{"id":30805,"date":"2008-11-05T01:01:01","date_gmt":"2011-05-19T03:10:15","guid":{"rendered":""},"modified":"2011-05-19T03:10:15","modified_gmt":"2011-05-19T03:10:15","slug":"democrat_plans_for_your_401_k","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/","title":{"rendered":"Democrat Plans for Your 401(k)"},"content":{"rendered":"
\n

RUSH: Here\u2019s Darcy in Dallas. Darcy, it\u2019s nice to have you on the Rush Limbaugh program. Hello.<\/p>\n

CALLER: Hello, and dittos from Dallas.<\/p>\n

RUSH: Thank you.<\/p>\n

CALLER: I need a little bit of education. I thought you might be the perfect person.<\/p>\n

RUSH: Fine.<\/p>\n

CALLER: (giggles) I thought there would be enough people with common sense so I wouldn\u2019t have to ask this, but can we address this whole thing about my 401(k) and everybody else\u2019s going away?<\/p>\n

RUSH: Can you answer a question for me first?<\/p>\n

CALLER: Sure.<\/p>\n

RUSH: Do you know what\u2019s going to happen to you? We don\u2019t know what\u2019s going to happen, but do you know what the Democrat plan for your 401(k) is?<\/p>\n

CALLER: I believe it has something to do with circling the bowl.<\/p>\n

RUSH: (laughing) Circling the bowl. You mean like flush it?<\/p>\n

CALLER: Yeeeees.<\/p>\n

RUSH: But seriously, how much do you know about it? You\u2019ve just heard about it, or you want me to repeat what you know to other people?<\/p>\n

CALLER: Please repeat, because like I said, since I knew I wasn\u2019t going to vote for Obama, I said, ‘I don\u2019t need to worry about it.\u2019<\/p>\n

RUSH: Let me give it to you very briefly. So far, this is not Obama yet, but this goes straight to my point about all of the idiots on our side and in the media expecting Pelosi and Reid and Obama and everybody to govern from the center. The 401(k) was a central plan, a central tenet to get people to save for their own retirement in addition to Social Security. It came into play during the Reagan years, and it was designed to supplement your own investment program, dollars that you have earned in a retirement plan that was independent of Social Security. And, of course, the way it works, your company offers you the 401(k). You can take a percentage of the gross, your gross pay every month and put that in your 401(k). It reduces your taxable income. <\/p>\n

George Miller, who heads the House committee that deals with 401(k)s, about a month ago said, we have to eliminate this tax subsidy. The government is losing $80 billion a year. We can\u2019t afford to lose this kind of money. There are too many people that don\u2019t need this tax break anymore. So what we\u2019re going to do, we\u2019re going to take away the whole notion that you get to deduct from your gross whatever you contribute to your 401(k). The government needs that money. So one of the big incentives for having a 401(k) came under assault. Then that same committee two weeks later brought in an economist from the New School in New York called Teresa Ghilarducci. I\u2019m having trouble with her name, and not on purpose but her idea is even worse, Darcy. <\/p>\n

She wants to basically eliminate the 401(k), and the way she wants to do it is she wants to go to people who have a 401(k), who have seen its asset value plummet because of the market plunge. So she wants to go back to August levels. Everybody that has a 401(k), we\u2019ll take you back and we\u2019ll give you money. We\u2019ll restore the value. The government will. We\u2019re just going to print some money here, and we\u2019re going to restore your 401(k) to its August amount. Then we\u2019re going to take it. We\u2019re going to take your 401(k), and we will put it in your Social Security account that the government is monitoring for you, and we will invest every year 3% in government bonds. We\u2019ll buy government bonds so that your 401(k) will grow at 3% every year adjusted for inflation. The most that you will be able to contribute to your 401(k) every year is 5% of what you earn. <\/p>\n

And then when you retire, your 401(k), and plus there\u2019s a $600 annual addition that she formulates here because she finds it inequitable that some people get a 36% tax deduction and some don\u2019t because the various income tax rates that affect how much of a deduction you get. So the bottom line is, they\u2019ll take your 401(k) and put it in Social Security. They give you 3% a year plus 5% of your gross added, and then at the end when you retire, you get one check. Your Social Security check plus whatever your 401(k) is. The government takes over your 401(k). Not so much flushes it, they just take it, like they\u2019re going to take some pension money. Now, this is not centrist. This is not moderate. This is George Miller, and this is the kind of thing that Reid and Pelosi will go for. <\/p>\n

I don\u2019t know where Obama will stand on this, but the odds are that it will sound attractive to him because these people are all about expanding government coffers. And that\u2019s what they\u2019re going to do. So that\u2019s what\u2019s ahead for people\u2019s 401(k)s if the Democrats get their way. They may not, but that\u2019s what their planning is. And it\u2019s a great indication of where we\u2019re headed, and this was all known by people who listen to this program. The Drive-By Media didn\u2019t talk about this because they knew that it would be devastating.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Here\u2019s Darcy in Dallas. Darcy, it\u2019s nice to have you on the Rush Limbaugh program. Hello. CALLER: Hello, and dittos from Dallas. RUSH: Thank you. CALLER: I need a little bit of education. I thought you might be the perfect person. RUSH: Fine. CALLER: (giggles) I thought there would be enough people with common […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\nDemocrat Plans for Your 401(k) - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Democrat Plans for Your 401(k) - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Here\u2019s Darcy in Dallas. Darcy, it\u2019s nice to have you on the Rush Limbaugh program. Hello. CALLER: Hello, and dittos from Dallas. RUSH: Thank you. CALLER: I need a little bit of education. I thought you might be the perfect person. RUSH: Fine. CALLER: (giggles) I thought there would be enough people with common […]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/#website\",\"url\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/\",\"name\":\"The Rush Limbaugh Show\",\"description\":\"Excellence In Broadcasting\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg\",\"contentUrl\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/#webpage\",\"url\":\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/\",\"name\":\"Democrat Plans for Your 401(k) - The Rush Limbaugh Show\",\"isPartOf\":{\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/#primaryimage\"},\"datePublished\":\"2011-05-19T03:10:15+00:00\",\"dateModified\":\"2011-05-19T03:10:15+00:00\",\"author\":{\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Democrat Plans for Your 401(k)\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/www.rushlimbaugh.com\/daily\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Democrat Plans for Your 401(k) - The Rush Limbaugh Show","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/","twitter_card":"summary","twitter_title":"Democrat Plans for Your 401(k) - The Rush Limbaugh Show","twitter_description":"RUSH: Here\u2019s Darcy in Dallas. Darcy, it\u2019s nice to have you on the Rush Limbaugh program. Hello. CALLER: Hello, and dittos from Dallas. RUSH: Thank you. CALLER: I need a little bit of education. I thought you might be the perfect person. RUSH: Fine. CALLER: (giggles) I thought there would be enough people with common […]","twitter_image":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg","twitter_misc":{"Written by":"admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/#website","url":"https:\/\/live-rush-limbaugh.pantheonsite.io\/","name":"The Rush Limbaugh Show","description":"Excellence In Broadcasting","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/live-rush-limbaugh.pantheonsite.io\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","@id":"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/#primaryimage","inLanguage":"en-US","url":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg","contentUrl":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg"},{"@type":"WebPage","@id":"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/#webpage","url":"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/","name":"Democrat Plans for Your 401(k) - The Rush Limbaugh Show","isPartOf":{"@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/#primaryimage"},"datePublished":"2011-05-19T03:10:15+00:00","dateModified":"2011-05-19T03:10:15+00:00","author":{"@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b"},"breadcrumb":{"@id":"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/05\/democrat_plans_for_your_401_k\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/live-rush-limbaugh.pantheonsite.io\/"},{"@type":"ListItem","position":2,"name":"Democrat Plans for Your 401(k)"}]},{"@type":"Person","@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b","name":"admin","image":{"@type":"ImageObject","@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/www.rushlimbaugh.com\/daily\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.rushlimbaugh.com\/api\/wp\/v2\/posts\/30805"}],"collection":[{"href":"https:\/\/www.rushlimbaugh.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rushlimbaugh.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rushlimbaugh.com\/api\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rushlimbaugh.com\/api\/wp\/v2\/comments?post=30805"}],"version-history":[{"count":0,"href":"https:\/\/www.rushlimbaugh.com\/api\/wp\/v2\/posts\/30805\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rushlimbaugh.com\/api\/wp\/v2\/media?parent=30805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rushlimbaugh.com\/api\/wp\/v2\/categories?post=30805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rushlimbaugh.com\/api\/wp\/v2\/tags?post=30805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}