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Obama Going After Your 401ks And IRAs

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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.”

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    Total 21 comments
    • fuzzy696

      Take your money out of the bank and open a account in a credit union…..or face being robbed of your savings.

    • bustedbowl

      when this gets ready to happen I will cash out and leave the country…They should just print a bunch of money (backed by nothing) and just give everyone a million dollars..problem solved…unless they want our labor or something like that…drrrr

    • Old Harry

      The governments suppress interest rates so the investor went to invest into the stock market as to collect dividend income. Now the new tax will increase taxes on dividends to over 40%. This is nothing but highway robbery. Years ago all savings were above 5% and interest was not taxable. The USA is also the only country in the world that taxes your income in a foreign country. The USA Federal Reserve system has no business in bailing out the banks – but they have – and now they make it the taxpayers burden. Banks are not a government enterprise and the tax payer should not carry their folly. The main reason they want the (private) 401 accounts is because it is the same amount as the federal deficit. Bingo; the deficit is wiped out with a promise to pay from the feds. Annuities are a selling item for the large insurance companies and they in turn turn that cash into profits via investments in property and corporations. If the government does go through with the confiscation they will directly compete with the private sector. I do not know where this will all end but I suspect your government will allow you to eat, sleep, and control everything else.

    • bustedbowl

      the whole system is base on fraud and lies, most of my money is in silver and in local banks…guess the 401 is the last thing to cash out, i no longer want to support a corrupt gov and fed reserve.

      I no longer work (been 3 years +)where taxes are taken out, its either for cashsilvergold or trade.

      this guy had a good idea.

      “Withholding payment of taxes is one of the quickest methods of overthrowing a government”
      Mahatma Gandhi

      stop or slow the cash flow and you stop pure evil.

    • Anti-Zion

      fuzzy696 even if 401k were indexed linked the people will still be robbed because the official rate of inflation is nothing like the real rate of inflation so but oil if you can store that much or real money like gold and silver

      DO NOT PULL MONEY AND BUY PROPERTY

      it’s not yours anyway whilst they are able to charge what they link as rent on the land and let any tom, dick or harry enter your home.

      Sooner or later property taxes will go to the moon and then tell mw what this bit of rented land with mud brick is really worth

    • Pateriot

      Sounds like the current failed Social Security system reborn to me. You pay the goverment money for retirement and then they give it back to you as they see fit when you are old. Of course they spend it as fast as it comes in. That’s why they need a new ponzi scheme… to fund the old one!!!! This is nothing more than a Marxist grab of wealth and power by Obama and the Democrats!!

      I had seen the writing on the wall for a while now and have been quitely pulling money out of my 401K over the past couple years and investing it in Real Estate. I will be pulling the balance out come the new year. I am crossing my fingers that they do not prohibit this prior to then or radically raise the taxes on it. I am counting on the Bush taxes remaining in affect for those earning less than $250,000/yr.

    • Banderman

      Barry, GET OUT OF MY LIFE.

    • idahoannie

      so, let me get this straight. Our Government wants us to save more and can’t figure out why we don’t? I just saw the team that came to the mike in D.C. we have a tax cheat, a crybaby and a socialist President working on the budget. WOW, I’m not saving more because I’m trying to pay off my debt, I pay more for gasoline, groceries, energy and heat. Not to mention local taxes, state taxes, lower pay and highter health care costs. Now we are stocking food, water and ammo. It doesn’t take a rocket scientist to figure this one out. Hey Congress, write me a check for 100.00 and I will tell them exactly why we don’t save more………..

    • Anonymous
    • Banderman

      Now imagine this for a moment and let it sink in. The entire notion of this ridiculous and intrusive practice of the Federal government sounds perfectly normal and fine with Obama supporters. Are they the most dangerous people on the planet or what?

    • Sid

      They have already destroyed many pension plans by keeping interest rates artificially low thus depriving the pension plans of the earnings necessary for them to meet their obligations.

      Since some IRA’s and 401(k)’s are invested in the stock market, can you imagine the crash that would happen after they stole these funds and liquidated these stocks to pay government bills.

      And people say I’m the crazy one when I tell them a civil uprising is inevitable. We shall see.

      • Pateriot

        …and then they will point at the crash that their policies created as the reason the government needed to take over retirement funds!!!

    • stormalong

      the rich manipulating the stock market is why there are no savings

    • Anonymous

      I LOVE the oxy-moron term they use to describe the theft ..in Australia its called “NEGATIVE INTEREST” LOL. not sure what the theft is called in your part of the world!!

    • Se777en

      Any other sources, other than Seniors’R'Us?

    • Htos1

      How is this bin news?I’m looking right at a 2001 web page where Terry McAuliffe is screaming about the goracle’s loss.He states he “knows” EXACTLY where $15 trillion in liquid cash is,in housing,savings and 401k’s.He will get it and make all of us “pay” for the election.Here we are. :arrow:

    • munkeysuit

      You can take my 401k and my IRA, but you’ll never lay a finger on my Butterfinger

    • Anonymous

      I got old news for you.

      Each and everyone of you gets robbed every time the Federal Reserve prints money. As the value of the dollar is lowered. When compared with Gold. The devaluation if the dollar is 1/90 of what it was in 1913. The year the USA government surrender its sovereign to the unconstitutional federal reserve.

      Put it this way. They do not need to take your money. As they already have it.

      Money is a fantasy. Resources and work are real.

    • 1up

      Maintain sobriety and develop clean and sober support system

    • Don't be hating!

      I am broke so who cares. OH by the way no bank or even credit unions are your friends..So wake up..Better you bury your money like the pirates did back in the days

    • Anonymous

      If Obama will confiscate your retirement it is problematic Obama Next will want to confiscate Americans’ other property for the 51% that voted for him; seize Americans’ real estate and homes even if that means evicting the owners? You may recall the communists in Poland not long ago were able to rapidly organize support for a communist government by offering Poland’s downtrodden and criminals the property of well-off Polish Citizens; communist looters could keep whatever they confiscated. Homeowners were found dead hanging from their dinning room chandeliers; their homes stripped of everything valuable. Communist supporters attacked Poles cutoff the fingers of supposed well-off people to steel their jewelry. Increasingly in the U.S. there are reports of mobs taking over stores, stating, “We own this place” while taking the merchandise.

      Wake up America! Obama’s ilk won’t stop with taking your retirement account;
      Obama Reds want everything you have.

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