PDA

View Full Version : New National Retirement System coming to "make things fair"




paulbot24
11-28-2012, 08:31 AM
Here comes our government, coming to re-teach us the concept of "fair," this time in the retirement savings and 401k department. Apparently we did not learn this correctly in our Amerikan public education system, so they feel compelled to remind us again, for the good of all. 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. Can any of these people define what exactly "fair" treatment is to the poor? Well, besides "redistributing" any extra money in your wallet to a "less fortunate" thin wallet. Aren't you glad we have a government that cares so much about making sure everything is fair? Between this and the idea that "rich" people still don't pay enough taxes.....Unbelievable. What is it about the rewards earned from hard work and sound decision making that this administration finds so repulsive?

http://www.nationalseniorscouncil.org/index.php?option=com_content&view=article&id=89%3Aobama-begins-push-for-new-national-retirement-system&catid=34%3Asocial-security&Itemid=62

youngbuck
11-28-2012, 09:18 AM
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 proclaimed that even "private annuities are problematic."
...
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.
...
"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."


http://cdn.memegenerator.net/instances/400x/28056802.jpg

The Goat
11-28-2012, 09:26 AM
buy land, then buy gold and bury in in said land. Its your only hope. XD

youngbuck
11-28-2012, 09:31 AM
(Originally posted 10/13/10)
Article is 2 years old. Doesn't discount their nefarious intentions, though.

paulbot24
11-28-2012, 09:54 AM
Article is 2 years old. Doesn't discount their nefarious intentions, though.

Didn't notice the date. I pulled it off the dailypaul. Must be brain damage from my past marijuana use.:D

The Goat
11-28-2012, 10:16 AM
Recent article from same site.

http://www.nationalseniorscouncil.org/index.php?option=com_content&view=article&id=112:private-savings-accounts-may-on-the-table-in-fiscal-cliff-talks&catid=37:taxes-and-government-spending&Itemid=65

Private Savings Accounts May Be "On the Table" in Fiscal Cliff Talks

Monday, 19 November 2012 15:01

As part of the Administration’s continuing drive to redistribute wealth, the National Seniors Council believes that tax-deferred contributions to retirement plans like 401(k)s and IRAs may very well be on the table in bipartisan budget negotiations going on right now between Congress and the White House.

NSC will vigorously oppose any such “compromise.”

Liberals in Washington have long maintained that the favorable tax treatment of such contributions is effectively a “subsidy” to people who can afford to save for retirement and is not only unfair but a significant cause of the current government debt crisis. Therefore, it is quite likely that some type of limitation on how much “wealthy” individuals will be allowed to save using these investment vehicles is being insisted on by the Administration.

Since President Obama first came into office his Administration has made no secret of its desire to overhaul the way Americans save for retirement. This new National Retirement System will force virtually all Americans into government-run Guaranteed Retirement Accounts and do away with private retirement accounts entirely. Congressional Democrats held hearings on this very issue in 2008, an alliance of labor unions and left-wing groups have founded Retirement USA, a non-profit lobbying group, and legislation limiting the ability of individuals to control their private savings is currently pending before Congress.

S. 1020, the Savings Enhancement by Alleviating Leakage in 401(k)Savings Act sponsored by liberal Senator Herb Kohl, specifically limits the rights of individuals to borrow from their own private retirement accounts and is a dangerous first step towards government control over all private retirement savings. NSA opposes this legislation and will fight any effort to reintroduce it or any similar type of bill in the next Congress which convenes in January.

We urge all Americans who oppose this new National Retirement System scheme to sign our online petition and to contact their representatives in Congress. While the confiscation of private savings will not happen tomorrow, the Administration is laying the groundwork for this scheme right now by attempting to limit the ability of all Americans to take care of themselves and save for their futures independent of the federal government.

AuH20
11-28-2012, 10:17 AM
The last vestige of "wealth" in this country and the hyenas have their eyes on it. Color me surprised. :)

CaptUSA
11-28-2012, 10:26 AM
The last vestige of "wealth" in this country and the hyenas have their eyes on it. Color me surprised. :)
I don't know if I'd call it the "last".

Once they get your 401K, they'll come for your PM's and land soon enough. You don't really think you own anything, do you?

AuH20
11-28-2012, 10:27 AM
I don't know if I'd call it the "last".

Once they get your 401K, they'll come for your PM's and land soon enough. You don't really think you own anything, do you?

Everything you and I own is on temporary loan from the government. ROFL We're 'caretakers' as opposed to owners.