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 ...
I’ll cash them in, and take the 10% tax penalty before I let these bastards take my retirement accounts.
It’s real easy to dissolve Social Security and spur the economy at the same time.
All persons aged 21 to 45 may opt out of Social Security if they enroll in a 401K. All 401K funds are transferable from employer to employer. These employees must still pay a 1.5% payroll deduction until 2045 in order to fund current and future retirees. Those who choose to opt-out will receive no retirement benefits.
Persons born after Jan 1, 1992 will have no ties to the Social Security pension - no contributions, no benefits. But they will be required to contribute to a 401K throughout their lives.
Employers will be required to continue to contribute the employer portion so as to continue to fund Social Security commitments to retirees. However, employers are not required to contribute for employees born after Jan 1, 1992.
What effect would these changes have?
-Citizens will own their retirement.
-Americans will become savers, rather than debtors.
-401K investment funds will spur economic growth.
-Government will be out of the business of pensions, and oversight of this program will (should) be minimal.
-Employers will no longer have an additional cost for an employee, and can choose to offer higher salaries, higher 401K matching, or reinvest Social Security contributions in the company.
This is only preparing the way. It won’t happen until government revenues or expenses are shocked by something. Could be anything: the fiscal cliff recession, Maobamacare needs, war, etc.
Even then, anytime they want, Maobama/Bernspankme can now unleash a massive devalued dollar - by manipulating banks so they release their reserves. That will “take” savings before any townhall or hearing or vote occurs.
This is only preparing the way. It won’t happen until government revenues or expenses are shocked by something. Could be anything: the fiscal cliff recession, Maobamacare needs, war, etc.
Even then, anytime they want, Maobama/Bernspankme can now unleash a massive devalued dollar - by manipulating banks so they release their reserves. That will “take” savings before any townhall or hearing or vote occurs.
This is only preparing the way. It won’t happen until government revenues or expenses are shocked by something. Could be anything: the fiscal cliff recession, Maobamacare needs, war, etc.
Even then, anytime they want, Maobama/Bernspankme can now unleash a massive devalued dollar - by manipulating banks so they release their reserves. That will “take” savings before any townhall or hearing or vote occurs.
The Government’s ability to slash the value of the dollar at a moments notice is another excellent reason to own physical Gold and Silver.
I cashed in, took the hit and paid off my mortgage. My house weighs 100’s of tons and would be hard to steal. Of course now I don’t have any savings but if I become unemployed I will be eligible for everything. Coward-Piven.
Most will be “retired” to one of obama’s camps where they will disappear.I can’t say when it will begin but, I know that it wil. It is the standard communist m.o.
This way, they take over everyone’s 401k, toss it all in the same kitty and those poor illegals and sit on butts, get part of your hard earned money. Just more equal pay for nothing accomplished group.
there was a bill in the house:
“Under the Automatic IRA Act of 2010 (S. 3760), employees that currently lack an employer-sponsored retirement plan would be offered an auto-enrollment plan by their employer. “ - Aite Group report
Don’t know what the current bill is, or how it has changed...
As this was dated August 2010 before the House majority change, this is probably dead there.
Biggest concern now is a considerable change in angle of attack, the Reid Senate and Barry's E.O. pen.
The country has $17T in private retirement accounts. If the government seized that money, our debt is wiped out and we can spend like drunks for another decade.
...and don’t think the Democrats aren’t SALIVATING at that thought. My advice to people old enough is to get that money out of those accounts NOW - take the tax hit - and put it in a safe place (a mattress would work, relative to what’s about to come down).
The problem with Greece and the rest of Europe is that they never had that pot of money, so they really are broke. But we do, and when the bond traders come knocking, this is how the Democrats (and probably the Republicans) will answer.
“I think taking the bite on a larger income now would be better than getting nothing at all in the end.”
Do it...it’s going to get ugly soon.
Somehow the House Judiciary Committee has to bring this madness to a stop by impeachment.
Thanks to all posters/linkers/researchers. POST/THREAD BUMP!
“How much (of your wealth) is physical, in your possession, defensible?” 3 minute 50 second mark here...
http://www.youtube.com/watch?feature=player_embedded&v=7dFVFJ0iRRA
BIG GOVERNMENT IS CRONY SOCIALISM. DEFUND their collectives. DISMANTLE their collectives. DEPOPULATE them from the body politic.
This is just some of the damage socialists have inflicted upon “we the people”...(with no opposition/recourse up to this point)...
Pay, pensions and perks of all legislators past and present rescinded for not reducing/eliminating the debt.
(...it is a moral crime to give money to support ideas with which you disagree; it means: ideas which you consider wrong, false, evil. It is a moral crime to give money to support your own destroyers. - “The Sanction of the Victims”, TOF, April 1982.7.)
“—That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.”
Alter it.
(I’m out of 401k. I cashed it out about 6 years ago, after my primary job ended...company went bankrupt. I took the hit and used it to pay down debt. Fortunately I cashed out at the peak.)
Some in Congress would against this until they got their “wheels greased” by the lobbyists.
This is only preparing the way. It won’t happen until government revenues or expenses are shocked by something. Could be anything: the fiscal cliff recession, Maobamacare needs, war, etc.
Even then, anytime they want, Maobama/Bernspankme can now unleash a massive devalued dollar - by manipulating banks so they release their reserves. That will “take” savings before any townhall or hearing or vote occurs.
You just thought the first four years were bad. Just wait.
Fortunately it would no longer affect me since I have been forced to cash out my 401k, my profit sharing, my retirement and my entire life savings in order to feed my family for the past 4 years...
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