Posted on 02/17/2010 5:40:59 PM PST by Kaslin
You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.
BusinessWeek reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."
In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.
They will tell you that you are "investing" your money in U.S. Treasury bonds. But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds.
This "conversion" may start out as an optional choice, though you are already free to buy Treasury bonds whenever you want. But as Karl Denninger of the Market Ticker Web site reports: "'Choices' have a funny way of turning into mandates, and this looks to me like a raw admission that Treasury knows it will not be able to sell its debt in the open market — so they will effectively tax you by forcing your 'retirement' money to buy them."
Moreover, benefits based on Treasury bond interest rates may be woefully inadequate compensation for your years of savings. As Denninger adds, "What's even worse is that the government has intentionally suppressed Treasury yields during this crisis (and will keep doing so by various means, including manipulating the CPI inflation index) so as to guarantee that you lose over time compared to actual purchasing power."
(Excerpt) Read more at investors.com ...
Newt is so smart. He sees this stuff and understands it. The other candidates don’t have a clue.
Save yourselves... abolish the government.
You got that right brother.
Added some more “steel” to the portfolio today.
Could be profitable for the Government if they can pass healthcare....1st they take your 401k...***nothing for your children to inherit then they don’t let you have the operation you need..............
and dead bodies
No they don’t! This will be war.
Good man.
Thank you!
LLS
Seriously folks, if you want your money you’ve socked away in these vehicles, I strongly urge you to get them cashed out ASAP. especially if you’re not working, it will be less of a blow to your AGI. Take the 20% hit, it is better to have 80% and have your money you can put in a bank or credit union (or across several) rather than the government having it and parceling it back out to you.
I w=always wondered what would trigger an actual revolution in this country.
This may be it.
I don't think they can get away with it. Meaning it will cause, at least, a political revolution. Democrats will be thrown out of office in even BIGGER numbers than is going to happen already, and the law will be overturned. Obama impeachment would certainly be on the table, and passing it through a Republican controlled house, regardless of what happens in the Senate, as was the case with Clinton, will serve as a very time consuming and effective check on his ability to do more harm to our nation, in the event he is still in office.
Our infamous SC justice in the Kelo case.
Do you honestly believe they care? Half of them WANT a revolution so they can purge us out.
Yes. Either way they think they win. Go along with it, they achieve certain goals. Don’t and they achieve others.
Rush did an hour on this 4 and a half weeks ago. Newt is just now processing it.
LLS
My IRA literally is all I have. They take that, they will get lead in return.
And it should.
“This may be it”...trust me...”IT will be it!”
Freedom has a funny way of turning into tyranny. Tyrants (in America) will have a funny way of going extinct like they don't in crappy, thirdworld countries. It all hinges on the 2nd ammendment, folks.
They're here and they're queer. Lock and Load.
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