Obama to steal your 401k and IRA

It appears the Democrats are going to try and take your 401k and IRA plans because It is not fair that you have those and others don't

Link www.wnd.com...

(National Senior Council) A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.

The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

reply to post by rlrsar


Nowhere does it state that the government is taking your 401k and/or pension. Please elaborate.

reply to post by foodstamp


"eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning."

Blah, blah, blah!

Can't win an election, and have to start the fear mongering already.

Last time Obama won, it was guns. Go out and get your guns 'cause Obama is gonna take them.

4 years later, you can still get them.

Now, it's your pensions. Geeze, give me a break.

Originally posted by amfirst1
reply to post by foodstamp

 

"eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning."

Eliminate does not mean steal.... Lol

it means no longer are you able to put money into a 401k type fund...

Words like. Seize, Garnish, Take control of, confiscate, redirect... Those mean they're taking it. Christ, do we need English lessons now?

The world is going to hell in a handbasket.

Yeah, they did that. It's called social security.

Nice try though, really had me going there.

reply to post by foodstamp


acording to that article they wanted to know .why americans are not saving for retirement. well that is revealing in it self,considering whos creating deficits ,inflation,deflation and what not.we are not kids and some people are not realy that stupid. ask any 10 friends why not and pay atention.

This has been floated before by various people.
It's been suspected that it will happen because that's just another step in the progressive chain of steps towards social nirvana. So, it's almost a guaranteed eventuality.
The grab will happen before 2016 if the left can swing it..
Serious legislation can't happen until the present administration arranges to get the House of representatives and their multi-trillion dollar mandate back.
Count on it.

Originally posted by bumpufirst
reply to post by foodstamp

 

acording to that article they wanted to know .why americans are not saving for retirement. well that is revealing in it self,considering whos creating deficits ,inflation,deflation and what not.we are not kids and some people are not realy that stupid. ask any 10 friends why not and pay atention.

Exactley, It has nothing to do with seizing peoples 401k accounts. This is more anti-government totalitarian drivel. The title of this thread anyway..

Obama is to blame for everything.

We get it.

reply to post by badgerprints


Favorite Lee Marvin Movie?

Originally posted by KoolerKing
reply to post by badgerprints

 

Favorite Lee Marvin Movie?

Dirty dozen or big red one. It's a toss up.

That was off topic.

This is on topic.

Nobody can really blame Obama for this. It's simply the natural progression of the progressive course.
Privately owned money is against the progressive mindset.
It's not 'fair' to have money you worked for and saved.
It's fair to take it from you and buy votes.

It's inevitable now.
We've passed the tipping point.

a clip from the article;A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."

Such "reforms" would effectively end private retirement accounts in America, Crone warns. "These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system. end of article quote. now,we know what hapens when they get their hands on the money. 80 for me 20 for you,18 for me 2 for you, 1.5 for me . 5 for you.if gov is in bed with big corp,why would they do bussnes diferently? believe what ever you want to believe. i just look back for reference,thats all.oh and yes it is not just obama hate it is dem or rep,same bird.

reply to post by foodstamp


it doesnt look like drivel to me,it seems in line with the rest of his actions.and he has done plenty,he might have not done what he promised but hes been bussy passing bills left and right. republican equals RIP democrats equals THEM tea party?equals OFF

so a woman suggests it, and you take it as obama is already planning on doing it

lol

reply to post by syrinx high priest


when you hear water,what do you expect to find? obama is not a slow mover.he has made the country take sharp turns.for better or worse ,we shall see.time is the best witness unfortunatelly not the best alarm system. did you read the article?

I've seen this particular thought since at least 2008. This is by no means the first time this trial balloon has gone up. I once thought that seizing 401Ks and IRAs would mean instant revolution but am no longer so sure since so many are unable to save for retirement due to the sorry shape the economy has been in for the past 4 years, and class warfare seems to win elections.

401ks and IRA's are simply accounts with special tax treatments used for retirement. Remove that treatment and it's like any other account, taxable at whatever rate you fall under. It would be quite simple in practice to change that, but right now, even with Obama winning re-election, the political will is not anywhere near where it would have to be to make such a change. The Stock Market which is where a good portion (if not a majority) of IRAs and 401ks reside is one of the few bright spots in our economy ( I believe it's held up by smoke, mirrors, HFTs, a massive .gov deficit, and easy credit via the FED). Anyone stealing the gains since Mar 09 from the people disciplined and/or lucky enough to have a 401k/IRA would be committing political if not literal suicide.

That being said, the money in 401k/IRAs is one of the last big piles of assets lying around, and I don't doubt that statist elements on both sides of the political spectrum would love to get at least more control over it, if not steal it outright.

Here's how I imagine it might happen. After the next big Market Crash the howls of those who were finally back to where they were in '07 before the last crash are deafening. In steps the government with a plan. The benevolent leadership has a deal for those who've been so abused by the cruelty of the market. In exchange for all assets remaining in IRA/401ks the government graciously offers to take over all 401k/IRAs and make the owners nearly if not totally whole, but all monies in such accounts are to be invested in a new "full faith and credit of US government" R-Bond ( for retirement) such bonds only start paying at a certain age, and at the death of the holder are not transferable to descendants (except for maybe a spouse or dependent child until age of majority if the .gov is feeling particularly benevolent).

I haven't read WND in years. I feel the title of the thread is needlessly hyperbolic, but don't think for a second elements of .gov and the bankster class don't have their eyes on your 401k/IRA

Originally posted by syrinx high priest
so a woman suggests it, and you take it as obama is already planning on doing it

lol

I think she already knows that Obama is planning it !!

That's why she is starting the talk... she must be the front-line shill for this project.

Just think what they could do with 3 or 4 trillion dollars worth of personal funds !!!

The taxes alone would be enormous !!

It would be the biggest "transfer" of all time.

from the main linked article.....

A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."

Such "reforms" would effectively end private retirement accounts in America, Crone warns. "These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system."


Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administration’s point man on this issue.

"This whole issue is moving forward very quickly," warns Crone. "Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts."

Obama Begins Push for New National Retirement System

Very Dangerous talk

Originally posted by xuenchen

Originally posted by syrinx high priest
so a woman suggests it, and you take it as obama is already planning on doing it

lol

I think she already knows that Obama is planning it !!

That's why she is starting the talk... she must be the front-line shill for this project.

Just think what they could do with 3 or 4 trillion dollars worth of personal funds !!!

The taxes alone would be enormous !!

It would be the biggest "transfer" of all time.

edit on Nov-16-2012 by xuenchen because: (no reason given)

you think

ok

I wonder how many of you were this outraged when a republican wanted to privatize social security. can you imagine if that had happened before the 08 collapse ?

biggest evaporation of wealth of all time, and seniors living in abject poverty

lemme know when the bill is up for a vote