Posted on 02/18/2010 8:03:31 AM PST by Red Badger
You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.
BusinessWeek reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."
In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.
They will tell you that you are "investing" your money in U.S. Treasury bonds. But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds.
This "conversion" may start out as an optional choice, though you are already free to buy Treasury bonds whenever you want. But as Karl Denninger of the Market Ticker Web site reports: "'Choices' have a funny way of turning into mandates, and this looks to me like a raw admission that Treasury knows it will not be able to sell its debt in the open market — so they will effectively tax you by forcing your 'retirement' money to buy them."
Moreover, benefits based on Treasury bond interest rates may be woefully inadequate compensation for your years of savings. As Denninger adds, "What's even worse is that the government has intentionally suppressed Treasury yields during this crisis (and will keep doing so by various means, including manipulating the CPI inflation index) so as to guarantee that you lose over time compared to actual purchasing power."
(Excerpt) Read more at investors.com ...
If they try this, even mention trying this, even hint at trying this there will be an armed insurrection that will make the Civil War look like a Tea Party..................
Pinging all people with IRAs, 401Ks or Keoghs.............
.
Bttt
Ping for later
Or put food on the table.
Fleming Vs Nestor. The federal Government is under no obligation to pay you your Social Security. Section 1104 of FICA, the “Reservation of Power” allows the congress to spend the money in the system by putting it in the general Fund and putting IOU’s in its place. So when the Feds send you a statement of your “account” think of it as a second mortgage.
Laura D’Andrea Tyson is an economic adviser to Obama. She served in the Clinton Administration where she authored an idea to tax Employer Contributions to 401k’s as current income and a retroactive tax of 15% on 401k’s to make up for them not being taxed in the first place. Read “Mrs. Tyson’s Fried Economics” in National Review c 1993.
Here’s the public comment: dip your filthy hands into my savings, my labor, the sweat of my brow and the fruits of my work, and I will go wild on your asses like a Bakersfield chimp. Is that comment enough, you thieving scumbags?
Any Congresscritter voting for this is signing his/her own “VISIT HENRY BOWMAN’s HOG FARM gift certificate”.
I guess it’s appropriate to respond in kind when a group or entity is intent on using force to enslave and rob us.
Fleming Vs Nestor. The federal Government is under no obligation to pay you your Social Security. Section 1104 of FICA, the “Reservation of Power” allows the congress to spend the money in the system by putting it in the general Fund and putting IOU’s in its place. So when the Feds send you a statement of your “account” think of it as a second mortgage.
Laura D’Andrea Tyson is an economic adviser to Obama. She served in the Clinton Administration where she authored an idea to tax Employer Contributions to 401k’s as current income and a retroactive tax of 15% on 401k’s to make up for them not being taxed in the first place. Read “Mrs. Tyson’s Fried Economics” in National Review c 1993.
Per our previous discussion.
We cannot take our eyes off this ball the Dims have put in play.
Socialism is persistent in its creeping confiscation.
Envy is very destructive to individuals and society in general. It blackens the heart and I can understand why it is a “Deadly Sin.”
Class warfare is nothing but envy in action.
Is she a Tyson chicken heir from Arkansas?............
Posted this to my facebook page earlier, saying that if the dems pull this off, November will be a tsunami against them, and they will forever be the minority party. Wonder how many of my lib friends with 401k’s will respond.
“The truth is, in order to get things like universal health care and a revamped education system, then someone is going to have to give up a piece of their pie so that someone else can have more.”
Michelle Obama
E-mail it, ping it to any lists you may have, give it to your neighbors, church groups or whatever. This must not go forward..............
Hmmmmm ...ok ..
Do I invest in US Treasuries, or AlBore’s Carbon Credits.. equal investments of equal worth..
In the meantime, peace meal legislation will be funneled thru to allow the goobermint to seize that money.
Remember, goobermint is the worse crack whore ever seen when it comes to their fix and our money.
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