Democrats Discuss Taking Over People's 401K's

If you don't think an Obama, Pelosi, Reid run government would result in a dramatic swing to the left, read US News and World Reports article on congress' discussion of takng over people's 401K's. 401K's are not 'rich people' savings plans they are middle America's retirement and savings plans, and Dems are looking to make them into 'government created' accounts. Would Obama, Dems Kill 401(k) Plans?

I hate to use the "S" word, but the American government would never do something as, well, socialist as seize private pension funds, right? This is exactly what cash-strapped Argentina just did in the name of protecting workers' retirement accounts (Efharisto, Fausta's Blog). Now, even Uncle Sam isn't that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans.

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, said that since "the savings rate isn't going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that's not generating what we now say it should."

Hat Tip to Smart Girl Politics original article Kiss Your 401k Goodbye!

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Democrats Discuss Taking Over People's 401K's

Obama's Tax Plan and Income Redistribution Hurts the Economy and the Middle Class

Senator Obama's tax plan is packaged as tax cuts for the middle class when in reality there are numerous tax increases on the middle class and on small business owners. Senator Obama's tax policies are similar to those of Herbert Hoover who raised taxes, implement isolationist policies, and drove the American economy into a massive depression. Senator Obama claims that his tax policies that give a government check to people not paying anything in income taxes are done in the name of fairness. However, the economic depression that his policies would likely trigger is fair to no one. Investor's Business Daily lays out the problems with the Obama 'spread the wealth' tax plan in their article Investors Flee From 'Change' Obama Hypes

These tax credits are devised to phase-out based on income, which will ultimately increase marginal income tax rates for middle-class workers. In other words, as you earn more, you suffer a penalty in the phase-out of these credits, which has the exact effect of a marginal tax rate increase. That harms, rather than improves, the economy.

With the bottom 40% of income earners not paying any federal income taxes, such tax credits would not reduce any tax liability for these workers. Instead, since they're refundable, they would involve new checks from the federal government.

These are not tax cuts as Obama is promising. They are new government spending programs buried in the tax code and estimated to cost $1.3 trillion over 10 years.

Obama argues that while these workers do not pay income taxes, they do pay payroll taxes. True, but his planned credits do not involve cuts in payroll taxes. They are refundable income tax credits designed to redistribute income and "spread the wealth."

Meantime, Obama has proposed effective tax increases of 20% or more in the two top income-tax rates, phasing out the personal exemptions and all itemized deductions for top earners, as well as raising their tax rates.

He wants a 33% increase in the tax rates on capital gains and dividends, an increase of 16% to 32% in the top payroll tax rate, reinstatement of the death tax with a 45% top rate, and a new payroll tax on employers estimated at 7% to help finance his health insurance plan. He's also contending for higher tariffs under his protectionist policies.

Finally, he would increase corporate taxes by 25%, though American businesses already face the second-highest marginal tax rates in the industrialized world, thus directly harming manufacturing and job creation while weakening demand for the dollar.

Obama argues disingenuously that his tax increases would only affect higher-income workers and "corporate fat cats." But it is precisely these top marginal tax rates that control incentives for savings, investment, entrepreneurship, business expansion, jobs and economic growth. While he wants to tax the rich, the burden will fall on the poor and the middle class.

Obama's Tax Plan and Income Redistribution Hurts the Economy and the Middle Class

McCain Good for Business and Good for the Economy

Often times pro business even pro small business policies are looked upon with disdain as can be seen in Senator Obama recently comments criticizing Senator McCain for caring more about Wall Street than Main Street. However, this is a myopic view of the economy. Pro business policies create jobs, pro business policies help grow the economy. Putting the breaks on an already sagging economy with increased taxes does nothing for the American worker exept make life harder. CNBC notes that small business owners recognize that McCain Understands Small Business Owners

The following is a statement from American Small Business League (ASBL) President Lloyd Chapman: One look at Senator John McCain's website will tell you, this is a man that knows and cares about America's 27 million small businesses. He knows 56 percent of all Americans work for small businesses. John McCain is a small business guy through and through.

Time also reported on the 300+ professional economists that back McCain. Conversely the Union Leader disusses how Senator Obama's tax plan does not add up in their article It doesn't compute: Obama's tax plan a ruse.

Numerous organizations, including the Associated Press, have noted that Obama's proposals spend hundreds of millions of dollars more than his tax hikes raise. What is less well known is that Obama's tax plan itself sends out of Washington far more than it brings in. Obama's campaign twice admits that in the wording of the tax plan.

According to the plan, "his tax relief for middle-class families is larger than the revenue raised by his tax changes for families over $250,000." That sounds like he's giving a net tax cut. But much of what he calls "tax cuts" are actually cash payments to low- and middle-income Americans. Ultimately, he sends out of Washington hundreds of billions of dollars more than it takes in.

In other words, Obama promises more in benefits to low- and middle-income Americans than his plan can finance with his tax hikes on "families" making more than $250,000 a year. And note the word, "families." Even though Obama says that no "family" making less than $250,000 a year will see a tax increase, in fact his plan raises taxes on individuals making $200,000 a year or more.

The bottom line is that Obama is not being honest about his tax and spending plans. It is impossible -- impossible! -- for him to finance his giveaways by taxing only those making $250,000 or more. He will have to raise taxes substantially on people making much, much less than that.

Senator Obama's plans to "spread the wealth" are anti-growth measures done in the name of fairness. However, there is nothing fair about halting economic growth. There is also nothing fair about punishing success.

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McCain Good for Business and Good for the Economy

Biden Says Obama Will Be Tested With A ‘Major International Crisis’

Barack Obama will need help in a crisis, says Joe Biden from Times Online UK...

Joe Biden, the Democratic vice-presidential nominee, has told Americans to expect a “major international crisis” that will present an early test of a Barack Obama administration.

His comments were seized upon by the Republican campaign yesterday to raise fresh doubts about the prepared-ness of Mr Obama to be commander-in-chief.

Speaking at a fundraiser in Seattle on Sunday night, Mr Biden said: “Mark my words, it will not be six months before the world tests Barack Obama like they did John Kennedy. The world is looking. We’re about to elect a brilliant 47-year-old senator president of the United States of America. Remember I said it standing here . . . we’re gonna have an international crisis, a generated crisis, to test the mettle of this guy.”

He cited Russia and the Middle East as possible places that may cause problems, as well as the border between Afghanistan and Pakistan – “crawling with al-Qaeda” – as being of particular concern.

Mr Obama would need help and support, Mr Biden suggested, “because it’s not gonna be apparent, initially, that we’re right.” He then spotted the media in the room, “I probably shouldn’t have said all this because it dawned on me that the press is here.”

Now why would anyone vote for Barack Obama when his own VP states that a vote for Obama is a vote for an international crisis? Why would anyone want to be a part of a ticket that one believes will lead the country to crisis? What an unbelievable statement. The only time a time camera falls on Senator Biden at this point is when he is trying to pull his foot out of his mouth. However, this is beyond a gaffe; this is disturbing. It appears Senator Biden sees Senator Obama as weak. It appears that Senator Biden, is not confident in Senator Obama's ability to handle a crisis, and it appears that Senator Biden would prefer a "major international crisis" that a Republican president.

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Biden Says Obama Will Be Tested With A ‘Major International Crisis’

Heeeere's Johnny...

Who can make both Senator Clinton and Senator Obama roll with laughter? ...John McCain at the Albert E. Smith Dinner.

Video picks up at 2:38

Oh please, please, please, let this be a sign that McCain will be McCain in the last three weeks of this election.

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Here's Johnny...

Are You Purple?

The McCain campaign has focussed on Independents and Democrats with their Citizens for McCain group. They have even set up an online phone bank specifically for Independents and Democrats. If you are Independent or Democrat McCain supporter this is a great way to help the campaign. Phone calls are instrumental in bringing in votes and getting supporters out to polls. Just a few (or more) a day can have an impact.

Daytime Calls Phone Bank 10:00AM -6:00PM (EST):

Evening and Weekend Calls Phone Bank 6:00PM -9:00PM (EST):

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If you aren't an Independent, but still want to make phone calls from home - www.JohnMcCain.com/PhoneBank

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Are You Purple?

Volunteer for McCain Palin

It's coming down to the last weeks of the election. The best way to help the McCain/Palin ticket is to volunteer. Contact your local McCain Victory Office or make calls to battleground states from your home with the Online Phone Bank. This is the time that matters most. For Senator McCain to win the White House his campaign needs volunteers making phone calls and knocking on doors. Please take the time to make even just a few phone calls a day. From home or from a Victory Office please volunteer, and be a part of history.

Volunteer for McCain Palin

It's coming down to the last weeks of the election. The best way to help the McCain/Palin ticket is to volunteer. Contact your local McCain Victory Office or make calls to battleground states from your home with the Online Phone Bank. This is the time that matters most. For Senator McCain to win the White House his campaign needs volunteers making phone calls and knocking on doors. Please take the time to make even just a few phone calls a day. From home or from a Victory Office please volunteer, and be a part of history.

The Presidential Debate and the Bracelet Moment

Senator McCain talked, as he has previously, about Matthew Stanley and his family of Wolfboro, NH, and the bracelet Senator McCain wears in his honor.

Senator Obama reading the name off 'his bracelet' was tacky, and poorly done.

The story of John McCain, Matthew Stanley, and the bracelet.

Scheiffer: Paulson Pleaded for McCain to Return to Washington

NewsBusters reports Schieffer: Paulson Pleaded for McCain to Save Bailout (follow link for video).

Here was Schieffer speaking with the Early Show's Maggie Rodriguez at 7:05 AM EDT today:

BOB SCHIEFFER: I am told, Maggie, that the way McCain got involved in this in the first place, the Treasury Secretary was briefing Republicans in the House yesterday, the Republican conference, asked how many were ready to support the bailout plan. Only four of them held up their hands. Paulson then called, according to my sources, Senator Lindsey Graham, who is very close to John McCain, and told him: you've got to get the people in the McCain campaign, you've got to convince John McCain to give these Republicans some political cover. If you don't do that, this whole bailout plan is going to fail. So that's how, McCain, apparently, became involved.

Continued Schieffer . . .

SCHIEFFER: He has gotten what he wants, he's going to have this meeting, kind of a summit today with the president and Barack Obama. I'm told that the leaders of both parties are getting close to having some kind of a bill. The question, though, is whether rank-and-file Republicans, especially, are going to vote for this.

...And that's where McCain comes in.

This certainly contradicts the spin that Senator McCain was motivated by politics. The fact remains that no one really knows how this will all play out. No one knows how much of the current events in Washington are influenced by politics. What is known is that there is an economic crisis that needs to be addressed, and the role Senator McCain is playing is significant.

Scheiffer: Paulson Pleaded for McCain to Return to Washington

John McCain Bold Leadership

With the markets in turmoil and a bill and a bailout package up for debate in Congress, Senator McCain has suspended his campaign and returned to Washington to work on the bill. Last night prior to Senator McCain's decision to return to Washington ABC's George Stephanopoulos reported,

ABC News' George Stephanopoulos reports: If Republican presidential candidate Sen. John McCain doesn't vote for the Bush administration's $700 billion economic bailout plan, some Republican and Democratic congressional leaders tell ABC News the plan won't pass.

"If McCain doesn't come out for this, it's over," a Top House Republican tells ABC News.

A Democratic leadership source says that White House Chief of Staff Josh Bolten has been told that
Democratic votes will not be there if McCain votes no -- that there is no deal if McCain doesn't go along.

With the ball in Senator McCain's court, and concerns about the President's current proposal, Senator McCain is heading back to Washington. The debates and future campaign events are in limbo, as this bold decision has put a priority on the economic package.

Bold Leadership from John McCain

McCain on Fannie Mae, Freddie Mac, and the Economic Crisis

McCain Palin Take on Economic Crisis

Orson Swindle Roommates at the Hanoi Hilton

Is McCain/Palin In Obama's Head?

Obama and his campaign have been showing signs of having been rattled by the VP pick of Palin. However, there were signs before the VP selection that the Obama campaign could be rattled. First, the celebrity ad. Outrage, and cries of foul abounded over an ad that basically poked fun at Obama's celebrity and his legions of euphoric supporters. Second, Saddleback. Not the event itself, but the cries of cheating that came from the Obama campaign. It couldn't be that McCain outperformed Obama there must have been foul play. So the Obama campaign screams cheater because Senator McCain wasn't hermetically sealed in in a sound proof pod, or 'cone of silence'. Their reaction was both foolish, and a sign that even minor victories by the McCain campaign could rattle them. However, the pre-Palin kicker is that someone convinced Senator Obama to give a mediocre acceptance speech. What is the one area where Senator Obama has a decisive edge? Speech making; and he under-performed. How that happened should be studied in political science classes in years to come, because forfeiting a strength in any arena is flat crazy.

Then comes the VP picks. Obama doesn't want Clinton, and chooses a candidate to help him appear more experienced so he picks Biden. McCain supporters chuckle as Senator Biden is a legendary 'Gaffe Machine'. Everyone else yawns. Good guy, fairly safe pick, but no one really cares. Then it's McCain's turn. Everyone is predicting Romney or Pawlenty, both safe choices, but again not terribly exciting. The McCain campaign keeps the pick completely secret, and then Palin explodes on the scene. She gave a good opening speech, but there were a lot of questions about her still to be addressed. The Obama campaign immediately took a shot at her, but then retracted the statement as harsh and unnecessary. The media loses its mind. Certainly that's not the Obama camps fault, but their obvious Obama bias and hysterical reaction to Palin does not help their favorite candidate. Clumsily the Obama campaign chimed in with cracks about her experience as a small town mayor, and dismissed her experience as a sitting Governor. This opened the door for Palin to clock Obama on his community organizer experience during her acceptance speech, which was such a powerful speech that it made the media and Obama look foolish for their attacks.

Since then the Obama campaign has struggled to get its bearings. First, Obama acted horrified that Palin challenged his community organizer experience, when he had really set himself up. Then his campaign had a meltdown over Palin's comment that she had pulled the plug on the 'Bridge to No Where'. Instead of criticizing Palin's original support for a different version of the bridge, or questioning what that money should have been spent on after the project was dead, the Obama campaign instead freaked out. They called Palin a liar, they called the McCain/Palin ticket corrupt, yet in the end Palin did pull the plug on the 'Bridge to No Where' and the Obama campaign's over-reaction looked foolish and unstable. Then comes Senator Obama's 'Lipstick on a pig' comment. One can argue intent all day long, however, there is little argument that the comment was incredibly stupid. Particularly, since in the same day he made another comment about a 'stinking fish', and another campaign member also referenced lipstick in a less than flattering way. For someone who is typically graceful in his use of language, "The fierce urgency of now", "We are not red states or blue states, we are the United States", talking about lipstick on pigs after Palin made a lipstick joke during her speech is at best sloppy and out of character.

Today the fumbling continues. An ad criticizing Senator McCain's out of date attire from 1982, and challenging his apparent internet ineptitude has to be one of the weakest attack ads put out in years. Maybe that helps him somehow with the youth vote, but he already has the youth vote. Most people over the age of 30 know at some point in their lives they've worn a silly outfit, and/or had a bad hair day. As for lack of internet experience, who cares? It's an odd argument that I can't imagine helps the campaign. The Obama campaign has abandoned their 'new politics' argument for random and silly attacks. It's not just that they're struggling since the Palin pick and the convention, its that they're panicking. They're only down a few points in the polls, the real problem isn't the numbers it's that the McCain/Palin ticket has them completely flustered.

Is McCain/Palin in Obama's Head?