Posted on 09/07/2010 3:27:53 PM PDT by Fred
FYI - I am not attempting to promote this organization. I used their article because it does an excellent job of describing the bill and the disaster this will be if passed.
September 7th, 2010, Fairfax, VA—A new bill proposed by Senators Jeff Bingaman and John Kerry would force enrollment in “automatic Investment Retirement Accounts”, prompting Americans for Limited Government (ALG) President Bill Wilson to urge the Congress to reject it.
“This legislation will force Americans into a government-mandated, ‘one size fits all’ retirement account,” Wilson said, adding that it would “disproportionately impact younger and lower-income workers, who will now have less ability to save for new home purchases or pay off college expenses and debt, all of which occurs earlier in a worker’s career.”
“This is another attempt by government to tell individuals what they have to do with their own money, stripping them of the right to make their own personal investment and life decisions,” Wilson added.
Wilson noted that the “investment ‘options’ that are offered will be defined arbitrarily by the Department of Labor in regulation.”
(Excerpt) Read more at getliberty.org ...
Low wage workers are doing good to pay for their rent and utilities.
It is not fair to force them to lose more of their paycheck for something they cannot afford just to give the government another source to rob to pay for union pensions and bailouts.
This crap needs to be stopped asap.
mark
I’m buying futures in the rope making industry.
Wilson noted that the "investment ‘options’ that are offered will be defined arbitrarily by the Department of Labor in regulation."
Again, as I’ve said in other threads. Congress has a self-interest in letting the executive branch make laws through regulation without congress’s approval. One aspect is that the creeping socialism/fascism that this bill represents is not possible without a single executive being able to fiddle with the options as unintended consequences pop up. The other is that congress does not have to take responsibility for passing bad laws. They can blame the president even when they are obvious stinkers (See the SEC ruling on rating agencies).
Our founders were specific that the president would be a mere administrator. Congress was supposed to be the only place laws originated.
The solution to all these laws through regulation is to have congress pass a bill requiring congress to approve all regulations before they take effect.
If you would like to be added or dropped from the Michigan ping list, please freepmail me.
All Hands On Deck ping
This is something that we need to let our congresscritters know--immediately--and in no uncertain terms--that we have no interest in. As hard as we fought against healthcare, that needs to look like two toddlers and a Tonka truck compared to how we swing against this.
Yep, gotta hammer our instate pols just as hard as the DC sellouts.
stop the latest ripoff ping...
Nothing to worry about.
The investment choices will be the wonderful bonds from Freddie, Fannie and Government Motors.
Hey I’ll come to work for you...you keep yours and I’ll keep mine...no middle man allowed!
Too bad Americans could not just quite their jobs altogether and everyone work under the table...then Gov. would starve.
Just Great! I don’t hear from you in 2 weeks and you ping me to this? and at dinner time?
They don’t have to creat fake bonds. They have the market covered with Fredie/Fanny and Farm Loans.
Also these “wonderful” bonds have “wonderful” AAA ratings.
http://personal.fidelity.com/products/incomesolutions/index_content.shtml.cvsr?bar=p
Then, they can also sell us Freddie and Fannie Stock. A lot of their stocks are available.
I been busy with personal stuff. All good.
Funny thing happen to me on my way to my stock broker 45 years ago. I fell in love with a piece of commercial real estate... and then another... and then another while my friends were buying boats or race cars, and 401ks and divorces...
Wild fire in southern humboldt near Petrolia Ca
?
Where does the government get the power to force someone,anyone to buy a product to live in the U.S. It is the same with healthcare.
Oh, goody.
/s
will be defined arbitrarily in future regulation
A new bill proposed by Senators Jeff Bingaman and John Kerry would force enrollment in "automatic Investment Retirement Accounts", prompting Americans for Limited Government (ALG) President Bill Wilson to urge the Congress to reject it. "This legislation will force Americans into a government-mandated, 'one size fits all' retirement account," Wilson said, adding that it would "disproportionately impact younger and lower-income workers, who will now have less ability to save for new home purchases or pay off college expenses and debt, all of which occurs earlier in a worker's career. This is another attempt by government to tell individuals what they have to do with their own money, stripping them of the right to make their own personal investment and life decisions," Wilson added. Wilson noted that the "investment 'options' that are offered will be defined arbitrarily by the Department of Labor in regulation."They would consist of some kind of carbon credit swindle designed to benefit Gore and his ilk.
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