Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Josey Wales (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

How The Obama Administration Is Coming After Your IRA And 401(k) Plan

Tuesday, December 11, 2012 9:43
% of readers think this story is Fact. Add your two cents.



What if you woke up tomorrow morning and discovered that your 401(k) or IRA only offered one investment option, and that investment option was U.S. Treasury Bonds? Think it can’t happen? Then you don’t know how desperate Obama and Geithner are to prop up the Treasury securities market.

In a short conversation this noontime that CNBC apparently has omitted from their archives (Why’s that folks?) Rick Santelli was talking about a potential to effectively force money into the Treasury market.

Where would they get this?

From your 401k and IRA accounts!

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.

There are huge amounts of money in these plans, which makes it very tempting for government to try and get at it. The government may, or may not, tax the money, but there are other ways they may get at the funds.
 
 
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.”
 
With the issuance of the White House 256-page Budget Proposal for Fiscal Year 2013, the Obama administration endorsed “Automatic IRAs,” a plan introduced into Congress in 2010 by Sens. John Kerry, D-Mass, and Jeff Bingaman, D-N.M., in which private companies would be automatically enrolled into government-mandated IRAs, forcing those businesses to contribute on behalf of their employees a “default amount” equal to 3 percent of an employees pay, unless an employee specifically opts out of the plan.
 
Here is the PDF to the 2010 plan Obama just endorsed for 2013.
 
Many people have already taken the money out of their retirement plans for this reason. With the amount of debt America has, why would anyone allow the governmet to take their money and hold it in a anuity?
 
Just look at how SSI, Medicade and Medicare have been looted.
 
Related Articles:
 
 
 
 
 



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


LION'S MANE PRODUCT


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules


Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.


Report abuse

    Comments

    Click here to cancel reply.
    Your Comments
    Question Razz Sad Evil Exclaim Smile Redface Biggrin Surprised Eek Confused Cool LOL Mad Twisted Rolleyes Wink Idea Arrow Neutral Cry Mr. Green

    Total 3 comments
    • Anonymous

      Bush wanted to manipulate your IRA too. Let’s not be one-sided here.

      Like Dislike Report SPAM 0 Reply
      • Freewilloffering

        Don’t be stuck in the 4 years ago times…Bush no longer matters–we are talking news here!

        Like Dislike Report SPAM 0 Reply
    • Jason Trodglen (All rights reserved)

      It’s not our money these notes don’t belong to us. It states this on the note.

      Like Dislike Report SPAM 0 Reply
    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.