Will the gov now take over our personal retirement acts? According to this article, the anwer is yes. Why? Because it is unfair to the poor.
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."
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I worked long years to get my retirement set up. Poor people will always be here because they do't want to work--only get handouts.
My mattress is looking more and more like the best investment vehicle. It's security is guaranteed every time I go to sleep . . . . . unlike Obama at Benghazi.
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He watched them DIE . . . . . . then he lied.
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This was discussed in 2008 and should not surprise anyone. They are taking away our liberty by seperateing us from our prospierity. All by design.
YES THEY WILL.
Carl McCall the N.Y State Comptroller in 2002 lost over $300 million of N.Y's pension dollars by the collapse of World Com alone when the Dot Com Bubble burst .Other States lost as well California $565 million, Michigan $116 million and Florida $90 million just on World Com stocks and bonds alone. Wall Street is not the Wall Street of old where companies rose and fell on their earnings and perfomance..Wall Street is now where all of our savings and pension money is invested by fat cat politicians and bankers . They get rich while we hand over our savings and pension dollars to them. They are doing the same thing with our Social Security and Medicare dollars..you know the dollars we PAY them to insure we are safe.
Stay home on Black Friday and stop falling into the Liberals...give me your money trap . There is a book called "The Spin Sisters-- How The Women of The Media Sell Unhappiness and Liberalism To America's Women " written by a former Liberal woman who owned The Ladies Home Journal named Myrna Blyth . She tells you how women on T.V like Oprah Winfrey, Katie Couric, Diane Sawyer , Barbara Walters and others main goal is to get into the American womens pocket book and thus obtaining personal power and great wealth . Wake up Conservative women.
We need to keep an eye on this because I worked too hard for my retirement money and will pull everything out and bury it.
"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."
Brilliant Mr. Iwry, and you get paid to figure out the obvious????
It may be that it benefits the rich but not at the expense of the poor and certainly not at the expense of the stupid either.
An old friend of mine who came to this country years ago with NOTHING in his pockets and went to WORK. During the course of his life he started to buy small farms in the Holland Mi. area. He became a plant manager at a local company during the day and in the evening he farmed ALL those farms HIMSELF. His favorite saying was that "he never met a poor farmer than wasn't a piss poor farmer".
And if you have any ethical standards, a moral compass or even a rudimentary understanding of what our founding fathers intended for this great nation, you would be embarrased by the stupidity of your own logic.
Conservatives and Republicans have one sure way to stop this Liberal destruction of our Society and our personal responsibilty....stop spending your money on everything and anything that supports Liberals and their causes. That includes any company that advertises on Liberal T.V shows or Hollywood movies. The 2 most powerful things we have are our vote and our wallet. The vote fell short so now dig in and hold on to your cash . You may need every dime you can save anyway before Obama gets through with us .
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