by Scott Creighton
What did I write when ObamaCare was being rammed down our throats while being billed as the next best thing to the New Deal? I wrote that it was an unconstitutional mandated payday for Big Insurance and I also wrote that if allowed to stand, it would be only the first of it’s kind with various politically connected mega industries being allowed to take a percentage of the American worker’s paycheck… by law.
Well, guess what?
A prominent Hillary Clinton donor and potentially her Treasury Secretary, Tony James (president of the mega-conglomerate The Blackstone Group), has a plan to save retirement for all Americans. A MANDATED payday for Big Finance. Let’s not forget, Hillary was a big supporter of the mandated insurance coverage scheme a.k.a. ObamaCare. And how has that worked out so far?
That’s right. The insurance industry got their percentage of your pay mandated by law and now Wall Street wants their cut. What do they call that when government works on behalf of Big Business at the detriment of society? I know there is a word for that somewhere… What could it be?
While Hillary Clinton has spent the presidential campaign saying as little as possible about her ties to Wall Street, the executive who some observers say could be her Treasury Secretary has been openly promoting a plan to give financial firms control of hundreds of billions of dollars in retirement savings. The executive is Tony James, president of the Blackstone Group.
The investment colossus is most famous in politics for its Republican CEO likening an Obama tax plan to a Nazi invasion. James, though, is a longtime Democrat — and one of Clinton’s top fundraisers. The billionaire sculpted the retirement initiative with a prominent labor economist whose work is supported by another investment mogul who is a big Clinton donor. The proposal has received bipartisan praise from prominent economic thinkers, and James says that Clinton’s top aides are warming to the idea.It is a plan that proponents say could help millions of Americans — but could also enrich another constituency: the hedge fund and private equity industries that Blackstone dominates and that have donated millions to support Clinton’s presidential bid.
The proposal would require workers and employers to put a percentage of payroll into individual retirement accounts “to be invested well in pooled plans run by professional investment managers,” as James put it. In other words, individual voluntary 401(k)s would be replaced by a single national system, and much of the mandated savings would flow to Wall Street, where companies like Blackstone could earn big fees off the assets. And because of a gap in federal anti-corruption rules, there would be little to prevent the biggest investment contracts from being awarded to the biggest presidential campaign donors.
A Washington power player who reportedly turned down a slot in President Barack Obama’s cabinet, James first outlined the retirement savings initiative in a speech a year ago to the Center for American Progress (CAP). The liberal think tank was founded by Clinton’s current campaign chairman, John Podesta, and is run by her former top policy adviser Neera Tanden. James and Blackstone made six-figure donations to CAP that year, and the group gave him a platform to propose a new payroll tax that he said would fund guaranteed retirement benefits. IBT
In a video James explains his plan would essentially replace 401ks, mandating employees kick in 1.5% of their income into a slush fund handed over to Big Finance to “invest” for them with a promised return of 7%. He goes on to say it would be guaranteed by the Ebil Gubmint to the tune of 2% just in case something “unforeseen” happens to all those billions of dollars.
Now you know that rate of 1.5% will be increased in short order after Hillary gets this mandate passed. And you also know it will eventually be used to take the place of Social Security. Imagine the massive wealth these companies will generate with that kind of money just sitting there doing nothing for decades as Americans are forced by law to pay into it.
This will be sold under the Clinton administration to the people by creating yet another “crisis”. They will say Americans without enough retirement savings are posing a threat to our national security and therefore the plan will be deemed constitutional because essentially it will be considered a “tax” just like ObamaCare was by the Supreme Court. I wonder if the fake progressive Michael Moore will make a documentary on the subject just before the roll-out like he did with Sicko.
Fascism = government working for the corporations and Big Business at the detriment of society. ObamaCare is fascism and so is this.
I knew it wouldn’t be long before another mega-payday was arranged for Big Business and I also knew their unconstitutional mandate policy wouldn’t remain exclusive to Big Insurance for very long either.
Big Insurance gets a piece. Wall Street gets a piece. Who’s next? Big Banking. When they finally put a stop to the use of cash, you’re going to have to have a bank account someplace and every red cent is going to be in their hands until you spend it. Of course, at that time, we will have negative interest rates which means you will have to pay them a percentage to use their mandated service.
It’s gangster capitalism a.k.a. fascism.