“Wait a minute. There might be legal precedent. Of course. savings snatching. Let’s see, Savings,…see 'snatch'. …Ah! Haley vs. United states. Haley 7, United States nothing. You see, it can be done!”
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 ...
Yes, the left has made it very clear that 401Ks disproportionately “benefit” the rich, so it’s a program that has to be undone.
that’s right....abdicate! :)
Aesop never finished the old tale about the grasshopper and the ant. What actually happened was that the grasshopper saw that winter was coming, put on a $1000 suit and got a Teleprompter and started screaming about “economic justice”. He went into government and prospered on what the ants had gathered. As Stalin said, it isn’t who votes, it’s who counts the votes, and it isn’t who grows the food, it’s who confiscates it and distributes it. And it isn’t who saves.
Retweeting that. (:
“Wait a minute. There might be legal precedent. Of course. savings snatching. Let’s see, Savings,…see 'snatch'. …Ah! Haley vs. United states. Haley 7, United States nothing. You see, it can be done!”
ROFL!
It was suggested that the start-up costs of Hillary!Care be partially funded by a "one time" (yeah right) levy on 401(k) and IRA accounts of about 10%.
bkmk
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