Skip to comments.Obama Begins Push for New National Retirement System..401K at risk?
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 Administrations effort to nationalize the nations pension system and to eliminate private retirement accounts including IRAs and 401k plans, NSC is warning.
The hearing, held in the Labor Departments 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 ...
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.
I knew that also, didn’t expect it to happen that fast. The bombs are coming in from so many directions I feel like I can’t concentrate on one target to hit back. Guess that’s the plan. Last time I sent off an email to George Miller telling him if he wants to steal my money I would take a hunger strike to the streets with news media and I actually got a response! BS response, but at least not one of those ready made ones.
Imagine, if you will, the chaos in the market if all 401k and IRAs are liquidated.
Yeah, I noticed that yesterday on the big seccession petition thread. I participated on that thread too. Couldn't believe all the hand-wringing candyasses in FReeperland that are scared of their own shadow.
I despise these people. They're the last people we need in a foxhole.
But you handled yourself well. There's a lot to be said for "pugnacious." In my book, it's a positive trait.
All the best!
This and the gun takeover will cause a lot of people in D.C. to be swinging from lamp posts.
the best run private pensions - as opposed to simple 401k plans - all are infinitely more sound than social security;
if there should be any across-the-board and bipartisan attacks on unsound retirement plans, it needs to start with the governments’ already existing plan - social security, a ponzi scheme if there ever was one
"Sunshine patriots" have been a problem for a long time.
Thomas Paine. Said it better than I ever could.
Or as one of my favorite Authors put it...
As much as "sunshine soldiers" or "summer patriots", beware an ally -- more common than you know -- whose fear of the uncertainties of success moves him to surrender at the very moment of victory. -L. Neil Smith. Tactical Reflections.
This isn’t the first attempt. And the Public Unions are pushing it so that the money confiscated will pay out more of their member’s lavish pensions for awhile longer before they all are insolvent. Look at CA; they passed forming a committee to implement a plan for private employees, RUN BY CALPERS!
Congress sent out a letter to the admin about nationalizing retirement: http://www.humanevents.com/2010/05/04/republicans-sound-alarm-on-administration-plan-to-seize-401ks/
the site doesnt look really well put together and who the heck are National Seniors. Looks like a ruse to me.
That's really ancient news--that is May of 2010. The hearing was in the fall of 2012. My sense of things is that this is a non-issue--this is something the real extreme Left Wing fringe wants to pursue but it doesn't look to me like it is going anywhere. These are just fuzzies bouncing off the wall--even this Administration is probably not going to take on some thing like this.
Just my view--it might be wrong. If you see anything that looks like real current action, let me know and I will look into it. At present, I don't think it is going to happen in the current cycle and lots of other things are on the table as real threats.
I’m looking for something referenceable about this proposal. If you can find anything, I would appreciate it.