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 ...
Did you know the Gadsden flag was the very first flag of the United States Marine Corps?
the Jesse Jackson types in the Democrat Party have been scheming ways to get their hands on that $$ for two decades now
ping
CHECK OUT THIS CRAP........PING!!!
All countries where the government has too much power
over the people is a small or decline of the middle
class, a lottery and lowered morals.
My money’s going under my mattress.
They’ll “steal” it, or at least steal its value, through inflation.
Better to buy tangible goods.
What are they going to do to all the people who liquidate their 401(k)s in anticipation of this law? I would not doubt that the law will reach back 6 months or so and demand you give them the money you took out.
My head has offically exploded.
I'd vote for the Spanish Donkey.
Anyone who still has resources where the gummint can get it’s hands on them deserves whqat is going to happen. Think about it. One doesn’t have to be an astrophysicist. The gummint desperatley needs about ten trillion to continue the game they have been playing for a few more years. They have never really fised any roblem, just been applying band-aids fr decades. Do you really think they are going to actually FIX anything this tme? When there are about ten trillion dollars sitting in 401 K type funds? Really? You really think the politicians give a rat’s ass about who YOU think that money belongs too? Really?
From my hot, very much alive, gun-toting hands you socialist sack of sh*t!
Yep. It’s a great flag, and as American as any standard U.S. flag, yet it provides a succinct message to those that bear witness to it. I’m fond of the white culpeper minutemen flag too. I’ve been flying the 13 star Old Glory myself. Gadsdenandculpeper.com has a nice selection of Annin brand flags. I’ve always admired the quality of the flags Annin manufactures. I have the urge to cringe when I notice a U.S. flag made in China or elsewhere, too few are made domestically. Is nothing sacred anymore?
I’ve got a bad feeling about this.
Face it, the far-left National Socialist Democraps don’t give a rip about private property.
Socialists see everything as the property of the state and to them they have the perfect right to seize it whenever there’s a need.
Yes, it would create armed insurrection...no doubt about it.
Ping.
Unfortunately this is a case of Open Barn Door meets Horse.
If you have not lost most of the Value of your 401K your darn lucky... why not get the heck out regardless?
401K monies every month from millions are just propping up Wall Street. The Corporate Big Wigs steal their million dollar bonuses directly from you (and your 401K investing Friends). They use millions of working stiffs 401K money as operating capital to keep things afloat. Their Congressional Stooges created a mechanisim (401K) as a means to fool you into investing “For the long term” in Corporations whose management works on a 90 day cycle and annual or bi=-annual bonuses.
Effectively allowing the Corporations to rob the people now while counting on continued future reciepts from you to hide the scheme from you until they are long gone.
A new play on the old Ponzi Scheme
W
The fact that this is even being tossed around has caused me to stop contributing to my 401K and I’m sure I’m not alone.
I wouldn’t stop yet.............
The people in our government are THIEVES!
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