Obama wants to nationalize your IRA,401K

[Matt383]

Obama Begins Push for New National Retirement System



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.

"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."

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.

http://www.nationalseniorscouncil.or...rity&Itemid=62

[Texdentist]

Originally Posted by Matt383

Obama Begins Push for New National Retirement System



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.

"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."

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.

http://www.nationalseniorscouncil.or...rity&Itemid=62

There may be a few far left nut bags in the government who want this. But hell will freeze over before this happens. IRA's and 401k's are not just for the rich. This would affect more than half of America and just would not be politically feasible. This is talk. Nothing more.

[blckslvr79]

But the government can protect us. Look how much money is lost in investments each year. No more evil rich people controlling our investments and stealing our money. The majority have spoken. Obama knows what's in our best interest. He understands us.

[Matt383]

Originally Posted by Texdentist

There may be a few far left nut bags in the government who want this. But hell will freeze over before this happens. IRA's and 401k's are not just for the rich. This would affect more than half of America and just would not be politically feasible. This is talk. Nothing more.

Ahhh yes....

But isn't this talk similar to how Obama Care got started?

We all know how THAT turned out.

[blckslvr79]

Originally Posted by Matt383

Ahhh yes....

But isn't this talk similar to how Obama Care got started?

We all know how THAT turned out.

The government will take care of us.
Trust in Obama!

[walleyfisher]

Originally Posted by blckslvr79

The government will take care of us.
Trust in Obama!

Soon that will be printed on our money

[blckslvr79]

Originally Posted by walleyfisher

Soon that will be printed on our money

Funny because it's true.

[grumpyvette]

if the government succeeds in confiscating your private pension and 401K and similar investments this will be reduced to a communist country in all but name as the government will control all wealth, all business investments, all business spending and your very existence, they can then simply tell you what to do, and if you don,t jump high or fast enough cut off all funds or monetary transfers , so you can,t buy anything or go anywhere,, STALIN WOULD BE SO PROUD OF OBAMA

[87vette81big]

If you hide and bury cash, gold, diamonds, guns and ammo, no communist bastard can steal it from a bank account set up by bam bam blama.

[Poncherello]

I think it's a great idea because those of who didn't save much when we were younger will make out like bandits this time around.

[KennyGS]

Originally Posted by Poncherello

I think it's a great idea because those of who didn't save much when we were younger will make out like bandits this time around.

Yeah, in other words, everyone who has been careful, planned well, made a good life, and never relied on anyone else but themselves, will have done so for nothing.

Terrific.

[Poncherello]

Originally Posted by KennyGS

Yeah, in other words, everyone who has been careful, planned well, made a good life, and never relied on anyone else but themselves, will have done so for nothing.

Terrific.

Why do think my motto in life is never do today what you can do tomorrow? Then I never have to do anything...... I can't wait for the government to take over your 401K and give some to me.

[87vette81big]

Originally Posted by Poncherello

Why do think my motto in life is never do today what you can do tomorrow? Then I never have to do anything...... I can't wait for the government to take over your 401K and give some to me.

They are not going to take care of anyone longer than they have to.
Just to get votes.
Liberals will perish just like the conservatives.
That is the ironic part of communism.
Only the elite survive & prosper.
Liberals will cry the blues later likewise.
Free ride over because all the money$$$$$$$$$$$ is gone.
Stolen......
They sink & swim in whale chit like the rest.

[Vette_Newb]

Originally Posted by KennyGS

Yeah, in other words, everyone who has been careful, planned well, made a good life, and never relied on anyone else but themselves, will have done so for nothing.

Terrific.

Bush set the model for rewarding bad behavior, Barry doubled down on that and here we are. Now people who save, plan, invest wisely are on the short end of the stick.

If your in dollars, get out.

[Poncherello]

Originally Posted by Vette_Newb

Bush set the model for rewarding bad behavior, Barry doubled down on that and here we are. Now people who save, plan, invest wisely are on the short end of the stick.

If your in dollars, get out.

Fighting all these evil forces is like pissing in the wind....well I'm tired of always having a wet face, it's just easier to walk around with my hand out.