"death tax at 55% and now moving to nationalize 401k and IRA's and force you into tbonds worth nothing as they steal your cash"
It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds.
The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently can’t sell to anyone but the Fed).
National Seniors Council Director Robert Crone warns: “This whole issue is moving forward very quickly. Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.“
All your retirement savings are belong to us:
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.
The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.
“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explains National Seniors Council National Director Robert Crone, “However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up.”
A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a “government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation).” She proclaimed that even “private annuities are problematic.”
Such “reforms” would effectively end private retirement accounts in America, Crone warns. “These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system.”
Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administration’s point man on this issue.
“This whole issue is moving forward very quickly,” warns Crone. “Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.”
Please realize that this is 100% about funding $1.5 TRILLION annual deficits using Americans’ retirement funds, as there is simply no other remaining pool of wealth able to soak up $1.5 Trillion in T-bills annually.
If the US government was put in charge of the Sahara Desert, there would not be a grain of sand remaining in 6 months.
Not me michael. I intend to fight. I intend to help myself and hopefully others.
I'll be cashing in come Monday. Been thinking about it since the 7'th anyway. This just gave me that extra push to go through with it. It's not much but I can use it to free up some cash and maybe buy some meat for a change. You know meat? It's the stuff people on food stamps buy! Watched an obot pay for 90.00 worth of chicken wings on a bridge card while talking on a Iphone. Paid for Beer with cash, left the store and drove off in a Lexus SUV parked in a handicap spot! Cashier says she see's it all day long. Oh yea............it's coming alright!
Obama intends to take every thing.
Not to sound like a southern boy, but 'Ya-ll' let me know when you've had enough.
Ronald, I share your sentiment. A Tennessean who is living in Ohio for now.
Only the government would think that buying T-Bills would be a good solution. I would not invest in a company I did not trust to earn a profit, why would I or anyone invest in the government hardly anyone trusts these days. The government would only do what it has with the Social Security Trust account... SPEND IT! Young folk should worry and quit supporting this give away of their money to those that want handouts without any accountability.
I have been watching this for a year of more, but it was pushed into the background with the election. Get ready as Obama gets into his 2d term. He feels as if he can do what ever he desires, and I do not have any confidence that the Republicans will stop him. Obama will probably require that all employees will have to have deducted a percentage of pay to go into federal government, but the government will only pay to those who the government is deserving. The over reach of the federal government of the last 4 years was just the warm up of what is to come.
American Patriots, in the Revolutionary war, the War of 1812, the Civil War, World War I & !!, the Korean War, Viet Nam, Iraq I & II, Afghanistan, and now Africa, WILLINGLY took up arms and were WILLING to lay down their lives, to shed their own BLOOD, to fight in these wars......BUT OUR GUTLESS MILITARY will NOT attack the DOMESTIC ENEMIES that have SIEZED OUR GOVERNMENT in our own country. YOU'RE GUTLESS TRAITORS.....ALL OF YOU!!!
It is from the Heart and soul that men and women arise to the task of giving ones life for those he or she has never met, and I assure you many have come long before your pathetic life and gave there all to preserve your freedom. They gave there tomorrow for your today.
I would like to see your spineless pathetic face before any who have served and open your mouth, because you would be wearing your backside for a front side, your remark reminds me of those spineless individuals who ran to Canada or went to the North to have the pictures taken showing the TREASONOUS acts towards the young men and women serving in Southeast Asia. It is with great pleasure we will suspend your likes, go back to your pathetic closet!
Tell me your diatribe is just to stir up trouble. You cannot have a patriotic bone in your body. There are many of us that voluntarily joined the military when there was a draft. We did not go to Canada like those of the 60's. I was disqualified for the draft and lied my butt off to get in the Marines. Gutless, you sir are what you accuse us of being. I'm sorry to see that one person here even agreed with you. You and he are obviously not aware of LtCol Terry Lakin who was sent to Leavenworth for asking the illegal in the White House for his bona fides. Nor are your aware of LtCmdr. Walter Fitzpatrick who has and is still being denied his constitutional rights for just trying to file treason charges in a court of law against that same illegal. Don't give us the crap about "YOU'RE GUTLESS TRAITORS....ALL OF YOU!!!". The brass in Washington have openly joined the political class. Without a civilian that is not corrupt to oversee them they will follow the same path of cronyism that the politicians follow. Who's fault is this, people like you. You come out accusing real honest patriots that try to make a difference. The problem today is the polititization has become blatant and mostly because the courts are looking the other way. I don't agree with Shane that you should be suspended, you should be banned from ever making any comment that sounds like it came from your backside or other blowhole. I am surprised your comment is still up, but since it is I could not ignore it. I hope I never see your name again. And No I didn't say it like I really felt.