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.
Very alarming is right.
And to be honest, I think that's what he wants. The way he pushes hot buttons, I pretty much believe that he's trying to make his opponents make the first move and initiate rebellion. At that point, he will feel more empowered to get down and dirty and start governing like an actual dictator.
JessJessJess
If he wants rebellion, then he’s going to get it. However, I’m not so sure that the military will back him up; he’s going to need their support to stay in power. Otherwise, he’s history. We’ll have our own Nuremberg trials in DC, and Obama, Pelosi and Reid will all be marched to the gallows for treason.
The Pension Benefit Guaranty Fund could declare state pension funds insolvent and take them over. They shouldn’t be able to legally but look at the auto and bank takeovers. They followed a similar pattern. Declare the institution insolvent, take it over ‘for it’s own good’. The Delphi auto pension, for instance, is already Federalized. I wouldn’t shrug this off.
Wait...state pension funds like those that support unions like AFSCME and SEIU? Well, they do fully support everything this administration proposes, all I can say is welcome to the opposition. LOL
Flash point. Are they really this stupid?
Flash point indeed!
WTF!!!!!!!!
That was a rhetorical question..... right?
BTW, most of our CA pensions are broke.
[a blogger at] 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."
The groundwork of limiting private equity firms from participating in the banking industry has already begun. The Feds are requiring double, or more than double, Tier-1 capital in some cases to participate in these numerous bank takeovers. It’s directed against private funds and state pension funds. The signs are there.
Can someone explain exactly what a “state pension fund” is. Would this be private companies or what?
Thanks
Sure thing. Which part in particular?
Bookmark for later
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.