IF he wins...The IF grows larger by the day.
When Obama’s hyper inflation kicks in , what good will your 401K be anyway? He may as well just take it.
It isn’t earning any interest now.
Leftists began chattering about this amongst themselves within five years after Reagan created 401K’s.
I think he'll have plenty of time between 11/6 and 1/20
They’ve already talked about doing this, plus taking 40% of our interest on stocks.
If 0bama is re-elected, he’ll have NO INTEREST IN REDUCING THE DEFICIT OR HAVING A BUDGET. After all, he got re-elected with a massive deficit and no budget, right?
If anyone confiscates or nationalizes my savings, i sincerely believe violent overthrow of whoever did it is justified and moral. Like they taught me, the personal IS the political.
That equation works both ways, you would be tyrants.
I believe they will go after it via the back door by requiring a certain percentage of the 401K be invested with US Government bonds. They will start small at first say 5% and then increase that number over time.
This is when the shooting starts...
They can use Justice Roberts’ “tax power” argument to get away with stealing people’s property without just compensation in violation of the 5th amendment.
No matter who wins, your personal retirement accounts are toast. If you’ve provided for yourself, the least that will happen is it will be deducted from any social security due. It may just be rolled over in the ss fund. Make no mistake though, politicians are salivating over the money saved by individuals and won’t leave it alone
< Obama logic>
1. 401(k)s and IRAs are risky.
2. Government bonds are nice and safe.
Therefore, wouldn't it be wise to have people invest some of their retirement money in government bonds (never mind that they can already do so if they want to). So just require every retirement plan to put a small amount, say 10%-20% of their assets into government bonds. The resulting stock market crash from removing that much money from stocks all at once will just show how wise it was to keep some of the money in bonds. In a few years the percentage can be gradually raised to 50% or more.
< /Obama logic>
Soon all of the retirement money would be under government control without really inciting anyone to violence. Now maybe you would be willing to grab your gun and march on Washington for an outright theft of hundreds of thousands of dollars of retirement money, but would anyone do that for a change from 30% to 40% government bond requirement?
There’s plenty of reasons to dislike Obama and Romney without making crap like this up.
I have a promise for anyone that steals from me. Make my day.
Obama clearly stated in his DNC speech that he was experimenting like FDR.
IOW, to see how much he can get away with while Boehner is the drunk Speaker.
No other speaker in history would allow this accept Pelosi, imo
Based on what has happened in some other countries, the more likely option is to give folks a choice between keeping their 401k and forfeiting SS, or keeping SS and forfeiting their 401k.
As it stands, they are talking about “means testing” social security. I.e., if you have a significant 401K, then you don’t get any SS money. Probably you would also need to contribute $$$ to your Medicare coverage.
I don’t think this will happen. At least not within the next four years.
Press release of a report published in 2009...(there was a $1billion line item in the executive branch budget to create a mandatory IRA program - that would invest in special “retirement” US government bonds.
New U.S. Government Retirement Agency Coming in 2010: The Department of Inefficiency
Given The Infrastructure And Capabilities Currently In Place, A New Government Agency Dedicated To Retirement Savings, With Its US$1 Billion Annual Price Tag, Is A Suboptimal Solution.
Boston, MA, May 26, 2009 – A new report from Aite Group, LLC details the United States’ proposed new retirement savings plan, as it is currently configured, and lists similar services currently offered by brand-name, low-cost firms.
The current U.S. executive branch has shifted its focus for retirement savings initiatives in 2010. Previously on the table was a program to mandate enrollment in employer-sponsored 401(k) plans. Now, the administration has settled on an auto-enrollment IRA program through payroll deduction. While many details of the plan are still in development, Aite Group suggests that a new government agency dedicated to retirement savings, with its US$1 billion annual price tag, is a suboptimal solution - particularly given the existing financial services infrastructure.
The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged.
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort…
There is “a tremendous amount of interest in the White House” in retirement-security initiatives, Borzi, who heads the Labor Department’s Employee Benefits Security Administration, said in an interview.
In addition to annuities, the inquiry will cover other approaches to guaranteeing income, including longevity insurance that would provide an income stream for retirees living beyond a certain age, she said.
“There’s been a fair amount of discussion in the literature taking the view that perhaps there ought to be more lifetime income,” Iwry, a senior adviser to Treasury Secretary Timothy Geithner, said in an interview…
One proposal raised by Iwry as co-author of a paper while at the Retirement Security Project, before joining the administration, has reached Congress. A bill requiring employers to report 401(k) savings both as an account balance and as a stream of income based on an annuity was introduced on Dec. 3 by Senators Jeff Bingaman, a New Mexico Democrat, Johnny Isakson, a Georgia Republican, and Herb Kohl, a Wisconsin Democrat.
http://beforeitsnews.com/obama/2010/01/will-obama-seize-americans-401ks-and-iras-11741.html