Republicans Sound Alarm on Administration Plan to Seize 401(k)s

Human Events ^ | May 4, 2010 | Connie Hair

[PatriotGirl827]

Oh boy.

[CaliforniaCon]

Re: “If anyone touches my 401k, which represents a large portion of my life savings, I would be willing to take up arms against the government. This would be the act that puts me right over the edge!”

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I’m sure you would not be alone — this might be the one issue that would really motivate American workers, you know, the taxpayers, to stand up and scream NO WAY!!! Let’s keep this front and center - yap about it all summer — can’t hurt come election time in Nov. ‘10!

[CaliforniaCon]

Re: “This would be the act that puts me right over the edge!”

and....

“As a baby boomer putting off retirement, I absolutely agree.”

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YES! I’ve talked about this to a few middle of the road, not-interested-in-politics types who voted every which way in ‘08 — or not at all. Boy, are they riled up NOW!!!!! No one’s gonna touch THEIR retirement funds! Their outrage is great to see. Keep it going heading into this November...

[gibsosa]

bump

[OldGoatCPO]

You are not confusing, I am. Thomas Sowell lays this out far better than I do.

Very few vets retire, I believe the average is two tours of active duty (6 to 8 years). Many of our WWII, Korean and Vietnam vets did not even seek disability until later in life. There are free riders in society, in essence I am one, but I paid into society before I reached this point. The onerous free riders are the ones who have never contributed at all and still demand society care for them. Obama’s policies, are pandering to that group. By lumping all retirees, disabled and vets with the welfare queens, drug addicts and perpetually poor, he provides cover for his redistribution of wealth.

[Uncle Miltie]

Then, I will find someone appropriately responsible, and do what I must.

[stevie_d_64]

Do it now...Don’t think too long on it...

[Tolerance Sucks Rocks]

Pay down your mortgage. That’s what I’m going to do with mine.

[Tao Yin]

All the government has to do is threaten and people many people will cash out. Those who cash out will pay higher taxes, sooner, with an added 10% penalty.

By pursuing this idea, they can get a huge infusion of cash without having to pass anything. They could even add a provision that forbids early withdrawal once the bill is passed. That would send people running for the exit and send cash streaming to Washington. Then they don't even need to bill to pass. Mission accomplished.

They might as well have an idea that anyone with over a million dollar in assets must immediately liquidate their 401k's and pay the early withdrawal penalty.

So I guess lose-lose is the wrong name; How about lose - lost? You lose if forced to withdraw early. Your money is lost if the government confiscates it.

[CaliforniaCon]

RE: “If this happens, you realize that the next step is seizure of IRAs, and then your stock portfolio, don’t you?”

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Yes, and individual property ownership eventually won’t be allowed either == look for sixties-style Soviet apartment buildings (think big city tenements) where people are TOLD where they will live and with whom they will share a bathroom. This may seem over the top but whoever expected us to fall so far as we have already — and this fast????? Anything is possible now

[stephenjohnbanker]

“A government doled out LIMITED annuity all but ensures there will be a hefty balance in your 401K at your death. Then the vultures seize it as a Death Tax.”

You ain’t no dummy ;-)

[Mike Darancette]

IF you are retired and still have your 401K, then you are nuts.

[ohioman]

‘If anyone touches my 401k, which represents a large portion of my life savings, I would be willing to take up arms against the government. This would be the act that puts me right over the edge! “

I am with you. Hopefully, about 30-35 million are with us too.

[Churchillspirit]

Connie Hair is a freelance writer....

And a long time Freeper IIRC>

[Natural Born 54]

This is not something I am sure of but it may make sense. If you are lucky enough to live in a state who will assert states rights on your behalf * you would be wise to keep your account at a local institution - even a credit union if they can be custodians for a reitirement plan. If one is not self-employed, then one would either have to cash out of the 401K, borrow as much out as possible or roll into an IRA to make this work. It would be wise to have all of your cash in an institution that is local not just your retirement funds. One problem with this thesis might be Federal Insurance on accounts in the local institution - they might need to resign from the Fed. insurance pool or the opt out might have to be covered in a state law. Probably the worst place to keep money is in a branch of a huge bank with its headquarters in a blue state that has taken Federal bail out money.

Capital controls are already in place:

It's Official - America Now Enforces Capital Controls (The Obama Fascists destroy Investing)

... so it is late in the game to move money outside of the country.

Then there's always the mattress..... which won't help much if the U.S. $ gets devalued. There are no easy choices out there right now for protecting the fruits of a lifetime of labor.

*TX, AZ, CO, ID, ND, SD, MO, TN, VA, NH (Oklahoma is close behind in the 2nd of 5 quintiles). Freedom In The 50 States: An index of personal and economic freedom. (http://www.statepolicyindex.com/?page_id=143). It was authored by William Ruger and Jason Sorens of the Mercatus Center of George Mason University (hat tip on this link to Windflier).

[Natural Born 54]

It is one of the better investments because:

“Some people believe that armed citizens don’t stand a chance against an army, especially one as powerful as USA. This is the BS lie all governments around the world want you to believe, but the reality is very different.

If every block in the country, USA for example, has a dozen men with fire arms, the one that doesn’t stand a chance is the military force. It’s the perfect guerrilla setup, and a general’s worst nightmare.

You can’t nuke or level every block. You can’t arrest the entire country. The “fighters” are already armed, fed, spread out, integrated and infiltrated into the military and government branches. It’s impossible to win."

Fernando Ferfal Aguirre (SURVIVING THE ECONOMIC COLLAPSE )

[Waco]

Take note;; In the dream world of socialism, the average guy will not be permited to have emough income to save for the future, but will only be allowed to scrimp by until he is retirement? age when he will be allowed to continue to scrimp by,,,p-ss on him,0’b

[subterfuge]

I also don’t think the screaming over obamacare has even truly begun, let alone stopped.

When people start getting taxed beyond recognition and their elderly parents stop getting decent care by age 65, there will be wailing and gnashing of teeth.

Most people have no idea what is in store for them.

But mark my words, if they take the 401Ks, (mine anyway) someone is going to pay and pay BIG. I will not live like a pauper so liberals can feel good about themselves. “Mandatory retirement accounts!?” Am I still living in The United States or what?

[Travis McGee]

Hey, that’s a hell of a book!

[Natural Born 54]

I wondered if he posted here and yes he does! Good for you knowing that. I agree, it is a hell of a book. Was very surprised at how young he was when he had to start dealing with the collapse. He is a very smart young man. (We are going to get your books, too. Want to check out that 100 pages on your site as soon as time permits.)