Posted on 08/09/2013 6:09:06 PM PDT by Yosemitest
And to the NSA trolls, FU.
What I find most ironic is the laser like focus on the $16T+ debt, when in fact there are $125T+ in unfunded liabilities....promises of politicians w/out the $$ to back the same.
Even taking EVERY penny would still not put a dent into that tally.
But, I sure as shit hope it would cause a storming of D.C. by the likes of which we’ve never seen. Then maybe, just MAYBE, this Republic can return from the (mostly)dead [my Princess Bride reference thrown in there].
Nope, but that’s some good reading. Thanks for the links.
Citizens attempting (I note it never lasts for any length of time) to stem the tide of gov’t corruption and malfeasance.
Reminds me of the story I read about the Citizens in ~1950 storming the armory to toss out corrupt politicians....Unfort., I don’t recall that they ever took one+ ‘out’ to enhance the rest of Our lives.
Why just the other day, The Hon. Muzzy Keith Ellison of Minnesota was spouting off about how there was plenty of money around, the government just didn’t have it yet. He stated that the government has a “right” to our money.
When the weekend haircut went down in Cypress earlier this year, not one banker or elected official was hauled into the street and summarily executed. Obammy notices stuff like that.
Gains on Roth IRA’s are not taxable,...yet. Hey NSA FU2
And no one outside the echo chamber where she is a "professor" takes her seriously.
This is an attempt to get people to participate early in their working career.
I read the text at your link bill text link and I don't see any red flags in what is written, unless I missed it.
Its says employee contribution is purely voluntary and says nothing about taking control of our IRAs, which would be impractical to do anyway.
And it doesnt say that the investment MUST be government bonds, it can be traditional IRA type investments.
What have I missed?
Forget when or where I first heard this, but a point was made that the value of all IRAs and 401ks combined equals roughly the size of the national debt excepting unfunded/underfunded entitlement programs. At some point in the very near future there will be an economic crisis that qualifies as a national emergency where it’ll be “Buh bye 401k and your IRA.” However, neither will “really, really” be gone in the sense that they’re...um, never coming back gone because of the IOU you’ll get along with assurances that every nationalized asset will be responsibly and competently managed. Indeed.
It gets even better, though, because profits that banks now earn through managing all those assets will be lost. So what to do, what to do, think, think, think.
Well, the solution’s already been thunk, thunk, thunk. In fact, it was taken out for a test drive in Cyprus where it worked out quite well — for the bankers, who found it convenient, efficient, and, interestingly, lawful to simply announce that henceforth all former depositors shall now be referred to as creditors with all the rights — and risks — associated with that relationship. (Psst, it’s always been this way.) Banks don’t store money so there’s no such thing as a depositor. What banks do do (stet) is manage the collective monetary instruments of their customer-creditors, hopefully with a return on the investments and loans made from its C-Suites. Incompetence isn’t illegal, but the potential for significant losses at any bank deserves the turning of a few rocks simply because stupidity doesn’t scatter.
It’s inevitable that Cyprus Haircut’s will soon become a worldwide rage.
They are defacto stealing with all the money they are printing. Making the dollar worth less and less. 401Ks and IRAs are denominated in dollars, so they are worth less and less and will buy less and less.
Impact is the same as if they just went in and took out a bunch of your money.
There is no tax free income in a regular 401(k) or traditional IRA. You don't pay taxes on the contributions, but you pay taxes on ALL withdrawals, at the time that you withdraw it. So, that taxes both contributions (belatedly) and return on investment.
Roth IRA's and Roth 401(k)'s have tax free income. You pay taxes on the contributions at the time they are made, but all withdrawals are tax-free: including any return on investment after you make the contributions.
I can see them changing the rules to limit or eliminate additional contributions to Roth accounts. But, I think they would have a fight on their hands if they tried to change the rules on withdrawals, retroactively.
At the end of 2012, there was about $5.1 trillion in 401(k)'s and 403(b)'s, and $5.4 trillion in IRAs. 17% of households had a Roth IRA, while 32% had a traditional IRA. But, since Roth IRA's are newer, the average balance was $20,000, while the average balance for traditional IRA's was $42,500.
I wish I could "like" this, or +1 it.
You are one of the few voices of sanity on these threads.
Yep that is exactly so. If the American public truly understood what easy money policy does, they wouldn’t spend so much time arguing over taxes, they’d be thinking about doing something drastic to the bozos at the Federal Reserve Bank since that “tax” is far bigger tax increase and/or theft than what’s proposed.
But that’s the dance they do. They want you to watch the dance around the tax issue while the guy behind the curtain pulls the strings to cause the same impact as a 40% or more raise in taxes and increasing it yearly.
Interesting links. Thanks.
>>“Can they really steal our IRAs and 401Ks ?”
Of course they can, and they will; not the first country to suffer from this ‘progressive’ idea.>>
It’s for the chirrun.
That “woman” looks like “she” has a mustache, or maybe some thing’s wrong with “her” upper lip.
Many have the benefit of 401Ks and IRAs but many don't,
And of the many that don't amny of them have menial jobs that require standing up all day, grocery checkers, etc, not that easy to do when you are in 60s.
So come along the Chamber of Commerce who wants to raise the retirement age to 70. A grocery store checker is going to be told she must work till 70 with no retirement savings that she might use to retire before that?
I guess here is the problem : why cant conservatives (not you and me but those who can get time on TV /cable news, esp members of congress) be proposing specific alternate ideas to make it easier for people to save for their retirement ?? There was a time when they had ideas.
Just proposing gutting SS and medicare alone is no idea and will always lose. That is why GOP is terrified to bring it up
At the link it says this is a house proposed bill.
So why did you post that this was Obama’s idea?
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