Obama Begins Push For New National Retirement System
http://www.theminorityreportblog.com ^ | november 21, 2012 | steve foley
Posted on Thursday, November 22, 2012 4:13:55 AM 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.”
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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.