Posted on 11/16/2012 7:16:48 AM PST by mikelets456
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."
(Excerpt) Read more at nationalseniorscouncil.org ...
retirement from what ? there will eventually be no jobs at all.
All your nest eggs belong to us!
We already pay social security premiums. We're already doing that.
They want us to all pay TWICE? Once for us, and the other for some do nothing freeloading scrounge?
Screw that. People had better start learning how to live on less and what grows around them, otherwise they'll be even more enslaved than they are today.
Move off the grid, folks. Let the freeloaders starve or change. Give them a choice.
(We can survive without big governments money, but big government can't survive without ours.)
401(k)? That’s just a tax loophole for the rich. You didn’t save that!
Don’t kid yourself. The leftists have their eyes on retirement savings accounts. They HATE it when hard-working honest people save up some money that they earned legally. They WANT TO TAKE AS MUCH OF IT AS THEY CAN GET. They will find a way, with a complicated law, to grab it. The law will be deliberately confusing, so a brain-dead public will not be able to understand it.
Make no mistake! They want it!
Under communism, all are equally poor and miserable, except the privileged elite. (In the USA, the privileged elite is the ruling political class)
Honestly, I didn’t think we’d make it through the last four years.
I hope I’m wrong about the next four years as well.
Don’t worry, I won’t be starting the party without good cause.
He is not only going to touch it. He is going to take it if it is where he can.
The failed Plymouth commonwealth experiment comes to mind.
Everyone nearly starved to death.
If you were paying attention, he went after them after he was first sworn in. The Democrats were squabbling over how to do it and working on obamacare when the 2010 election derailed it.
They will suck, but we’ll make it through the next four years too. America has been through some dark times, but it always pulls through. Just don’t give up.
I can guaran-d*mn-tee CW-II if those clowns even THINK of touching my 401. And that includes debasing it by Krugmanning my money by printing worthless dollars.
Go ahead, Obamadorkfelons, make our day.
Sounds like wise counsel - we don't get creamed in penalties for a loan, we take the cash and Zero gets IOUs.......
“Give up” isn’t in my lexicon. ;-)
Sooo, how’s this different from Social Security?
Everyone should check the terms of your 401.
The trick lately is to make it so you can’t take the money out or roll it into a private IRA.
The next step is to remove any cash equivalent account.
Then the next “safest” account available wont say so up front, but will be treasury heavy.
This is a de facto confiscation.
That’s what I like to hear.
But "Bring it!" sure is.
Gonna be an interesting year. I can't look beyond that. Four more years of totalitarian encroachment is just unthinkable.
I'm known to some as being a bit pugnacious. ;-)
Just try not to stress on it too much. What happens, happens. You’ll drive yourself crazy if you dwell on it.
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