Posted on 06/08/2010 7:41:05 AM PDT by gartrell bibberts
In February, the U.S. Treasury and Labor departments jointly announced they were seeking public comment on proposed design changes to employer-sponsored 401(k) plans and individual retirement accounts that would centralize the private pension system under structures created and administered by the government… At stake for the millions of Americans with private retirement plans: Would they be able to continue making their own investment decisions? Or would Congress mandate both investment options and distribution methods? Government Retirement Accounts also would prevent workers from owning their retirement savings fully, as they could bequeath only half of their remaining account balances to their heirs…. Teresa Ghilarducci, professor of economic policy analysis at the New School of Social Research in New York, is among those advocating Congress to remove favorable tax treatment for 401(k)s, which opponents say essentially would eliminate any reason for companies to offer these plans, and instead offer GRAs…. The Annual Report of the White House Task Force on the Middle Class, released in February, strongly favors automatic IRAs, annuitization, and GRAs (see Annual-report-middle-class.pdf). A July 2009 Government Accountability Office report on private pensions prepared for the House committee details the advantages and trade-offs of alternative retirement options currently under consideration (see GAO-09-642.pdf). [The GAO] report concludes that any centralization or nationalization of the private pension system, especially one that guaranteed a rate of return, “may be a costly and complex effort that requires new regulatory and oversight efforts. These costs could be passed on to workers, employers, and taxpayers in general.”… Government officials vociferously deny any intent to eliminate 401(k) or IRA investments in favor of a government-run system. Joseph Dewolk, a spokesperson for the U.S. Department of Labor, told Carolina Journal it’s inaccurate to say they’re looking to convert IRAs or 401(k)s to a government-run plan. “I would refer you to the ‘Request for Information’ because it’s just that, a series of questions to gather input from the public and others about our proposed rules. It’s about making sure Americans can make their savings last.” [hmmmm]….
Might I direct your attention to Kelo v. City of New London?
Absolutely false statement. Not even in the same universe as the truth. About 45% of Americans have some form of 401k/IRA
Bears repeating ;-)
So much for privatizing Social Security. It’s like we are going backwards in time, to the heady days of Hitler, Stalin, Mao and our very own FDR. It makes sense though. Private business and industry has either gone broke or moved, and the unions have no one to screw but the taxpayers. It’s how the thugocracy works.
Never forget KELO.
Also, this acting president pretty well ignores the Constitution and all the other rules that would apply to a real president. These people are revolutionary marxists plain and simple. They keep bringing up the idea of federalizing the country’s retirement funds, which seems to me that if there is a “crisis”, they would probably do it to solve the financial problems. (caused by them by the way). Imagine the most evil thoughts you can muster and you have reached the obama admin’s starting point.
Even if they announce it ahead of time, they will reap the heavy taxes of those still earning and in a high bracket, and also the penalty. But they probably would rather have the whole thing.
Brokers claim never to have heard of it. Maybe it is in their best interest to say that.
“So much for privatizing Social Security.”
Given what has happened to the markets over the last decade, this idea is dead for another 80 years or so.
ping
If they pass this, they will do it between election day and the end of the session, probably on Christmas Eve.
Thanks for posting. BTTT!
Its almost worth taking a hit than to let this gov. take over it!
Over my dead body.
Do they want to start a new revolution in this country? The Feds screwed up by instituting Social Security and every other entitlement. This administration has taken the major radical leap left into full blown socialism and doesn’t care how it effects us.
Yup, gov. broke. They need the money now! Damn the future. Same goes for the health care bill. They need the money now!
This has been a major “plank” in the Socialist’s agenda for over 30 years - just waiting on getting the power...which they now have.
Ultimately, they want to take YOUR retirement money
and give it to their union buddies.
In the final stages of currency collapse,
the government will look for any “legitimate” means
to continue to prop up their facade of a valid currency.
If this goes any further steps in that direction,
it’s time to cash out of your IRAs, take the penalty, and buy gold to ride through the collapse and rebuild.
To a leftist, a “revolution” will be an excuse to use the power of the state to kill their political opponents.
What’s it going to take to trigger CWII?
If i was a policy maker and was working to nationalize private IRA accounts, it would cross my mind that some justly angry people might consider me a legitimate military target.
But thats probably just me,,,,
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