Skip to comments.Obama Begins Push for New National Retirement System (Occupy Your Savings)
Posted on 11/15/2012 12:47:45 PM PST by Heartlander2
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administrations effort to nationalize the nations pension system and to eliminate private retirement accounts including IRAs and 401k plans, NSC is warning.
(Excerpt) Read more at nationalseniorscouncil.org ...
I’ve known this is coming for years. No bullets will fly, just as they didn’t when Americans started being molested, groped, and irradiated on a daily basis, by affirmative action thugs who couldn’t even get a job at an ice cream parlor. The sheep just keep taking it, not even any civil disobedience like everyone in line sitting down at the same time.
I can’t withdraw mine unless I leave my job.
However, does this mean that all those goobt worker moochers who only worked 20 years, retired at age 50, and now sock it in (or double dip or more) will all be pooled in with us commoners? That might not be a bad deal. An former friend of mine retired from the NPS in SF, regular park ranger. She makes over 35K a year and is only 52. Yes, I chose the wrong route going private sector, apparently.
I never thought that Obamacare would happen. The minute we say this type of thing can’t happen, it does with this government.
Always knew that the government was not going to let trillions of dollars pass tax free in 401ks & 403bs to the middle & upper middle class.
What out for this Teresa Ghilarducci........
Their idea of a new retirement system: you report to disintegration chambers upon retirement.
Are you kidding? People would pull all their money out of everything.
More importantly he is metaphorically pissing on the grave of Jack Kemp and Bill Roth who gave us 401k's IRA's and the Roth IRA's....
How dare we be empowered and independent since 1982, he is here to change all that, we have to join his collective and be assimilated...
I work my whole life, saving a much larger percentage of my income than the average bear. And in my planning I “assume” that my company pension and SS would be “marginally viable.” Now they want to take MY money because that lazy bastard down the road wants his 60 inch TV and cottage in New Hampshire?
F that. I will take my 401 k out, pay the fine, and bury the gold in the back yard.
Playing by the rules is a suckers game.
In a very disconnected sense. But SS never confiscated savings accounts that people have built up into 6 figures over decades.
It was a new tax, with a new limited benefit. But nobody ever had legitimate, unquestioned personal accounts drained and titled over to the government.
And as to “who to shoot”, history of such conflicts around the world tells us it would obviously include the office holders at the time who used the law to confiscate it, journalists and pundits who championed it, academics who proposed it, the security forces who work for them. Realistically, some would also target innocents like bank managers, or investment fund advisors who had utterly no say in the matter. It would get nightmarish, but it would happen.
There have been examples in history. It would be shameful if it had to happen here. Hope my kids never inherit such a conflict. But it would be the fault of the marxist attackers, not the fault of those protecting their freedom.
Touch my savings and I’ll kill. It’s that simple.
“No bullets will fly, just as they didnt when Americans started being molested, groped, and irradiated”
Overzealous security theater for flights is one thing, hardly what anyone would fight to the death over. Confiscation of decades of savings, and the account going to zero and replaced with a voucher is quite another.
Bookmark for later
We let perverts feel up children head to toe and the homosexuals and molestors have free reign. And push them through cancer-machines that the Obambi thugs can’t even operate correctly. If I had any kids, that would be something to die over. Or, as I mentioned in my post, even the most basic, legal, civil disobedience never happened.
But that aside, did anyone fight back when FDR seized the gold?
I mean, I hope you’re right, but I’ve heard everyone talking big for so long, and nothing ever happens. The country’s so feminized and metrosexualized. There are drones to take out people’s houses, we’re under surveillance just about full-time now, and the goobt possesses electronic devices that make even the strongest resistors turn in their guns.
This was always my understanding, at least the former. Not so sure about the latter, but I could see it happening.
They can't freeze flying lead. And there'd be plenty of that.
Teresa Ghilarducci on a Universal Pension System
21 May 2009.
Of course not. You become much more selective in the way you respond.
Both for us - take all our money out and be fully loaded!
They don’t have to take our 401ks & 403bs outright ....at first they will tax them a little & then when people get used to it they will start to tax them a lot. There’s trillions of dollars sitting tax free in these funds & one way or another they are going to get their hands on it. And yes republicans are going to go along wih it.
This is really scary. My husband got a letter asking if he wants his retirement money now. The question is where does one put their money if they withdraw it??? This can’t be happening.
Same I was told to leave it alone right now I have about 7 grand and there is 10% plus another 20% fine leaving me about 2,000. Let us remember taxes will go up starting Jan 1. It is a tough decison right to either cash it out and pay the high fine or leave with the strong change of OVomit confiscating it. God I hate liberals
I dont imagine union funds will be touched. Just the rest of us.
I mentioned this to a co-worker before the election.
Free retirement. Yay!!!!! (sarcasm)
Well we all knew this was coming.
This kind of crap is why I have not contributed to my IRAs since June 2010.
Perhaps I shall go further and reinvest the existing amounts in poorly performing options so the government will have as little money to grab as possible.
I’d call Obama dumb as a bag of hammers, but hammers are actually USEFUL tools.
Is this real, the orignial article?
I went to the website.
No byline, no date.
When was this article written, and when was the meeting held? When I click on the link there is no date on the article and the picture of the magazine shows Nov 2011. Just wondering if this is fairly recent. I know the idea has been tossed around since he was elected.
you and me both....
It will be invested in those overrated junk bonds known as "treasuries."
I hear ya. From an earlier post of mine today.
I will take this time to apologize to any rocks I may have offended in the past. This guy (Obama) isnt intelligent enough to compare to rocks.
Please forgive my insensitivity.
Bubble, actually. The "correct" value of a stock should be the current cash value of all future dividends plus the present cash value of anything that would end up being paid to stockholders if the company is liquidated. Those who sell buy price below that price or sell it above make money; those who buy above that price or sell below it lose money. Of course, without a crystal ball one can't say what the "correct" price is, except in retrospect, but it's important to note that the real value of a stock, if it's affected by the market at all, would only be affected by the extent to which the market affects future dividends. If people go crazy buying stock at $100/share when it's fundamental value is only $20/share, those people who bought at $100/share are either going to end up losing $80/share, or foist their losses on someone else. The fact that they spent more than $20/share won't make the stock worth that.
If 401ks are confiscated. Violence is justified, just as it would be against a stickup man at an ATM. They are playing with fire. People tolerate general attacks on prosperity like more taxes, and bad energy policies.
But an outright theft of savings will result in someone resorting to direct violence against the political perpetrators.
well, if you had employer sponsered, so called gold plated health insurance, they just confiscated that. we’re are too timid, and, as someone said above, they tend to do it incremntally, so we become acclimated.
Maybe all this way preordained...that’s why the hefty penalty for wihdrawal
Its coming, folks!”
So is another civil war.
If this is true, the resident of the U.S. needs to be educated. Nothing makes a people lazier then taking away all their incentive to take care of themselves. What a cruel man, taking what is not his to give, makes him a tyrant.
Wish I hadn’t read any of this.
Doesn’t matter. Rebellion would happen in a different way. As somebody said up-thread, people would cash out their 401(k)s and other IRAs and take the IRS penalty. I know I would, given that Obamao would try to do it by EO if Congress doesn’t comply.
Yes you have Cletus, we both knew that Health Care was never going away. The GOPe has wanted this all along. Look at Alan Simpson's behavior after he retired and revealed himself as the Progressive that he really is.
Most likely, cashing out will do no good. An announcement will be made that US dollars are being phased out. You will receive one North American Dinero for every 10 US dollars you turn in.
I believe you are correct, the article appears to be dated Nov 2011 - a full year ago.
I went to the website, right clicked, selected “View Page Source”, searched for a date, and the only date I found was Nov 2011.
“Playing by the rules is a suckers game.”
Exactly and the more people on our side that learn that and live it, the further we will get.
I yanked out my retirement I had ages ago. Put it into PMs and have them safely “put away”
What is a PM?
Another good place to convert your cash is into rental property if you can stand the “landlord” part.