Posted on 11/27/2012 11:17:14 AM PST by Perseverando
NEW YORK – Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their retirement accounts.
Remarkably, those financial professionals specializing in private retirement savings and the U.S. citizens investing in private retirement plans now face the possibility the Obama administration and its allies on the political left will impose rules and regulations that effectively abolish the private retirement savings and investment markets.
Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt.
Government takeover?
An Investment Company Institute study published this month found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.
Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market.
“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explained National Seniors Council National Director Robert Crone, describing a recent Treasury-Labor hearing held in the Labor Department’s main auditorium.
“However it is clear that his is just the first step toward a government takeover. It feels like the beginning of the debate over health care and we all know how that ended up.”
(Excerpt) Read more at wnd.com ...
Better men than I left bloody footprints on frozen ground to give us this country.
They would be at arms already.
I doubt that I will be the only one to say “Let the 2nd revolution begin!”
IIRC also. Think Jesse 'the huckster' Jackson was behind it.
The above says to make us save more they will eliminate our private savings plans by automatically enrolling us in an work IRA ??
Too many contradictions.
They want people to save more? (good idea)
Then raise interest rates, its that simple. But that is anti-stimulus=anti-consume. Saving aint spending.
If Obama really cares about this then why didnt he pass it when he had 60 in the Senate? Its too late for that now.
This isn’t directed at you OSHA.
I get a kick out of freepers here with tough-sounding taglines but with little or no respect for their FRiends. They conflate issues and suggest that we are all sheep and that we don’t mean what we say, that we will just rollover and submit to tyranny ... Makes me wonder why they are here when they could spread that kind of manure over at dummies underground and be applauded for it. I mean every word of mine.
FR is the point of the resistance.
They will slowly bleed you dry, so slow an average person will likely not even notice until it is too late. Sorta like taxing those making +$250,000, tehn racheting it down to as little as $50,000, or a FICA tax that is practically nothing at the start until it is now a major tax for most individuals.
http://www.youtube.com/watch?v=svpsLZDgFK4
pensions are the stock and trade of the unions.
that is where the real power lies.
(see golden rule, man with gold makes rules)
the US has no merchant marine to speak of but the merchant marine union has one heck of a pension fund.
“This would be the tipping point for me. I have spent exactly one career funding and managing IRAs for retirement. To have the marxists steal it under pretenses would not set well. This would amount to war on the makers by the takers”
Cash it in like I did yesterday. Fortunately, I did not have to pay a penalty, only tax.
bump
bump
We pulled some cash out of our 401K a few years ago, not a lot. The penalty wasn’t what “hurt” us $$$ wise.
Where you feel the pinch is when the money pushes you into a higher bracket and you pay the penalties, plus the tax on the 401K money at a higher rate, but also the tax on our earnings that year was taxed at a higher rate, so we had to make up that difference too. I know we paid over a third of what we took out in taxes.
So if someone has a sizeable 401K, where they’re going to get hit is on being pushed into a higher bracket. Of course, better now than later if tax brackets go back up.
Reality sucks.
Trick question, right MrB?
I think that is correct. The race card is well worn out now, and I think this needs to be shot down as it was then.
How did you avoid the 10% penalty?
Unless you’re an 0bamacare Euthenasia Candidate (ie, over 65)...
Yep, for several years JJ pushed a scheme to require pension funds to invest in 'low income housing', whatever that would have been.
It's more than that...
It is destroying everything Reagan stood for (Friedman, Hayek, Laffer, Goldwater too) Reagan signed this into law, and ditto that the lower marginal rates.
You see he has to destroy all vestiges of American exceptional-ism, the 401k is one, where an individual can over time get rich slowly, and hand it off to another generation. You can't do that in the Socialist Construct.
Tangent that is it hurts the middle class more, and like all Commie B@$****s they need to destroy the middle class to have the surfs and the elite Apparatchiks, remember some Comrades are more equal than others.
It is also about them controlling your wealth and destiny, no you.
How dare even his "peeps" go to the library learn about their funds in their 401(k) via Morningstar, learn about asset allocation from Money Magazine and get rich on their own....
Can't have that, it is better to have someone like Trumpka and his minions oversee it, possibly even passed through their organizations organs, you know kinda like the old Teamsters Pension Funds building Vegas...
An Investment Company Institute study published this month found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.
With numbers like these you can see why the Government is so interested and why “thinking and reasonable” people should take these articles warning of this seriously.
Of course “Social Inertia” aka “Normalcy bias will do in 99% of those who use these financial “vehicles” for funding their retirements.
He also tried health care. Obama has a “better” track record than Clinton so far.
And now he’s more “flexible”...
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