where...
Where will we draw the line?
When will we say enough??
What will finally provoke spontaneous direction action???
Posted on 03/23/2010 4:05:47 PM PDT by 444Flyer
One of the nation's largest labor unions, the Service Employees International Union (SEIU), is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new "retirement system" for the United States.
In effect, government pensions for everyone, not unlike the European system and regardless of personal choice.
The SEIU, which was integral to the election of Barack Obama as president, is working with the left-leaning Economic Policy Institute (EPI), and the National Committee to Preserve Social Security and Medicare, on SEIU's plan, called "the Retirement USA Initiative."
Claiming that the retirement system in place now has "failed most Americans," EPI vice president Ross Eisenbrey, told a labor union publication that "account balances have fallen by a third since late 2007, leaving many older workers unable to retire just as our economy is shedding millions of jobs.”
(Excerpt) Read more at moneynews.com ...
3 months ago I would not have thought there was anyway HC would be passed. I wouldn’t put anything past these slimey bastards.
Maybe this is the way to jump out of the Public Union retirement committments...
As NJ Gov Chrisite pointed out.....there are those getting 3 million in retirement bennies from a measly 24,000 in contributions + free lifetime health care....
maybe those will be the 1st confiscated.......
Not true. You can take a loan to yourself from it.
Think about 2 years ago would anyone think that our company health care plans would be endangered?
The day they do that will be the I cash in. Penalties be damned.
If the government helps itself to my money, I’ll help
myself to their money. It’s all FDIC insured, right?
No problem.
Don’t sweat it folks, it’s just another social security plan. Nothing to worry about. Your former money will be safe with the SEIU.
Yes, you can take a loan, but you have to convince the trustee that it is for an eligable purpose, as detailed in the plan documents.
If you qualify, you can take 50% of the account value.
You have to set up a regular repayment plan.
That may all be worth it, better than being confiscated, but the rules have be set pretty tight, and you are at the mercy of the plan administrator.
I think we are closer this week than ever before, but if any plans like this take place, it will be clear, the America we knew is dead and it is time for some states to secede.
I'm still reeling.
After a year I'm tired of hearing about health care, and now I'm going to hear about it nearly every day for the rest of my life.
It's going to be nearly unbearable.
Nice post. Oh I so agree.
Well, the asshat was partially right. It does belong to God, and we are to be generous with it, and good stewards. That doesn’t mean the govt sticks a gun to our heads and makes us pay or tells us whom we HAVE to pay. It isn’t the govt’s money. Nothing charitable about forced payment.
http://www.factcheck.org/askfactcheck/are_congressional_democrats_talking_about_confiscating_ira.html The link is a little dated and there is new noise at the Treasury department that has revived the 401K confiscation talk.
I think the law was changed last year so you could. You will still be subject to the tax and 10% penalty if you are not at the qualifying age.
That's what is seems like, but that's not the answer.
The international banks have shut off the "credit valve" in our nation (and all developed countries in the world).
This has caused an enormous amount of credit destruction in our economy - and credit is the same as "money" in the M2 money supply. We're seeing a very large monetary contraction.
The Federal government was running a very real risk of having to reduce their power structure by a significant amount. They have have been trying to counter-balance the credit destruction caused by the banks with new debt creation (which is also money under M2).
That's why we have seen the Federal government spending like a drunken sailor. They also were attempting to get the consumer to help them create new debt by offering "cash for clunkers" and "first-time homebuyer's" seed money.
Anyways, the Federal government's "trust" funds all went bone dry - including Social Security. They were in a desparate need for a new "trust" fund that they could steal money from in order to continue battling the bank-caused credit destruction...or risk losing their power.
This is where the Health Care bill comes into play. It's sole purpose was to create this new "trust" fund that the Federal government can now steal from. They also are going to nationalize the entire College Student Loan program to boot and create a "trust" fund out of that. This can be found in Section II of the current budget reconciliation bill the Senate is debating.
If the international banks leave the "credit valve" closed then look for the Federal government to go after the nationalization of retirement accounts.
Another possiblity is that the bankers would go after the accounts and use them as the cash to purchase Mortage-backed security debt from the bank-controlled Fed...thereby putting the toxic waste on the backs of retirement fund owners.
The next major legislation that will be pushed through is cap and trade. Why?
The Federal government needs to create a brand new "industrial revolution" and they're going to use "green technology" to do it. They will pass all forms of regulations to act as the "point of a gun" or the "bars of a cell".
It's coming. Prepare your families accordingly.
where...
Retirement USA - Working for a Universal,Secure, and
Adequate Retirement System
http://www.retirement-usa.org/
As Nipsy Russell would say “Right”
They're pumping extra money into the Medicare "trust" fund for two reasons:
1) The "trust" fund is empty. They don't have enought funds to meet their current fiscal year outlays.
2) They want to build up the tax receipts going into the various "trust" funds so that they can steal the money for their Marxist purposes and replace it with IOUs (to be paid back by the future labor of you and your progeny).
The Federal government is trying to take the place of the consumer in our economy right now.
Money is getting destroyed at an alarming rate (credit - which is the same as money) and the consumers can do nothing about it - they're trapped.
The Federal government is trying to create new debt as fast as possible to counteract the credit destruction. Money = debt and debt = money.
The international banks are causing credit defaults in order to steal the underlying assets of the loans. The Federal government is trying to stay alive without having to give up a large chunk of its Marxist power structure.
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