Better start burying your money in the back yard...

[BamaDrifter64]

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.

"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."

NSC has taken the lead in warning the nation about this new government onslaught and is plotting ways to stop it.

"This effort ultimately is designed to grab the retirement nest eggs of America's senior citizens. This new government annuity scheme, even if it is at first optional, will turn into a giant effort to redistribute the wealth of America's older citizens," explains Crone. "This scheme mirrors what I expect the President will try to do with Social Security. He wants to turn that program into a welfare program, too."

NSC will likely unveil a new grassroots campaign effort later this year or early in January to coincide with the seating of the new Congress.



http://nationalseniorscouncil.org/index.php?option=com_content&view=article&id=89:obama-begins-push-for-new-national-retirement-system&catid=34:social-security&Itemid=62

[old2soon]

Practice up on"Sieg Heil"-or at the very least"all hail the obumminater".  RIDE SAFE.

[98valk]

obummer is just a figure head, these people behind the scenes were pushing for this during the clinton admin, read the articles back then. they see billions of dollars in private accounts and they want to steal it and spread it around and of course most of it will go to their contractor buddies and themselves.
they are legal thieves.

[dreamaker]

No point in burring your money it will eventually be worthless when China decides to pull the plug.

[Serk]

...and if your money is on a 401k it's locked up pretty tight away from you until you reach "retirement age" anyway...  (Yes, you can make early withdrawals but pay huge penalties for doing so.)

[Chrisj CMA]

...and if your money is on a 401k it's locked up pretty tight away from you until you reach "retirement age" anyway...  (Yes, you can make early withdrawals but pay huge penalties for doing so.)

maybe, maybe not...........

http://edworkforce.house.gov/news/documentsingle.aspx?DocumentID=190130

[flamingobabe #44]

this is all pretty scary...you ask ...how can they do this?...and they keep doing it

[Oss]

If you have an IRA you have great flexibility

You can invest in EFT' such as gold and silver or a myriad of things as a portion of the portfolio
Some say Gold (which the chinese are buying big time) will reach over 5000 in a few years, I dont know about that
You can invest in funds  that make or lose money in inverse to the market (ie you make money when the dollar goes down or the market goes down) one such fund is up over 100% this year  look up highest performing EFT's on google


I am not an investment counsellor and will not recommend any stock or fund but I put these out there for you to think about as it does look to me like at some point soon interest rates will have to go up and when that happens bonds will not give you any return more than burying that money in mason jars in joes backyard

[tank_post142]

buy Twinkies!

[Chrisj CMA]

buy Twinkies!

Then freeze them, and soon they will be very valuable 

[bscrive]

I work for the federal gov't up here in Canada.  We have a pretty decent pension that is run by the gov't.  In 2005 our then Prime Minister, Paul Martin, decided that he needed money to pay down the national debt.  Well he arbitrarily took $30 billion from our pension fund to pay down the national debt.  The gov't then decided later that there was not enough money in the gov't pension fund to cover the future pensioners so they increased our contribution amount.  This is what will happen to you guys eventually but on a grander scale.

[tank_post142]

this is what happened to our social security to the tune of trillions of dollars

[czuch]

They did it in Argentina. Hey waddya want, welfare folks need to retire too.
Not just the old fogeys that did without a little bit every payday so when they got up there in years they could kick back and enjoy. Youre gonna get a black pill at 70 anyway.
I took out the maximum when I could.
Private sales and a box a payday.

[alph]

yet another thing i never partook in.  i always thought that putting the money against my mortgage principle, and paying it off faster was a better investment than an IRA, or 401K program.  when my wifes 401K dropped $65 grand in one year (4 years ago when bush gave the banks a trillion dollars) we were making our last few payments on our mortgage.  many people said i was stupid 'cause now i can't use the interest as a tax deduction......  i don't see the logic in paying the bank 4% just so that i can write off 2% on our taxable income, but people do it. 

the company i work for has forced us to pay into an IRA.  i give them the minimum amount, and yet again, people say i'm stupid......  but when hillary clinton said that she would suport a "one time" tax on peoples 401K's and IRA's, i knew that it was just the beginning.....

[CajunRider]

Wasn't SS started for the exact same reasons???  How did that work out??

Oh yeah... SS is broke.

[musclehead]

obummer is just a figure head, these people behind the scenes were pushing for this during the clinton admin, read the articles back then. they see billions of dollars in private accounts and they want to steal it and spread it around and of course most of it will go to their contractor buddies and themselves.
they are legal thieves.

I've been hearing this for years, now since he has more 'flexibility' the gloves are off.

[tonyfan70]

It would be nice to earn enough money so I had extra to bury.

[old2soon]

It would be nice to earn enough money so I had extra to bury.

IF you were to earn any"extra"money the obumminater wants to take it away from you and give it to some sorry a$$ed sumbitch that won't get up off of his or hers fat butt and get a job. And lets not fergit the obummer phones either. RIDE SAFE.

[musclehead]

It would be nice to earn enough money so I had extra to bury.

IF you were to earn any"extra"money the obumminater wants to take it away from you and give it to some sorry a$$ed sumbitch that won't get up off of his or hers fat butt and get a job. And lets not fergit the obummer phones either. RIDE SAFE.

"the problem with socialism is eventually you run out of other people's money"  M. Thatcher

[MP]

It would be nice to earn enough money so I had extra to bury.

IF you were to earn any"extra"money the obumminater wants to take it away from you and give it to some sorry a$$ed sumbitch that won't get up off of his or hers fat butt and get a job. And lets not fergit the obummer phones either. RIDE SAFE.

EXACTLY right.  Work hard, make money.  We were taught that is the way to do it.

Now, if you do that, you are UNFAIR!  It is not FAIR that someone who works at MickyD's does not make as much as someone who works 100 hours a week, puts a ton of their own money into a business to make it work, takes a HUGE risk of losing it all if it does not work out, and then, when it all comes together,

it is UNFAIR that they make more money that the lazy bum.

This country is on the verge of never being able to come back from the Abyss.

Move over Greece, we are coming!

MP

[cookiedough]

I'm with Alph on this one.  I don't invest in 401K and rather pay my debts to be debt free.  My wife does 401K but the mininum but she makes a lot more than I do plus she has a job she will probably stay at for life vs. me sure hope NOT.

If they take our 401K away since we don't have tons of money in them, personally no big deal to me.  I'd rather have it in the bank readily available for a 'rainy day' even if not earning over 1% interest I know it is safe (govt. backed) - at least for now until Obummer finds a way to take that away.  If that time comes,  I will invest in a good theft/fire proof safe and keep it all at home - LOL