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. [snip] --------- end quoted article ------------ Here's the link... http://www.carolinajournal.com/articles/display_story.html?id=5081 Granted, they are only 'conducting hearings' at this stage, but just the fact they they are considering this kind of proposal is scary enough... The local financial radio program quoted one comparison: Parameters for average american: - 40 year work span - $60K/yr, investing 10% ($6K/yr) in a moderately conservative portfolio - avg of 10%/yr appreciation over that 40 yrs - avg of 3%/yr inflation At the end of the 40 yrs: Current 'flawed' retirement system $2.9M Proposed 'share more of your hard-earned $' program... $228,000 My only question is when will it become open season on Congress... Images of daffy and bugs... It's Duck season... No, wabbit season, no, Duck season... Wabbit season... You're both wrong, its Donkey season! :-) -Mark -----Original Message----- From: Terry Blanton [mailto:[EMAIL PROTECTED] Sent: Sunday, November 09, 2008 10:32 AM To: vortex-l@eskimo.com Subject: [Vo]:Hyperion Takes First Orders http://www.guardian.co.uk/environment/2008/nov/09/miniature-nuclear-reactors-los-alamos Mini nuclear plants to power 20,000 homes £13m shed-size reactors will be delivered by lorry Nuclear power plants smaller than a garden shed and able to power 20,000 homes will be on sale within five years, say scientists at Los Alamos, the US government laboratory which developed the first atomic bomb. The miniature reactors will be factory-sealed, contain no weapons-grade material, have no moving parts and will be nearly impossible to steal because they will be encased in concrete and buried underground. The US government has licensed the technology to Hyperion, a New Mexico-based company which said last week that it has taken its first firm orders and plans to start mass production within five years. 'Our goal is to generate electricity for 10 cents a watt anywhere in the world,' said John Deal, chief executive of Hyperion. 'They will cost approximately $25m [£13m] each. For a community with 10,000 households, that is a very affordable $250 per home.' Deal claims to have more than 100 firm orders, largely from the oil and electricity industries, but says the company is also targeting developing countries and isolated communities. 'It's leapfrog technology,' he said. The company plans to set up three factories to produce 4,000 plants between 2013 and 2023. 'We already have a pipeline for 100 reactors, and we are taking our time to tool up to mass-produce this reactor.' The first confirmed order came from TES, a Czech infrastructure company specialising in water plants and power plants. 'They ordered six units and optioned a further 12. We are very sure of their capability to purchase,' said Deal. The first one, he said, would be installed in Romania. 'We now have a six-year waiting list. We are in talks with developers in the Cayman Islands, Panama and the Bahamas.' The reactors, only a few metres in diameter, will be delivered on the back of a lorry to be buried underground. They must be refuelled every 7 to 10 years. Because the reactor is based on a 50-year-old design that has proved safe for students to use, few countries are expected to object to plants on their territory. An application to build the plants will be submitted to the Nuclear Regulatory Commission next year. 'You could never have a Chernobyl-type event - there are no moving parts,' said Deal. 'You would need nation-state resources in order to enrich our uranium. Temperature-wise it's too hot to handle. It would be like stealing a barbecue with your bare hands.' Other companies are known to be designing micro-reactors. Toshiba has been testing 200KW reactors measuring roughly six metres by two metres. Designed to fuel smaller numbers of homes for longer, they could power a single building for up to 40 years. <end> No virus found in this incoming message. Checked by AVG. Version: 7.5.549 / Virus Database: 270.9.0/1776 - Release Date: 11/8/2008 6:49 PM No virus found in this outgoing message. Checked by AVG. Version: 7.5.549 / Virus Database: 270.9.0/1776 - Release Date: 11/8/2008 6:49 PM
