Can y'all help me pick apart this obvious hit-piece?

[piedmont]

http://www.carolinajournal.com/articles/display_story.html?id=5081


Carolina Journal Exclusives
Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

By Karen McMahan
November 04, 2008

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on “The Impact of the Financial Crisis on Workers’ Retirement Security,” blamed Wall Street for the financial crisis and said his committee will “strengthen and protect Americans’ 401(k)s, pensions, and other retirement plans” and the “Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people.”

Currently, 401(k) plans allow Americans to invest pretax money and their employers match up to a defined percentage, which not only increases workers’ retirement savings but also reduces their annual income tax. The balances are fully inheritable, subject to income tax, meaning workers pass on their wealth to their heirs, unlike Social Security. Even when they leave an employer and go to one that doesn’t offer a 401(k) or pension, workers can transfer their balances to a qualified IRA.

(snip)


It looks like the "reporter" just cherry-picked testimony going back at least to July, and said basically that the rest of the witnesses were just like these, ignoring the fact that there were witnesses from the Heritage Foundation, etc. WTF?

[amdezurik]

1. anyone can "propose" anything they want

but then again if you read her actual testimony she never uses the word "confiscate", she does propse a way to TRADE a 401(k) into a new design of SSI but it also looks like the commetee did not pay a whole lot of attention to her. they are just trying to incite panic in the weak minded.

[piedmont]

2. And at another board I post at, there are plenty of the weak-minded who are panicked

It looks like they called up "liberal" and "conservative" witnesses, and heard them out. It also looks like this "journalist" just picked out one kooky witness and tried to make it look like the hearing was all about her plan. I wonder what the other liberals said that was not quoted? Must have been far more reasonable and less exciting.

[amdezurik]

3. typical way to lie for repukes