He Won. It's Payback Time.
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Where does that moronic imbecile have the right to tell free citizens what they can or cannot have in their retirement accounts?
Is this a comedy act?
Money can walk — trying to finagle money out of the rich is a pointless exercise (remember the AMT?). Money can use money to figure a way around ANY and ALL attempts to take it.
The poor schmuck in the middle always gets it when progressives look to kill the Goose...
Two things...
First, as to “$205,000 per year in retirement, or about $3 million in 2013,”.
Where does he get those rates of return?
and second....
the statement said. “This proposal would raise $9 billion over 10 years.”
$9B in $50T unfunded liability isn’t near enough. What’s plan B?
Since Social Security is the largest public retirement account, folks will clamor to take from the haves to give to the have nots.
All the sacrifice I’ve made to live like no one else so that I could live like no one else, is for naught? Thanks a lot, America.
Well, according to my accounts, our President does NOT have me in his sights (yet).
Aside from the ludicrous “savings”, I’m pretty sure there are yearly contribution limits of around $15k. What am I missing?
As with everything liberal (er, now “progressive”), the person who controls the meaning of words and phrases gets to control the outcome of the debate. In this case, just what is meant by “reasonable”?
Many public sector union retirees who are on defined benefit plans have the equivalent of savings well in excess of $3 million.
Based on how many vacations they take, and their lavish lifestyle, a $3 million retirement account would not last very long for the Obama household.
So, what is “reasonable”? The fact is that people cannot save enough or invest wisely enough especially given the level of inflation that the rampant money-printing is going to eventually trigger. This is just more expropriation of other-people’s money to fund a government that has grown way too big for its britches, and its enumerated powers.
I can understand the voters falling for this ***hole’s BS once but falling for it twice was pure lunacy. I can understand why the commie libs don’t think the people living in the country can be trusted with firearms. Over half of the people living here are moronic lunatics and the DemocRATS know that. No people in their right minds would have elected this lying shyster.
When I was a kid a million dollars meant you were set for life. Now it would be an existence. Three million after the wave of obamaflation hits will probably be below the poverty line.
Is not turnabout fair play. so Obama can only have $1.00 in his retirement account. It is only fair, because Obama is truly an ass.
Banks in 2008 generated 26 percent of income for GDP. They over leveraged when the housing market imploded. Gov had to step in to buy the toxic assets and make the banks solvent again. This bailout was financed with money printing when T Bill sales could not cover the costs of bailout and budget deficit. Right now our current debt is 16 trillion plus another 90 trillion in unfunded liabilities. Today the US Treasury must print money to buy the sales shortfalls in the T Bill sales.
Biggest nightmare for US gov is the money printing is starting to ignite inflation and does nothing to jump start the economy. After six years the US economy limps along and the Fed Reserve is in the risk zone as money printing continues. If inflation ignites, money printing is no longer possible, and the monthly shortfalls in sales of T bills must be covered or the US is in default. That must be avoided at all cost because the US national survival is at stake. Gov will use whatever means necessary to survive. That is why our 401k/IRA are being sighted for taxation or raid because it is about 9 trillion which can be used to cover many monthly T Bill auction shortfalls. Once all the pensions are depleted, the bank savings accounts are next. Of course before that happens the powerful ones at top of the communications chain will get the impending acts first and will move a bulk of their wealth out of country before the financial repression begins. Just look what happen to Cyprus. The average guy is learning that the 1 percent of Cyprus moved their money out before the bank holiday. CEO who ran the bank had his email and the bank records on the transfers totally wiped out of his computer and bank system. Gov investigators are unable to investigate and the ones with the inside info may get away scott free.
At what point do we become the unreasonable ones...?
Back during the campaign when he had that most teachable moment when he told American business owners, “You didn’t build that.” Inside the text of the speech were a number of other statements like....
Your little house...
Maybe take a little vacation...
http://www.whitehouse.gov/the-press-office/2012/07/13/remarks-president-campaign-event-roanoke-virginia
All this rhetoric and policy to keep the little people little, submitted to working for the man...sound familiar? Amazing to think about how liberals, democrats, and progressives don’t see they have become that which they themselves hate.
What amount was “reasonable” for John Corzine to steal for his retirement? Apparently, he was not over the limit because that crook is still running around free.
What amount was “reasonable” for the Clintons to get from the Chinese in grocery bags full of cash? I guess they were okay because he’s still loose and she’s going to run for president.
What amount did you and Michele sock away when both of you got into the lottery of Democrat politics in IL after your very brief fling at being lawyers? It must have been hundreds of thousands but who’s counting, since you’ve moved on up to the White House now.
Welcome to Cyprus II
...he believes is a “reasonable” amount to have in a retirement account. $3 million is the number he chose.
He can blow that much on a vacation (if the taxpayer is paying).
And the Spring Break for his kids probably cost a bundle.
SHAME ON AMERICANS FOR ALLOWING THIS TYPE OF CRAP!