Are 401(k)s In Danger From The New Administration?

401kPlans 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.”

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