Obama Administration making plans to take over the 401(k)s to bail out their union backers

Tea Party ^ | October 12, 2010 | Elizabeth T

[IbJensen]

Unionized labor is looting from us. Plans to take over our 401K- private retirement funds. Communists did the same in Argentina, sized private pension funds.

http://gatewaypundit.firstthings.com/2010/05/obama-administration-m...

http://www.commieblaster.com/index.html

http://www.commieblaster.com/economy/index.html

The Obama Administration is making plans to take over the nation’s 401(k)s in order to bail out their union backers and their bankrupted pension plans.

Connie Hair at Human Events reported:

In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.

The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies. Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.

In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations. (pdf)

Republican Leader John Boehner released this statement today in response to this recent move by democrats:

Keep Bureaucrats’ Hands off Americans’ 401(k)s

House Republican Leader John Boehner (R-OH) and members of the House GOP Savings Solutions Group sent a letter to Labor Secretary Hilda Solis and Treasury Secretary Timothy Geithner warning the Obama Administration that the government should keep its hands off of the retirement savings of Americans, and should reject proposals that would dismantle or nationalize the private 401(k) system in favor of a government-run retirement security regime. Several Administration officials, including the Vice President, have voiced support for efforts to create so-called “Guaranteed Retirement Accounts” or impose new government mandates which would undermine 401(k) retirement savings plans and jeopardize employers’ willingness to continue offering them to their workers. Boehner issued the following statement:

“The American people are asking ‘where are the jobs?’ They aren’t asking for job-killing policies that jeopardize their retirement savings. Unfortunately, Washington Democrats are pursuing policies that make it more difficult to offer 401(k) savings plans to their workers, and some are even advocating replacing them with government-run accounts and ending 401(k)s altogether. That’s unacceptable and not the solution Americans need at a time when they are still rebuilding their retirement, college, and personal savings.

“Republicans are committed to offering better solutions, and the proposal we have offered – the Savings Recovery Act – will help restore Americans’ savings and ensure that Washington does not stand in the way of families’ ability to save more. It’s time for Democrats to stop advocating policies that will destroy Americans’ savings and work with Republicans on better solutions to help rebuild them.”

Several GOP House members signed on to a letter delivered to labor Secretary Hilda L. Solis and Treasury Secretary Timothy Geithner expressing their concerns today.

Unionized labor is looting and extorting the money from taxpayer's.

We must watch now for new bail-outs to unionized labor or dictatorship = communism.

USA, Liberty from unionized labor and unionized, monopolized dictatorship.

Defend our Constitution. Defend Capitalism and terminate unionized labor from government.

See the Truth face of Unions.

Labor is always associated with communism and less education.

Unionized labor is the same like monopoly power, taking maximum profits at other peoples expense , prosperity, liberty and life.

Unions must be terminated from government. They are not legal. They should exist only in private industry to protect only basic rights of workers.

General Motor was destroyed by Union's inability to compete with other competitors.

In addition to it, communist Obama bailed General Motors at taxpayer's expense.

[dhs12345]

Yup. Unfortunately, we paid and continue to pay into the system and we were made promises. We were lied to.

You would have thought that we learned. Apparently, we didn't — Obama Care — another huge government bureaucracy that strips the middle class.

[Brookhaven]

Just thought I would point out:

(1) The ONLY reason 401K’s exist is to avoid income taxes.

(2) If there was no income tax, there would be no 401K’s to take (and you wouldn’t be jumping through all these hoops you do now to save for your retirement).

The next time someone asks you about the Fair Tax, remember those two facts.

[Wurlitzer]

Then are we in agreement? The 401K issue is a hot button because as one who is only 3 years from receiving it, I would not have sufficient time to build up other assets.

[Jess79]

Yes, we were lied to, but I expect it out of Washington. I don’t view social security or medicare deductions any differently than income tax deductions. They’re just additional taxes to me. It’s not right, but it is what it is. That’s why I try to structure my life and my finances in such a way that I never need to depend on government for anything. There was never any hope of getting rid of social security once it became entrenched in the American society. That’s why it’s so important to get rid of Obamacare before it becomes entrenched. Fortunately for us, there are a couple years to get this done. Implementing Obamacare over a period of four years may have been politically necessary to get the deal done, but it gives those of us who oppose it time get rid of it before permanent damage is done.

[Osage Orange]

It’s been being floated for at least a year now.......

[IbJensen]

So, what your saying is that the 1913 act that created the Infernal Revenue Service and the income tax should be abolished.

[IbJensen]

Let’s just take care of the occupants of the White Hut, sever Soros from America and then tear up the Federal Socialist Government.

[dhs12345]

If Obamacare moves forward, we should remind people that it will fail resulting rationing, higher taxes, and poorer quality care.

There should be some “I told you so” moments.... for what it is worth. I also expect some shenanigans, too as they try to keep the Obamacare behemoth afloat.