Friday, March 26, 2010

Hold on to Your Wallet

H/T Dad29.

SEIU thinks they have a Right to your 401k.

This all looks really pretty:

SEIU partnered with The Economic Policy Institute (EPI), the National Committee to Preserve Social Security and Medicare and the Pensions Rights Center to launch Retirement USA, an initiative working for a new retirement system that, along with Social Security, will provide universal, secure, and adequate income for future retirees.

I will interpret: "Universal Government-supplied pensions". Further:

The Retirement USA principles will be used by SEIU and its partner organizations in this initiative as a framework for evaluating how well proposals would fulfill the goals of universal coverage, and secure and adequate income. The principals would include concepts such as:

  • Pooled assets that are professionally managed;
(Interpretation: We will take your assets and split them as we see fit)
  • Shared responsibility among employers, employees and the government;
(Interpretation: Huge taxes to force employers to provide a retirement for employees)
  • Payouts only at retirement;
(Interpretation: Because we know better how to use your money)
  • Benefits that could move with you even if you change jobs
Ummmm....they do now.

Now I know there are many who will say either, "This will never happen", or "Good. People are dying in the streets because they don't have retirement".

To the former, I say,"You thought they wouldn't take over two automakers, several financial institutions and arguably, the healthcare system". To the latter I say, "Go screw yourself."

The Left loves to put their nefarious ideas into pretty words. Don't be fooled. And keep in mind that, while industry has culpability in the losses of pension funds, so do Unions and the government.

If this sees the light of day, I will pull my 401k and IRA funds, pay the penalty and use the rest to stimulate the economy.

1 comment:

Headless Blogger said...

You had better spend it now. The decision will be made by an unexpected Obama fiat. By then it will be too late.