Posted on 08/22/2009 9:25:05 PM PDT by Earl Voak
Congress may confiscate every state pension fund into the bankrupt social security system. Indications that this strategy is being discussed in Washington have come in to us from several sources over the last few days.
Tonight, a correspondent who has just come home from a Tea Party Townhall Meeting in Salado, Texas with US Representative John Carter (R-Round Rock) issued the warning. She said, "Representative Carter informed the crowd that talk has been bandied about Congress to appropriate every state's pension plans into the bankrupt Social Security System." She is absolutely 100% sure that she understood him correctly.
Dear readers, please understand that we are bloggers, and not professional journalists. Our information comes from ordinary folk who do the best they can to understand the political scene. Ordinarily, this would seem so outrageous that we would wait to share the news until we could get more clarification. But the current administration has moved with such breathtaking swiftness to federalize private assets and plunge our country into socialism, that we feel the need to sound the alarm, just in case.
We'll keep updating this post as we find out more.
From the Friday, January 29, 1993 issue of the Washington Post we have this article (archived by the Seattle Times) -- Budget Cuts Vs. Social Security -- Tap Pension Funds Worth $4 Trillion, Panel Tells Clinton -- Employers Sense Danger 'Once They Get Taste Of This':
A bipartisan government commission yesterday recommended to the Clinton administration that it launch an aggressive effort to tap the retirement funds of millions of Americans to help pay for rebuilding the nation's roads, bridges and highways and give the economy a lift.President Clinton has indicated past support for the concept, which would represent an unprecedented effort by the federal government to deal with its budget woes by turning to the more than $4 trillion in cash, stocks and other investments held by pension funds.
Some opponents in the pension industry, who worry about protecting retirees, said they fear Congress might revoke the generous tax treatment afforded pensions if they actively oppose the initiative.
The recommendations by the congressionally chartered Infrastructure Investment Commission, which has had the strong support of Senate Finance Committee Chairman Daniel Patrick Moynihan, D-N.Y., include establishing the National Infrastructure Corp. It would be a new government-sponsored corporation that would encourage at least $30 billion in investment by pension funds. Several billion dollars in seed money for the new corporation would come from a new energy tax now under consideration.
Energy tax. Sound familiar?
10:19PM Full Metal Patriot -- Congress is planning to raid EVERY state's pension funds to prop up Social Security. This blogger has done some background research, and reminds us of earlier attempts to "redirect" retirement assets:
This rumor definitely caught my attention. After doing a little investigation, it looks like it's entirely true. Last year, House Democrats were contemplating abolishing 401(k) tax breaks and redirecting those funds into a new system of government-controlled retirement accounts to which all workers would be forced to contribute. And more information about the Democrats' immoral plans to ransack every American's personal retirement has been reported on CNN, The Wall Street Journal, and Carolina Journal. Now that they control both houses of Congress and have a big-government socialist in the White House, it looks as though Democrats are ramping up their machinations.
If you think this would make your social security check more secure, that's wishful thinking. Anyone who relies on the Fed for their security is foolish.
I agree completely. Ironically, it is the socialist / Democrat goal to get as many people as possible relying on the Fed for their security.
and number two....most people don't know how to invest in foreign countries like it was going to the neighborhood credit union....
but...I am not contributing as much this year and I really think I will just stop it all together...might as well have extra cash in my credit union or here at home....could pay down the mortgate more...etc...
pretty depressing day all in all.....
just tell me where to move....
Are they talking about State Govt. Workers Pension Funds ?
That would be fine with me let the Govt .Workers see what social security is like
BTTT
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