Connie Hair
Human Events
10/8/2010
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.
Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci.
(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” 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…
…The EPI is housed on the third floor of the building occupied by the George Soros-funded Center for American Progress, a hard-core leftist group whose flavor of socialist policy has brought you the current blend of elitist socialism and crony capitalism bankrupting the American economy. Which speaks volumes about EPI and the Democrat leadership’s choice of witness.
Brett McMahon, spokesman for the Associated Builders and Contractors (ABC), a trade association, warns this hearing exposed part of a process that may come as early as the November lame duck push to bailout union pensions by attaching the bailout to an across-the-board extension of the current tax rates.
“I am deeply concerned that they will try to attach something like the Casey bill or the Casey bill in and of itself to tax cut extensions bill that is inevitably going to have to be dealt with at some point during the lame duck session,” McMahon told HUMAN EVENTS…
The article continues at Human Events.