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Obama's Plan to Snatch Your Savings - Now he has his sights set on your 401(k)
am thinker ^ | 12/5/13 | j folks

Posted on 12/05/2013 4:34:37 AM PST by bestintxas

In his first term, Obama managed to get his paws on health care, banking, energy, student loans, the auto business, and more. Now he has his sights set on your 401(k).

The left has had its eye on retirement savings for years, but so far takeover attempts have been rebuffed. One egregious attempt was the proposal, following the 2010 financial crisis, to "safeguard" retirement savings by requiring that they be rolled over into Treasury bonds. Had this legislation succeeded, it would have appropriated all or part of the retirement savings of millions of Americans. The funds would have been used to finance further expansion of government. In return, savers would have received a promissory note from the federal government similar that issued by the Social Security Trust Fund.

Needless to say, most investors were not keen to convert their savings into Treasury obligations -- or, to be more precise, into an unsecured note promising a return approximating that of Treasury bonds. That is because, as with every other endeavor, government's management of retirement savings (aka Social Security) has been a disaster.

Those who believe that Social Security has done a good job of investing their savings are greatly mistaken. Over the past 200 years, the real, inflation-adjusted return of the U.S. stock market has been 7%. Had one invested $100,000 in the U.S. market in 1802, one's total return after inflation (or that of oneself and one's descendants) would have been more than $100 billion. By comparison, investment in government Treasury bills would have yielded approximately $50 million.

(Excerpt) Read more at americanthinker.com ...


TOPICS: News/Current Events
KEYWORDS: 401k; 401kconfiscation; ira; iraconfiscation; retirement
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To: jamaksin

Good point. In fact — better point!


21 posted on 12/05/2013 5:06:00 AM PST by afraidfortherepublic
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To: bestintxas

This is certainly a stock market primed for crashing. Reminds me of Christmas inflatables uglifying yards across America.


22 posted on 12/05/2013 5:06:38 AM PST by greatvikingone
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To: afraidfortherepublic
and 15 more R-E-M-O-V-E - - F-R-O-M - - O-F-F-I-C-E
23 posted on 12/05/2013 5:08:32 AM PST by SandRat (Duty - Honor - Country! What else needs said?)
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To: bestintxas

Haha!! Jokes on him! I have no retirement account left.


24 posted on 12/05/2013 5:09:55 AM PST by jughandle
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To: 9YearLurker

Canard or not. I used my year end SS worksheet and if, since 1966, my $5.00, $25 or $2000 had been invested in the S&P I would have over twelve million to spend at my leisure today.Instead, I have $2000 a month. What a rip-off.


25 posted on 12/05/2013 5:12:31 AM PST by Safetgiver ( Islam makes barbarism look genteel.)
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To: Excellence
There has been chatter about means-testing SS, so you could be quite right.

At age 68 now, at least I will have gotten back some of what I paid in, before they start the "means testing b.s."

26 posted on 12/05/2013 5:12:52 AM PST by Graybeard58 (_.. ._. .. _. _._ __ ___ ._. . ___ ..._ ._ ._.. _ .. _. .)
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To: bestintxas
RE :”.....following the 2010 financial crisis...”

2010 financial crisis???

The author lost me there.

27 posted on 12/05/2013 5:14:33 AM PST by sickoflibs (Obama : 'If you like your Doctor you can keep him, PERIOD! Don't believe the GOPs warnings')
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To: bestintxas

I recently became eligible for 401k at work, but I’ve chosen to forgo it and just keep the money. Tangible assets are the best investment right now; even if the government wasn’t scheming to get a hold of 401k accounts, inflation alone will make all that money disappear overnight.


28 posted on 12/05/2013 5:14:41 AM PST by RWB Patriot ("My ability is a value that must be purchased and I don't recognize anyone's need as a claim on me.")
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To: afraidfortherepublic

I have another eight letter word.


29 posted on 12/05/2013 5:15:52 AM PST by ealgeone (obama, border)
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To: bestintxas

Why does this conspiracy keep rearing it’s stupid head?


30 posted on 12/05/2013 5:16:41 AM PST by MaxMax (Pay Attention and you'll be pissed off too! FIRE BOEHNER, NOW!)
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To: bestintxas

I recall some of the stuff out regarding the 2010 discussions about a 401K take over where one of the speakers at a meeting said it was unfair to the poor that they do not have a retirement income, or whatever socialist crap they came up with.

We worked our asses off, sometimes 3 jobs to pay for our medical, home, cars and retirement. Just why, why should those that have worked hard their entire lives have to give it to some worthless crud waste of human flesh that sat on their asses their whole lives?

I just did a pre-2013 income tax run through tax software to discover just about all my social security is being taxed. If my memory is correct, this was tax free until Al Gore came along. What I am basically doing by paying taxes on my SS is subsidizing some worthless scum to sit on their butts. In other words, the worthless able bodied too lazy to work are robbing from the retired that worked their whole lives to have security. It just pisses me off.


31 posted on 12/05/2013 5:18:26 AM PST by redfreedom (All it takes for evil to win is for good people to do nothing - that's how the left took over.)
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To: RaceBannon

Bookmark! Great info.


32 posted on 12/05/2013 5:18:27 AM PST by Faith65 (Jesus Christ is my Lord and Savior!)
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To: bestintxas

“There’s nothing in my plan that will cause anyone to lose one dime of their 401K plans. Period.”

“Those were substandard 401K plans offered by bad-apple investment firms. Our new plans offer ‘great value’”

“The Republicans aren’t offering any alternative to our 401K-treasury plan, just a return to the status quo...”


33 posted on 12/05/2013 5:20:25 AM PST by Junk Silver
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To: DownInFlames

If you are paying attention, you would know that Congress no longer has a role in Amerikan policy or regulation. DaWon could easily invoke some emergency Executive Order commanding the Treasury to confiscate all IRA assets, and the Rebuttlickin “leadership” in congress would do nothing. Nothing.

It will be up to the general public, especially those in possession of sporting devices, to solve the problem.


34 posted on 12/05/2013 5:20:48 AM PST by crusher (Political Correctness: Stalinism Without the Charm)
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To: RWB Patriot

Not to mention that stocks are grossly inflated.

The basic idea in being part owner of a business is to make money from your share of the profits. In the stock market, the idea is to guess which stock will experience a run of people wanting it so the price gets bid up.

So, I agree wholeheartedly with your post. Tangible assets that depreciate very little and/or have value or income potential in their own right is the way to go.


35 posted on 12/05/2013 5:21:17 AM PST by xzins ( Retired Army Chaplain and Proud of It! Those who truly support our troops pray for victory!)
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To: Graybeard58

Tip O’neill: “He wants to send your kid to Nicaragua to die.”
Charlie Rangle: “We should reinstitute the draft”-both shocking lies.

Who will say “he’s coming after your 401k.”


36 posted on 12/05/2013 5:22:21 AM PST by DIRTYSECRET (urope. Why do they put up with this.)
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To: bestintxas
The US government has a technology, called a printing press, that allows it to produce as many dollars as it wishes at essentially no cost." "Under a paper-money system, a determined government can always generate higher spending and, hence, positive inflation."-Ben Bernanke

They needn't bother stealing your 401k. Printing -- or creating -- money amounts to much the same thing.

37 posted on 12/05/2013 5:23:02 AM PST by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: Political Junkie Too
Some of us have 401k's because we held off on buying 50" flat screen TV, new Lexus cars, fancy vacations, Xbox and play stations...

And oh does it piss me off to see the handouts go to the bad planners. How come I didn't get a break on my mortgage? Oh, yes, I was responsible and bought a smaller house than they were willing to sell me. So I was able to keep paying even when things got tight.

38 posted on 12/05/2013 5:26:27 AM PST by T. P. Pole
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To: Political Junkie Too
Some of us have 401k's because we held off on buying 50" flat screen TV, new Lexus cars, fancy vacations, Xbox and play stations...

And oh does it piss me off to see the handouts go to the bad planners. How come I didn't get a break on my mortgage? Oh, yes, I was responsible and bought a smaller house than they were willing to sell me. So I was able to keep paying even when things got tight.

39 posted on 12/05/2013 5:27:04 AM PST by T. P. Pole
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To: jughandle

As I tweeted over a month ago, when Obama gives a teleprompter reading and says “if you like your 401/IRA/Life savings, Gold, Silver, you will be able to keep them with my NEW PLAN!” Bitcoin will ascend to its real market value.

At this point of Globalist Bankster/Socialist Mafia theft, Bitcoin and the its value will be VERY clear.


40 posted on 12/05/2013 5:29:41 AM PST by Lloyd-right (The triumvirate has risen! Gold, Silver and Bitcoin!)
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