the GRA. Social Security and Medicare taxes would still be payable, employers would no longer would be able to write off their contributions and capital gains would be taxable year-on-year. In addition, workers could bequeath only half of their account balances to their heirs, unlike full balances from existing 401(k) and IRA accounts.
During a Seattle radio interview in October 2008, Ghilarducci explained the motive behind the plan, stating, “I’m just rearranging the tax breaks that are available now for 401(k)s and spreading – spreading the wealth” (emphasis mine).
However, as we painfully learned in the immediate aftermath of the original $700 million dollar bailout, which was originally sold on the basis that it would be used to pay off bad debt, governments that propose “spreading the wealth” under socialist-style financial reforms almost always collect the wealth under the pretext of being the saviors before greedily hoarding it all for themselves.
The GRA program is being pushed by the Economic Policy Institute, an organization housed on the third floor of the building occupied by the George Soros-funded Center for American Progress. The Center for American Progress is a think tank headed by Bill Clinton’s former chief of staff John D. Podesta, who was also head of Barack Obama’s presidential transition team after the 2008 election.
In preparing to seize private pensions, the United States is going the same way as Argentinean government, which in 2008 nationalized the country’s private pension plans,  known as AFJPs, confiscating the wealth of millions.
“We have no doubt that here the right to private property is being violated. Not just for us but for society and the world, this is a clear confiscation,” said opposition Radical Party’s Ernesto Sanz at the time.
How will Americans react to having not only their wealth but their nest egg for future generations brazenly confiscated by the government in one fell swoop? If this doesn’t prompt widespread rioting and civil disobedience in America on behalf of the besieged middle class then nothing will.
Don’t be under any illusions, if you don’t have a private pension and think this won’t affect you – think again. Once the pretext has been created that the state can simply confiscate privately earned wealth, they can then come after anything, your gold, your home, your kids and eventually your very freedom. Once the vampire of big government gets a taste for blood, the teeth will only sink in further, and America’s resemblance to third world tyrannies will rapidly accelerate.
Paul Joseph Watson is the editor and writer for Prison Planet.com . He is the author of Order Out Of Chaos. Watson is also a fill-in host for The Alex Jones Show. Watson has been interviewed by many publications and radio shows, including Vanity Fair and Coast to Coast AM, America’s most listened to late night talk show.
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 according to a CNBC report: http://www.cnbc.com/id/39626759
 writes Connie Hair: http://www.humanevents.com/article.php?id=39336
 points out the Market Ticker blog: http://market-ticker.org/cgi-ticker/akcs-www?post=168743
 As Bloomberg reported earlier this year: http://www.businessweek.com/news/2010-03-08/failed-banks-may-get-pension-fund-backing-as-fdic-seeks-cash.html
 Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43
 in 2008 nationalized the country’s private pension plans,: http://mypetjawa.mu.nu/archives/195057.php
 Prison Planet.com: http://prisonplanet.com/
 Irish Bombshell: Government Raids PRIVATE Pensions To Pay For Spending: http://www.prisonplanet.com/irish-bombshell-government-raids-private-pensions-to-pay-for-spending.html
 Millions will see pensions slashed by up to 20% as new EU rules are set to send annuities plummeting: http://www.prisonplanet.com/millions-will-see-pensions-slashed-by-up-to-20-as-new-eu-rules-are-set-to-send-annuities-plummeting.html
 France, Ireland and Hungary Seize Pensions As Part of Move By Governments to Use Long -Term Assets to Fill “Short-Term Deficits”: http://www.prisonplanet.com/france-ireland-and-hungary-seize-pensions-as-part-of-move-by-governments-to-use-long-term-assets-to-fill-short-term-deficits.html
 Report: 82% Chance California Pensions Are Going Under (and You’ll Be Next): http://www.prisonplanet.com/report-82-chance-california-pensions-are-going-under-and-you%e2%80%99ll-be-next.html
 Brown’s £17,000 tax raid on EVERY private pension… as value of cushy public sector schemes soars to £1trillion: http://www.prisonplanet.com/browns-17000-tax-raid-on-every-private-pension-as-value-of-cushy-public-sector-schemes-soars-to-1trillion.html
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