{"id":27095,"date":"2007-10-09T01:01:01","date_gmt":"2011-05-19T04:50:25","guid":{"rendered":""},"modified":"2011-05-19T04:50:25","modified_gmt":"2011-05-19T04:50:25","slug":"mrs_clinton_pulls_5k_adds_401_k","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2007\/10\/09\/mrs_clinton_pulls_5k_adds_401_k\/","title":{"rendered":"Mrs. Clinton Pulls $5K; Adds 401(k)"},"content":{"rendered":"
\n

RUSH: Well, this is just getting hilarious now. ‘Every citizen could get a 401(k) retirement account and up to $1,000 in annual matching funds from the government under a plan offered Tuesday by Democratic presidential candidate Hillary Rodham Clinton. At a cost of $20 billion-$25 billion a year,\u2019 ahem, ‘the plan is Clinton\u2019s largest domestic proposal other than her plan for universal health insurance. The New York senator said it would be paid for by taxing estates worth more than $7 million per couple and would help narrow the gap between the rich and those who don\u2019t have enough savings for retirement. At the same time, Clinton said she has given up another idea for a savings incentive — giving every baby born in the United States a $5,000 account to one day pay for college or a first home. She made that suggestion last month before the Congressional Black Caucus, saying it was just an idea and not a policy proposal. The idea was criticized by Republicans, and she told The Wall Street Journal in an interview published Tuesday that it\u2019s off the table.\u2019 Now, I wonder why it\u2019s off the table? Why, all of a sudden, would $5,000 per baby born in America be off the table? Well, I don\u2019t really know. <\/p>\n

I could guess that that would open the flood gates to people saying, ‘Wait a minute! If $5,000 bucks in my account from the moment I\u2019m born is going to lead to all these wonderful things, how come we can\u2019t privatize a portion of my Social Security and invest it the same way, hmm?\u2019 I would bet you a dollar to a doughnut that\u2019s why she pulled it. I\u2019ll bet you a dollar to a doughnut that I offered that very analysis of it is why she pulled it, because if you get five grand the moment you\u2019re born and you put it in the bank or put it somewhere where it\u2019s invested and it\u2019s supposed to lead to all these wonderful things — a big new house and a college degree and so forth — why, I guess it doesn\u2019t matter that the market pans and you won\u2019t lose your money like they said you might, and I guess it doesn\u2019t matter that $5,000 given to babies when they\u2019re born would enrich stockbrokers and asset managers? That\u2019s all the criticisms they mounted with the privatization of a portion of Social Security contributions. I think we beat that back, folks. No wonder that smear happened. So now it\u2019s a simple 401(k), which is already in existence, already has proven to be popular, already an investment vehicle. So she lied to the CBC. She lied. Yes, I\u2019m positive it\u2019s not the 401(k) and the $5,000. It\u2019s off the table. As soon as she told it to the Congressional Black Caucus it was off the table. She got the message out to them, she left the room, and she pulled it off the table. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: One thing I forgot to mention about her new scheme to pull the $5,000 per baby off the table and replace it with a 401(k) retirement account ‘and up to $1,000 in annual matching funds from the government.\u2019 We already do that. Well, the government doesn\u2019t. The employer does. Whatever. How she\u2019s going to pay for this is taxing estates worth more than $7 million per couple. How many programs has she proposed where she\u2019s going to ‘pay for it\u2019 by taxing the rich? I think she\u2019s taxed them into poverty with all of her proposals. She gonna tax \u2019em for health care. She gonna tax \u2019em for the 401(k) plan. She\u2019s going to tax the rich for virtually every program, because what she\u2019s doing is playing the class envy card. She\u2019s sitting here suggesting that she wants to ‘narrow the gap\u2019 between the wealthy and the poor and the middle class and so forth, and she wants to do it by taking everybody\u2019s money and redistributing it — which sounds suspiciously like this asinine column I read to you yesterday from Sunday by this guy named Robert Frank. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Here\u2019s Carl in Tampa, Carl, nice to have you sir. About a minute left. I wanted to get to you.<\/p>\n

CALLER: Okay, I\u2019ll make it quick then. That $10,000 or $5,000 that Hillary was going to give to the kids?<\/p>\n

RUSH: Yeah?<\/p>\n

CALLER: Not only would they make money off of it, but they\u2019d also wind up in debt unless we changed the present tax code, because at the end of each year, they have to pay taxes on the interest earned on that $10,000. So you give that to a baby that\u2019s born, and he doesn\u2019t receive it \u2019til he\u2019s 19 years old, imagine the interest that\u2019s accumulated that you have to pay taxes on.<\/p>\n

RUSH: Yeah, that\u2019s how the government would get some of it back. That\u2019s a good point, I hadn\u2019t thought of it, Carl, because I was so focused on the inanity of the idea in general.<\/p>\n

CALLER: Yeah, and does it go into a trust fund or how do you keep the parents from touching it?<\/p>\n

RUSH: Oh, no, no, no, no. If the parents touch it, it\u2019s because the parents were going broke because of previous Republican policies, and they had no choice but to touch it. It will be replaced.<\/p>\n

CALLER: I\u2019m looking to get that wide-screen TV like you got. So, you know, that money will come in handy real quick.<\/p>\n

RUSH: (laughing)<\/p>\n

CALLER: If it\u2019s available and easy access, all I gotta do is have another kid, then I get a stereo to go with it.<\/p>\n

RUSH: That\u2019s exactly right, (laughing) keep having kids, that\u2019s right, and eventually you can buy a mansion.<\/p>\n

CALLER: You know it, and have a place to put them. It\u2019s been a good one, Rush. Enjoy listening to you.<\/p>\n

RUSH: (laughing) It has, Carl.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Well, this is just getting hilarious now. ‘Every citizen could get a 401(k) retirement account and up to $1,000 in annual matching funds from the government under a plan offered Tuesday by Democratic presidential candidate Hillary Rodham Clinton. 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