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.
Yup - Argentina has had 50 years of Peronism socialism. The country was the 7th wealthiest in the world around WW2. I doubt today it is in the top 50.
Your No. 16 post .... I suspect you’ll find some obscure details which I’ll use to figure out a way to ‘secure mine.”
I think there are a few states that would seriously challenge any attempt by the federal rats to steal “their” pension funds. There are already several states asserting sovereignity from federal overreaching.
I hate to break it to you, but they shift the burden of all that debt caused by their reckless spending and outright thievery to the taxpayers the moment it's created.
Who did you think pays the interest on the National Debt? Why do you think it's called "our" national debt?
This post is pretty creepy!
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Fed is turning into a giant Hoover vacuum cleaner for assets and property of the middle class, and, the move is so large as to be effectively permanent. Most of 300,000,000 people will be poor soon, and, history has never dealt well with large populations of poor people. Will the middle class survive through the end of THIS year with the current administrations draconian ‘solutions’?
Moving state pensions into Social Security should stand anyones’ hair on end. Does not the middle class understand and see that it is being cleaned out systematically?
Worldwide pensions are steadily collapsing, and world trade (shipping) continues to sink...recovery is imaginary as of now in spite of fairy-tale US media assertions.
In the US, www.pensiontsunami.com has daily info on the general course of US pensions...have a look. Looks to me the govt. wants to grab them while they have some value to be gleaned for transfer to the banks and other financial priorities. SS is only full of IOUs. If pension assets are absorbed, they will be transferred forthwith and the IOUs in SS will expand exponentially. We will never know where the assets went as govt. is accounting for nothing now.
Yup. You'll (taxpayers) wind up paying for all their priveledged benefits regardless of your condition.
Remember, their intent is to completely OVERWHELM us with changes, etc.
You would be if you had other retirement investments besides Social security.
If that's all you are going to be living on, you're going to be living very lean. VERY lean.
Better start chopping and stacking up all the firewood you think you're going to burn over the rest of the years you plan on living after you retire. Don't leave it till you retire. You may be to old and rickety to chop wood, then you'll be lean and cold.
Did our capital move to Caracas?!! “Appropriate state funds??!!”
“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.”
Exactly why Obama wants to keep the war in Afghanistan going amd the majority of our fighting troops stationed over there. With this great majority of the military overseas in Iraq, Afghanistan, other countries, and otherwise occupied, Obama doesn’t have to worry about them in a political sense back here in the U.S. Keep the military otherwise occupied and out of his hair and out of the country.
Meanwhile he does his dirty work back home on the domestic front. Wake up America. This guy is devious. As much as he would like to please his liberal base by bringing the troops home, this does not comport with his desire to keep them away from our shores lest they cause hum trouble back here. He can’t and won’t say this, but it’s why he is willing to go up against his base on this matter. Mark my words.
Obama wants a bloodless coup in his march towards socialism. The only troops he wants around are the domestic ones he creates through his use of SEIU and Acorn, etc., and his desire for a states-wide policing force as large as the army (his own brownshirts), although Obama will also push for the U.N. to establish its own military to use to put down internal insurrections in countries, including our own. The Manchurian candidate and his henchmen at work.
These are retirement funds, they’re not supposed to be debt. They’re supposed to be sitting in an investment fund somewhere where their funds go up and down with the stock and bond market.
I. without any evidence or reason whatsoever, think these funds are actually going to turn out to be illusory. I think that money was spent on corruption long ago. I think the nationalization of them is supposed to keep the truth from coming out.
That is all my opinion and conjecture.
It could just be that the left is watching the stock and bond markets drop. They know leftists in power will do nothing but harm the economy and they want to make sure the union members, their loyal goons, are protected. So the federal government will “make them whole” (massive spending). Meanwhile no SS benefit increase for 2-3 years.
That is MORE plausible than my idea, but maybe we will see.
I think nearly every state government will be glad to hand off their obligations to the federal government.
You mean like he fancies himself to be Lincoln? /s
In New York State, I think it’s state, county and municipal workers, including teachers, police, fire, teamsters, and other workers.
IMO, Patterson would fork over the whole wad in a heartbeat.
yes
he has stated that he is in the mold of Lincoln, Soooh?
Computer Associates is broke? Well, they are a Chicago organization. / S
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