Posted on 05/07/2009 4:31:28 PM PDT by pissant
WASHINGTON (Dow Jones)--U.S. President Barack Obama envisions spending $1 billion for the creation of a new agency to oversee a national direct-deposit retirement savings system, according to White House budget documents released Thursday.
According to the fiscal year 2010 budget, up to $1 billion will go toward the agency's creation, with expenses for the agency's initial start-up budgeted at $200 million.
The agency would be charged with overseeing the formation of a retirement program that would require employers who do not offer a pension program to implement a direct-deposit retirement savings system.
The Obama administration is aiming for the direct retirement system to operate along side Social Security. Obama wants to broaden the number of workers that could save under worker-sponsored plans.
The new system would be implemented in the form of an Individual Retirement Account, which is similar to 401(k)-type plans. The system would provide some tax advantages for savings and is required to be compatible with existing direct deposit payroll systems. Employees can choose to not participate.
Other work-investment savings proposed by the Obama administration includes modifying the Saver's Credit program, providing a 50% match on the first $
(Excerpt) Read more at online.wsj.com ...
What? Why doesn’t he just take some of the billions he’s throwing around everywhere and give us back what we lost instead of wasting it on some stupid beaurocracy.
This is probably what they are going to put all of our confiscated 401K money in to.
"When, in the course of human events...."
I guess community organizers don’t speak IRA. It looks like an IRA with payroll deductions and the government deciding how to invest the money. Oh yeah, I’m going to rush right down and sign up for that.
As if we needed another reason for employers to downsize.
Is this a great country or what?
(see tagline)
Another day, another job killer; or alternatively, another day, another employer mandate that will result in reduced wages.
Oh yeah, another SS program, when the first is already been spent. And what no mention of a lock box???
More money taken from folks who work, more regs on employers. America? are we p***ed enough yet??
“”the formation of a retirement program that would require employers who do not offer a pension program to implement a direct-deposit retirement savings system. “”
Who in the devil thinks this junk up? I think everyone in that administration needs to check in for counseling! And then - quick, lock the doors - FOREVER!
So basically, it's Social Security covered with lipstick?
Maytbe they will seed it with GM and AIG shares.
Let me guess, another way to siphon money out of citizens with the promise of future payments. Cash to FedGov >> I.O.U’s in your “account”. Sounds like another version of Socialist Security to me.
Amen!! This story means ONE thing only, he is going to confiscate IRAs and 401k’s. They will stay in our “name”. But as with SS Taxes, he can put it into the treasury and leave you with IOUs. And they will be sure, like SS, you cannot pass it on to your children.
“when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security”.
How do we rid ourselves of this dictator? How do we defang his power until that time? We need to direct crushing power on local dems EVERYWHERE you find them. They ignore us at their peril.
“Employees can choose to not participate.”
And what’s the penalty if they don’t?
Hey. Crazy idea here .. Hows’ about letting INDIVIDUALS KEEP THEIR OWN DAMN CLAMS and decide to invest it wherever and however they choose instead of having to give it to the gubmint to “invest for us?” ‘Cause the gubmint does so well with retirement programs! Voluntary or INvoluntary! (/sarcasm)
Build a place holder in legislation for later.
IMHO this is a way to sneak the Miller (D CAL) plan of absconding our 401k/IRA Money.
This scares the living $&!+ out of me...
How much more... how much longer...
later
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