Update on Socialist Redistribution Agenda: Private Retirement Accounts now in Crosshair

PatriotPost.US Plans for a second multi-billion-dollar economic stimulus package will have to wait until the new president takes office in January. Congressional Democrats admit that current White House opposition leaves the proposed package dead in the water. Of course, since the last economic stimulus package had no real impact on the economy, there is no reason to believe that this new package will have any effect either. But rather than accepting the futility of a "bail 'em all out" government, spendthrift liberals will simply wait for Barack's coronation before throwing billions more taxpayer dollars down the rabbit hole. The plan to redistribute wealth will not stop at the gates of the "rich," a term that is being redefined downward with each passing week. Private retirement accounts are now in the crosshairs of liberal social engineers such as Teresa Ghilarducci, a professor at the New School for Social Research in New York City, who proposed that the government confiscate 401(k)s, IRAs and other personal retirement accounts and convert them to so-called Guaranteed Retirement Accounts, which would supposedly earn a fixed three-percent annual rate of return. Ghilarducci admitted, though, that participants would not "earn a real three-percent return in perpetuity." Furthermore, only half of the total value of the account could be passed on to a person's heirs. Presumably, the government would keep the other half. The outright taking of an individual's retirement money is inherently unfair (not to mention unconstitutional), but what's more important to Ghilarducci is eliminating the 401(k) tax breaks because, she says, they encourage wealthier people to save while providing no such assistance to the poor. What seems to escape Ghilarducci's notice is that people who are too poor to pay taxes don't need tax breaks. Now that Barack Obama is the president-elect, however, we can expect to see a lot more of this socialist kookery proposed and adopted. Sen. Edward Kennedy (D-MA) returned to work in grand fashion by announcing plans to submit a bill for universal health care early next year. No formal details on the plan were reported, but if the so-called Liberal Lion is true to form, rest assured that this bill will be heavy on taxation, heavy on bureaucracy, and light on quality.