In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
They literally want to steal your retirement savings in order to save all those insane pensions that government workers have been getting for decades. I had been hoping that the crashing pensions would force the government and unions to recognize that the system was unsustainable and, maybe, create benefits more in line with the private sector. Man, I guess I was dreaming.
Looks like we’re going to need a big majority to fix this one.