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 ...
Expect him to raid it as soon as he tricks/forces enough voters to put money into it.
“...that would REQUIRE employers who do not offer a pension program to implement a direct-deposit retirement savings system”.
How many of the jackasses in the Obama administration do you reckon have ever operated a small business and had to meet a payroll and pay onerous taxes, while at the same time trying to build and maintain a viable business? Now this? Every camel’s back has a limit to what it can carry.
Agree.
Now or never.
It only took Fidel Castro 4 years to completely and totally take over Cuba.
This lays the groundwork for the government takeover of retirement plans - the largest untaxed pool of $ left.
These funds would be forced into the gov’t plan and interest
would be paid. The gov’t would borrow it all out and squander
it.
Beware. European cradle to grave socialism is being formed
and wealth stolen.
With every day and with every new piece of info, it gets harder and harder to keep the tinfoil off of my head. This is not good.
There are too many of Obama’s leftist political hacks still in need of no-show tax-funded Federal ‘employment’.
“This is probably what they are going to put all of our confiscated 401K money in to.”
BINGO...you win a cookie...
Bureaucrats are horrible, but the idea is FAR MORE DANGEROUS.
For now.
He's already said he wants to take our 401K's and include them in the Social Security slush fund. The wealth would then be equally distributed. He's already told us what his plans are.
This is the bait.
“A direct retirement system to operate along side Social Secutiry.”
Get it?
Social Security; That this government has robbed, pillaged, squandered and abused for decades.
ROFLMELAO!
“Obama envisions spending $1 billion for the creation of a new agency”
Well, there goes the $100 million budget cut savings on paper clips and post-it notes the press was fawning about a couple of weeks ago.
From this article:
http://www.huffingtonpost.com/2009/04/20/obama-budget-cuts-will-or_n_188874.html
He was asked if the efficiency saving isn’t just “a drop in the bucket”.
“It is,” he replied. “None of these things alone are going to make a difference. But cumulatively, they make an extraordinary difference because they start setting a tone ... $100 million there, $100 million here _ pretty soon, even here in Washington, it adds up to real money.”
Yeah, None of his billion dollar programs alone are going to make a difference, but cumulatively, they’ll make an extraordinary difference because the country will go bankrupt and socialist/communist utopia will be established.
What a childish, elitist way of doing up business of our country! They flubbed social security and now they want another clean slate! He is insane!
In other words - there is no Social Security left. He wants to add another Social Security system to the nothing we have.
Nothing will change except we'll be paying double. We'll pay for the half they already spent, and the employer will pay for it's replacement. It'll just have a different name.
So he can shovel repartition money out efficiently.
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