Well, I guess the timing of my recent layoff was fortuitous. Means I can get my 401k money under the radar before .GOV confiscates it.
Dear Lord, save us all! We will all be under welfare.
If you do a web search, you will find that George Miller (D-CA) among others were touting exactly this a year or more ago. The proposal Miller made was that Uncle Sam would guarantee the 401K holder the value of the fund as of mid 2008 (before the crash) if the fund would be turned over to be managed by Uncle Sam. Sounds good, doesn’t it? Until they would change the rules so as to deprive you of most of it.
“Forcing people into Treasuries as an “annuity” is exactly what Social Security allegedly is. Except that Treasury stole the money that was collected in FICA taxes and spent it!”
There is no trust funds of any type whatsoever. ALL monies go in to the General Fund and then it is used to pay for expenses. So they didn’t steal anything, they meerly lie to everyone.
Face it, the money’s gone and they’re trying to hide that fact as long as they can.
A bridge too far.
They are really looking at nationalizing all private, state and local governemt retirement accounts.
Bump!
This is not the first time this has come up. The leftists have coveted IRA/401K’s for a long time. I think I remember Jesse Jackson running on the idea of taking that money and using it for reparations.
I think last year some Dems were talking about taking that money and putting it into social security in exchange for small monthly payments. or something like that.
Reminds me of the proverb, “A Fool and his Money are soon Parted”.
Or in this case..Patriots and their money!
If something like this becomes a reality, then the biggest dupes were those who converted traditional IRAs to Roth IRAs in the last ten years — and paid income taxes on the conversion in the process.
I know, I know, I am at fault for living responsibly. I should be willing to give up this money to the irresponsible, who have to make bigger decisions between lottery tickets, beer, and drugs.
My suspicion is that this leads to civil war.
One of my accounts(American Funds) grew 30% last quarter.
¡Not Good!
A friend told us of this scheme about a year ago. He said that basically any pre-tax money in IRAs or 401Ks isn’t really your money since you haven’t paid tax on it, they could decide to do whatever they want with it. Scary
I never understood people that went postal before.....this last year.
This is all by design—to impoverish you. So you’ll beg for a crumb of food by your new world order masters. Look who the hell is in charge of the White House if you need proof.