Democrats Propose 401k “Spread the Wealth”

October 10, 2009 By: Doctrader Category: Financial Info, Pension 401k, Uncategorized

Last week, while the stock market was ending the month with the best September in many year, the Democrats were proposing massive changes in your 401k plans. The need for greed as the Obama administration spends it self into a third world country is desperately needing more money. The CBO said we are 1.4 trillion in debt, just this year, and that figure will rise to over 20 trillion over the next 9 years if interest rates remain at all time lows!
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U.S. Deficit for 2009 Totals $1.4 Trillion, Budget Office Says

By Brian Faler and Julianna Goldman

The nonpartisan CBO said yesterday the government was squeezed on both sides of the budget ledger in the fiscal year that ended Sept. 30. Tax revenue fell by $420 billion, or 17 percent, to the lowest level in more than 50 years.

Individual income taxes, the biggest source of tax receipts, fell by 20 percent, the agency said. Corporate income taxes dropped by 54 percent, reflecting the slow economy.