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President Obama's Cat-Food Future For Retirees
Investor's Business Daily ^ | 16 Jan 2012 | Editorial

Posted on 01/17/2013 7:58:38 AM PST by IBD editorial writer

The Obama Economy: Americans are drawing down their 401(k)s for nonretirement needs in record numbers, just as Social Security goes bust. This portends poverty for millions as the White House fiddles. Cat food, anyone? One out of four U.S. workers with 401(k) retirement savings accounts has been forced to cash them out or borrow from them at high costs just to stay solvent. The Washington Post, citing a report from financial advisory firm HelloWallet, said the withdrawals have drained $70 billion, or an astonishing near-quarter of the total $293 billion, in America's retirement accounts "undermining already shaky retirement security for millions of Americans."

(Excerpt) Read more at news.investors.com ...


TOPICS: Business/Economy; Editorial
KEYWORDS: 401kborrowing; 401ks; bankrupt; catfood; retirees; retirement; socialsecurity
Inflation will diminish tiny pensions even further. Obama's bringing lots of that.
1 posted on 01/17/2013 7:58:48 AM PST by IBD editorial writer
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To: IBD editorial writer
Maybe they're withdrawing their money to avoid the higher taxes and the annuity exchanges that are comming regardless of what age you are...
2 posted on 01/17/2013 8:06:32 AM PST by Dixie Yooper (Ephesians 6:11)
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To: Dixie Yooper

this is the plan....cause you to withdraw, and with inflation consume at a higher rate, thus you and up at the mercy of Obamacare where they can euthanize you because you are no longer viable


3 posted on 01/17/2013 8:20:54 AM PST by Ouderkirk (Obama has turned America into an aristocracy of the unaccomplished.)
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To: IBD editorial writer

Obama is doing a good thing. After all, somebody has to eat all the damned cat food! (My cats won’t, they demand tuna fish instead.) This is what’s meant by “Redistribution...”

Get with the program, Boxer! After all, Napoleon Pig has only your Transformed Happiness at heart.
:)


4 posted on 01/17/2013 8:21:56 AM PST by faithhopecharity
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To: Dixie Yooper

They are drawing money out because they are in desperate need of money to live on. NOBODY withdraws 401K or IRA money before 59 1/2 without a desperate need because of the huge penalties and tax implications caused by such a move. Remember, those with this type of savings are generally middle class and often professional and educated people.

Responsible people who saved their whole lives are being forced into poverty because their previous jobs have gone. They are in their late forties and early fifties and they are unable to get ANYTHING in their area of knowledge or field and any open jobs are going to the young because they are able to work for much less, are usually single (much cheaper to insure), and have a fifty percent unemployment rate.

There is real desperation out there and it effects real people. Many who have done everything right their whole lives. Their lives are burning while O’Bumbler and the Democrats fiddle.


5 posted on 01/17/2013 8:29:58 AM PST by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: faithhopecharity

Yes, a number of cats eat better than their servants. Maybe the example should be updated to cite dog food instead...


6 posted on 01/17/2013 8:32:40 AM PST by Truth29
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To: IBD editorial writer

I understand that The High Priestess Morgana Obama said:

Let them eat kale!


7 posted on 01/17/2013 8:33:49 AM PST by Rembrandt (Part of the 51% who pay Federal taxes)
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To: Dixie Yooper

I’ve been thinking of withdrawing my IRA to avoid confiscation. I’m 60 te
years old and had hoped to keep it longer, but I don’t trust this president. The question is where to put it. I need something the greedy b-tard can’t touch.


8 posted on 01/17/2013 8:34:32 AM PST by fatnotlazy
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To: IBD editorial writer

To: 2ndDivisionVet

Food prices and availability would be the least of my worries.
I live in the vegetable capital of Cebu.
I go to the market each day where I see mountains of veggies from many vendors. Rice is everywhere for less then $1 per kilo.
I buy bananas, mangos, and oranges for five cents. There is abundant fresh fish, pork, and chicken.
In the US, you are dependent on a very long supply chain from farm or sea to your house. I have only one intermediary from source to my tummy.... the cute girls that weigh my selections and tell me what I owe.

3 posted on Thursday, January 17, 2013 12:54:43 AM by AlexW

http://www.freerepublic.com/focus/f-bloggers/2978975/posts


9 posted on 01/17/2013 8:35:34 AM PST by 2ndDivisionVet (I'll raise $2million for Sarah Palin's presidential run. What'll you do?)
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To: Truth29

yeah! “Let them eat dog food!” (an Obama update of “Qu’ils mangent de la brioche,” commonly attributed to Marie Antionette)
thanks!

(the cats had a Rotisserie Chicken for breakfast this morning...)


10 posted on 01/17/2013 8:39:04 AM PST by faithhopecharity
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To: fatnotlazy

I’d put 10% in gold/silver if it were me.
YMMV


11 posted on 01/17/2013 8:39:32 AM PST by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: IBD editorial writer
Inflation will diminish tiny pensions even further. Obama's bringing lots of that.

And it will be worse. If the average percentage of food, gas, electric, etc. of the retirees is, say 20%, then that percentage will creep (or skyrocket) to more than 50%. That is when you will see grandma and grandpa out in the streets with pitchforks and torches. It's coming and Obama and company will relish the day.

12 posted on 01/17/2013 9:32:16 AM PST by VRW Conspirator (Sometimes it takes calamity to lead to serenity - FReeper RacerX1128)
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To: fatnotlazy
I’ve been thinking of withdrawing my IRA to avoid confiscation. I’m 60 te years old and had hoped to keep it longer, but I don’t trust this president. The question is where to put it. I need something the greedy b-tard can’t touch.

I'm 55 and am afraid that the government raid of our accounts will happen before I'm old enough to get the tax break. With this president's love of Roosevelt's progressive experiments... I wouldn't trust gold much longer either.

13 posted on 01/17/2013 9:35:08 AM PST by Dixie Yooper (Ephesians 6:11)
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To: IBD editorial writer

He is building a constituency for the Teresa Ghilarducci “seize 401K’s and build a Super-Duper Social Security Program” project.


14 posted on 01/17/2013 9:48:57 AM PST by Buckeye McFrog
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To: faithhopecharity
After all, somebody has to eat all the damned cat food!

Thanks for the tip. Moving all my 401K assets into 9 Lives and Friskies this afternoon.


15 posted on 01/17/2013 9:50:17 AM PST by Buckeye McFrog
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To: Buckeye McFrog

could probably pick a lot worse investments....
(especially with today’s phoney-inflated stock market...how long can the politicians keep THAT floating up there in the clouds with fake “stimulus” or “quantitative easing” fiat funds?)


16 posted on 01/17/2013 10:15:10 AM PST by faithhopecharity
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To: fatnotlazy
"I’ve been thinking of withdrawing my IRA to avoid confiscation. I’m 60 te years old and had hoped to keep it longer, but I don’t trust this president. The question is where to put it. I need something the greedy b-tard can’t touch."

Unfortunately, that means getting it out of the US with all the attendant difficulties with foreign accounts, reporting, or bullion storage. Some would suggest real estate in the stable country of your choice, but the key is security out of the reach of Uncle Sam.

17 posted on 01/17/2013 10:25:57 AM PST by Truth29
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To: Truth29

Yes, a number of cats eat better than their servants. Maybe the example should be updated to cite dog food instead...


Anyone priced cat food these days? Good cat food is expensive
for such small quantities. Dog food is probably the way to go.


18 posted on 01/17/2013 10:26:59 AM PST by bytesmith
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To: bytesmith

Plus, perhaps if the elderly subsist on pet food, we can go to a veterinarian for health care and avoid Zero’s death panel and the withholding of care.


19 posted on 01/17/2013 10:31:48 AM PST by bytesmith
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To: IBD editorial writer

I just called my financial guy this morning to take more money out of my Retirement Funds so that I can pay for house heating fuel.

It’s really tough going. I don’t know how we will survive four more years of this. I guess that’s the goal though, drive Americans to poverty.


20 posted on 01/17/2013 10:36:21 AM PST by katnip (Why Do Democrats Hate Babies?)
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To: Truth29

And with the great dictator’s enthusiasm for the UN and that one world carp, can anyone be sure that somehow he can still reach our assets abroad?


21 posted on 01/17/2013 10:37:01 AM PST by fatnotlazy
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To: Dixie Yooper
Makes me angry that at our ages, we have to worry about all this. I have one friend about two years away from pension, who is concerned he might have to keep working beyond retirement. He has a wife and two daughters, one of whom is disabled and dependent on him and his wife for support and care. I'm better off in that I don't have any dependents, but after working so hard and contributing to my retirement for all those years, it galds me that the government might take away what I've earned and give it to illegals, slackers, dopeheads and broads with litters of kids.
22 posted on 01/17/2013 10:51:42 AM PST by fatnotlazy
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To: bytesmith

Rice, potatoes, and ramyun are a lot cheaper than most dog (or cat) food, and they taste a lot better...


23 posted on 01/17/2013 11:13:25 AM PST by LambSlave
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To: IBD editorial writer

Cat Food ? The price of catfood has doubled since the installations of all the government planted presidents, since 2001. E.g. the price of a 3 oz. can around 27-30 cents in 2001, is now 55-60 cents and higher.

All of them, ever since Reagan left office....the brainwashing/conditioning, since the planting of the government Glass-Steagal repeal scam artists presidents, continues.


24 posted on 01/17/2013 11:13:36 AM PST by Varsity Flight (Extortion-Care is the Government Work-Camp: Arbeitsziehungslager)
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To: Jim from C-Town
Their lives are burning while O’Bumbler and the Democrats fiddle.

It's worse than that. Obama and the 'Rats are the torches. Obama wants to break white America while he orders in wagyu beef and Mooch goes on $4,000,000 holidays on Air Force One. The policy is called "miserification" -- happy people vote Republican, so break their lives and presto! Instant Democrats. Especially if they're eating out of your hand -- how can they say "no" when your ward heeler tells them what the price of a bowl of rice is?

25 posted on 01/17/2013 11:37:54 AM PST by lentulusgracchus
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To: IBD editorial writer

I’m reminded of surgeries on cats—surgeries with costs in the thousands and even tens of thousands of dollars. Even their cats don’t eat cat food. The cat food must be going to young folks, who are out of work because of collusions with foreign communist enemies to shut down our economy and nation. A large manufacturing base is necessary for big, sustainable revenues.


26 posted on 01/17/2013 12:18:36 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: IBD editorial writer

In 0bama bizzaro world, those that have put off consumption and saved for their own retirement are not prudent people who have planned for their future, but greedy 1%’ers, who don’t really need the money anyway, and should be spreading the wealth around. If they won’t do it, Dear Reader will finds ways for them to finally pay “their fair share”...


27 posted on 01/17/2013 12:28:25 PM PST by machman
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To: fatnotlazy

Same age and situation here. The though of four more years of guy makes my skin crawl.


28 posted on 01/17/2013 12:33:09 PM PST by jersey117
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To: VRW Conspirator

I think Obama is accomplishing what Bill Ayers tried to do decades ago; blow up the White House only it will be at the hands of the people that he thinks he is king of.


29 posted on 01/17/2013 12:34:19 PM PST by jsanders2001
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To: Jim from C-Town
Remember, those with this type of savings are generally middle class and often professional and educated people.

The obama plan is to make whitey suffer....yeah, I said it.

30 posted on 01/17/2013 3:15:33 PM PST by subterfuge (CBS NBC ABC FOX AP-- all no different than Pravda.)
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To: katnip

Like the Jimmy Carter years, only worse. Before it’s over we’ll have endured and entire decade or more of ‘MALAISE’ and ‘STAGFLATION.’ These are the new normals. Resistance is futile, you will be assimilated, then crushed. Sorry.


31 posted on 01/17/2013 3:22:22 PM PST by subterfuge (CBS NBC ABC FOX AP-- all no different than Pravda.)
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