Posted on 11/22/2012 1:13:55 AM PST by lowbridge
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.
The hearing, held in the Labor Department’s 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.”
Such “reforms” would effectively end private retirement accounts in America, Crone warns. “These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system.”
(Excerpt) Read more at theminorityreportblog.com ...
Because we would kill them if they tried that. This way, no shot is ever fired.
They don’t come for these things because they already have them, they’re just working out how to break the news to people.
...ultimately all Americans “buy” these annuities..
This will be accomplished by creating a fine that they will call a tax.
Thank You so much John Roberts you P.O.S.
because this way they can slowly take it, without fear of reprisals. And, if they do it drip by drip, people will ASK for it to happen — as we saw in the last election...
IMO,I’ve never been a fan of either plan or the 457 plans.
I think they all should be looked at as “what are my tax consequences in the future vs if I paid taxes on those funds now, plus what if any is the employer matching funds.
I always felt that the national debt and the employer matching funds are the 2 key fundamental questions.
I can’t imagine that taxes will be lower in the near and far future.
When Americans nationwide cash out their private retirement plans before the Marxist gets his fascist hands on them the sudden removal of trillions of no longer investment available assets will finish the collapse of the American economy Obama started...
...the nationwide chaos will, of course, demand a strong RULER to restore order and guess who THAT will be?
I am very critically near making the final decision to surrender my 401K this year in its entirety to: 1) keep the capital gains tax rate that still exists, and 2) to get it out of harm’s way ala Obama’s thieves.
I think taking the bite on a larger income now would be better than getting nothing at all in the end.
I definitely will have to buy a better safe, though.
I doubt that most people will cash out. They will just leave it in the retirement accounts and sit quietly when the government confiscates their balances and gives them some honeyed lines about it being for their own protection and the greater good. For those who do cash out, they would be advised to move their assets offshore beyond the reach of a government that will be like a locust plague.
The capital gains tax doesn't apply to 401K's.
You don't suppose even the godless, soulless socialist pigs have figured out that when you give the money to the government it goes down a rathole?
They still imagine they must use government's coercive power to force people to save ~ not at all thinking that left alone people might save anyway ~ and become rich!
I have a different proposal ~ identify all the leftwingtards and take away their stuff.
There, end of that idea.
Absolutely nothing, apparently. Because they keep stealing from us and we keep letting them. I reluctantly am thinking its time to end this “grand experiment.” No,Mr. Franklin, we could NOT keep it.
The premise that 401ks are biased to the rich is ludicrous. However, don’t let that stop left wing kooks from using this treasure trove to confiscate from the savers to buy votes from those who don’t save money.
More takers than makers and the takers are winning at the ballot box. All we can do is fight the fight, vote for the right candidates and hope that this kind of oppression can be stopped.
A 401K revolt will sharply reduce the power of government, will preserve your individual freedoms and is currently the easiest way for Atlas to Shrug.
I don’t know about you, but at my house we’re armed.
I am glad about that. However, they won’t be coming to your home to take the money, they will do it first by mandatory forms with your employer and then they will hit the banks and investment companies. It is coming sooner than we think.
Judging from how stupid they are in writing the ‘law’, they will probably insert similar verbage as the following in the new ‘national retirement system’, then we won’t be forced to ‘participate’—
The Law Itself Says Virtually No One Has To Participate In ObamaCare!
Twila Brase,president of the Citizen’s Council for Health Freedom (CCHF) and one of the most educated of Americans concerning the ins and outs of Barack Obama’s Patient Protection and Affordable Care Act,believes the language of the law makes it clear that the overwhelming majority of people do not have to participate in ObamaCare unless they freely wish to do so. Brase writes:
Obamacare has more chinks in its armor than a turtle without a shell. As a result,state governors and legislators can inflict great damage. The following amazing chink was discussed by a Goldwater Institute attorney during a Tennessee-based webinar on Monday (at which I was a panelist). It’s only 10 lines long in the 950-page version of the law:
‘No individual,company,business,nonprofit entity,or health insurance issuer offering group or individual health insurance coverage shall be required to participate in any Federal health insurance program created under this Act (or any amendments made by this Act),or in any Federal health insurance program expanded by this Act (or any such amendment),and there shall be no penalty or fine imposed upon any such issuer for choosing not to participate in such programs.’
I emailed Twila Brase and suggested that this language indicates that ONLY “health insurance issuers” may escape fines or penalties for not participating in Barack Obama’s signature healthcare takeover. Individuals and businesses who choose to not participate will face crushing fines and penalties obviously designed to FORCE their submission to the will of the left. Certainly,we have already heard of these punitive fines and penalties.
Ms. Brase was kind enough to respond,writing that “lawyers disagree” with my reading of this tiny portion of the law.
Is it possible that we are misreading the language and intent of the law? Does the above sentence actually mean to say that all “individuals,businesses,nonprofit entities and health insurance issuers” who offer group and individual health insurance coverage and refuse participation in ObamaCare will not be fined? That is,individuals who offer group or individual health insurance,businesses who offer group or individual health insurance,etc? Clearly,this would dramatically reduce the number of those who could refuse to obey the ObamaCare law and still avoid punishment.
One thing is certain–it’s difficult to imagine that a radical left at long last politically capable of literally controlling the life and death of 300 million American citizens could be guilty of stating that no one has to obey its commands! How could these power-hungry Marxists manufacture a 2700 page law,bribe and intimidate recalcitrant politicians into supporting it,and then commit such an extraordinary oversight?
Nearly 3 dozen lawsuits designed to take down ObamaCare are now working their way through federal courts. Maybe the question of who must really obey the law will eventually be answered. Until then,we can only hope that Twila Brase is absolutely correct and the creators of ObamaCare have made a monumental blunder.
If the communists come for my 401k, words cannot express what might happen. It is only a matter of time; they cannot stand an independent population.
Can anyone cite an existing bill before the Senate for this?
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