Government Prepares To Seize Private Pensions
Paul Joseph Watson
Infowars.com
October 12, 2010
Translation by Autumnson Blog
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.
政府正準備佔有數以百萬計美國人的私人401（k）退休金，當在執行一額外5%的工資稅作為一個新的救助計劃一部份的時候，那將授權社會保障重新分配養老基金，在一個大政府發瘋的可怕例子。
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.
公共養老金計劃已經被政府如此大肆掠奪，因為城市和縣面臨五千七百四十億美元資金的缺口，根據一份 CNBC的報告。
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.
那黑洞被設置去由一新提案填補，它將“公平地”分配納稅人資助的養老金給每一個人，以沒收數以百萬計美國人的私人財富。它的支持者表現出驚人的囂張氣焰，以為他們可以祇偷去人們已工作幾十年而累積的錢，彷彿是他們自己的。
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.
政府不僅將沒收401（k）退休金，它亦會實施一強制性每個人支付5%的工資稅，根據上週由健康、教育、勞工和退休金（HELP）委員會的主席參議員湯姆哈金（D-愛荷華州）主持的聽證會。
“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.”
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.
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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.
http://www.infowars.com/government-prepares-to-seize-private-pensions/
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