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Tea Party Sympathizers Skewer 401(k) Proposal

Stocks in this article: AIG

3. "Oh, yes, by all means create another pot of money you can steal from. Do you people ever quit? No one needs you to come up with a foolish Treasury bond forced plan. You'll take $1 and pay back 25 cents worth of buying power. If you tie the returns to a commodity index, I am all for it. But not for a 3% return in 25% inflation. Anyone there have a clue on monetary policy, or do you just look for the next Ponzi scheme to create?"

4. "Coming from a host of ridiculous decisions from an administration and Fed set on 'trying ideas,' this is a recipe for civil unrest. If I wanted socialism, I'd move to Cuba, thank you very much. If my elected government aims to control my money, I will completely remove any and all investments from the market and transfer my wealth to gold."

5. "This is the single most devious, socialistic, antiā€constitutional proposal I have ever read, and if this idea were to be manifest in law, I would consider it a brazen act of fiscal piracy. That this idea could even be considered causes me to evaluate strategies to protect and defend what is mine. It also makes clear the true intent of the federal government, and this does not inspire confidence nor patriotism."

6. "My husband and I plan on pulling all of our retirement funds out of our 401(k)'s if this plan even hints at being passed. I'd rather earn 1% in a savings account until we retire than give it to the government."

7. "A government raid on private retirement funds wouldn't necessarily take the form of outright confiscation. It could take the form of mandatory conversion into government accounts, where the government would determine how much money retirees could receive. Or it could take the form of, for example, a 40% surtax on disbursements from 401(k) balances over $1 million -- on the grounds that it would only harm wealthy 'millionaires.' I reject that notion! The basic principle would be the same: My money would no longer be my money. Instead, the government would claim the right to redistribute my wealth to pay for others' retirement on the grounds that they needed it more."

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