Skip to comments.First they Came For the 401(k)s, but I was a Roth IRA
Posted on 02/21/2010 2:20:28 PM PST by Texas Peartree
It has been reported by Business Week that the US Labor Department and Treasury Department are asking for public comment on a plan to convert individuals' retirement accounts (IRAs and 401(k)s) into government sponsored annuities featuring US Government bonds. The scheme would start off as voluntary, but only makes sense -- like socialized health care -- if it becomes mandatory and universal.
In essence the government is asking if we would mind if they nationalized our money in return for a promise of more money in the future . . . like a Ponzi scheme called Social Security, but even more nonsensical because people can already voluntarily hold T-bills in their retirement accounts. Why force people?
Ah, that is the rub. The Chinese and Japanese increasingly fear buying new US T-bills as we increase our money supply to pay for needless stimulus spending. Holding too much of our debt is increasingly problematic. Would you want to hold California State Bonds?
Today, not enough Americans are willing to buy T-bills through their retirement accounts. So the government wants to take our retirement accounts and convert them into low yield government bonds. Very convenient! Also, it must seem very fair, since only the well-off have been saving for retirement.
If this comes to pass it will be a disaster. Why would I continue to withhold present-day income in to a retirement account that must buy low yield US Bonds? Frankly, by socializing retirement in this way, we would remove the benefit a thrifty person would have over a spendthrift. It would be a one-time theft because all incentives for retirement savings and personal responsibility for retirement would end the day the government stole all savers' money.
(Excerpt) Read more at corybirenbaum.blogspot.com ...
my comment to the government is FO! Also FUBO and FOBO...need any more info...LMTFA! do i need to explain any clearer?
The Chicago mob has got to go. Who the hell voted for these morons anyway?
IMO - this will be a tipping point for many. Forget about civis dumping their Cessna’s into office buildings.
Here is a "public comment" --- GO POUND SAND!
Who?! WHOOOO?! I want NAMES!
This would be a one-time good-deal for the government. . .as tens of millions of citizens electing their 10% penalty as they pull the cash away from the government.. . .
Sing Along, altogether, now: “You better watch out, you better not cry, you better not pout, I’m telling you why, Santa Clause is coming to town.”
They have ripped us off on ss and medicare, now they want to get their stinkin’ hands on our private retirement funds.
Here is how we answer them. Listen carefully..... Vote their asses out once and for all.
Does anyone know who are the politicians behind this move?
And into what though?
This will be the spark for open revolt. Folks, we will not make it to the 2010 elections. If these morons attemp this, all of the Fed Gov. needs to be removed by the point of a gun.
I think it’s long past time to pass a law that makes it illegal for left wing ideologues to hold office...much like the Germans have banned the nazi party.
“...US Labor Department and Treasury Department are asking for public comment on a plan to convert individuals’ retirement accounts (IRAs and 401(k)s) into government sponsored annuities...”
Looks like nobama’s czars. Figures. The sooner we get them out by voting or impeachment, the better.
Argentina did this last year. They even required retirement funds to divest of all foreign assets and repatriate the foreign funds to Argentine pesos.
Then the Peronistas confiscated all foreign reserves from the central bank.
What we are seeing in the U.S. is the Democrat majority voting to confiscate wealth and distribute it to ensure re-election and power maintenance.
An old socialist trick.
There is over three trillion dollars of retirement monies they want...they can’t stand the fact that there is that amount of money that is not accessible to them - the government...our government.
They will take it, eventually.
Maybe it will not all be used to buy US Bonds. After all, we may also be forced to buy stock in General Motors.
I believe they have committed enough ‘high crimes’ to be impeached. We need to elect enough ‘protestors’ to take over the GOP with the right people who have the will to impeach those anti-constitutionalist criminals.
I’m already hearing talk of inflation starting up. We’ve been warning about this for over the past two years. They will try to duck out of it like they are still doing with the housing bubble.
Two questions: 1) Will the public focus the blame on the progressives, as well they should? and 2) How angry will the public be when they see their economy and everything they planned for go down in flames before their very eyes?
In The Obammunist's campaign websight (long removed), he lamented rich people who could afford IRAs and that the government subsidized them through tax exemption on gains.
This new trick by treasury would probably be a theme something like:
Only U.S. treasury instruments, government organization instruments and municiple bonds interest payments in retirement accounts will be exempt from taxation. Also:
Unrealized capital gains/loses wherever held must be reported annually to be calculated in AGI.
Welcome to the wealth tax.
In the unlikely event the Feds actually pulled this stunt there would be open violence and frankly, I’d probably support it.
There is another, easier way they might use to punish thrift.
IRAs or 401K Offset to Social Security.
Any IRA or private pension payments would be calculated used to reduce any SS payments to retirees.
calculated “and” used.
>>IMO - this will be a tipping point for many.<<
Nah, Americans have become so patient and longsuffering. They don’t even mind having a potentially constitutionally non-qualified president.
Swiss francs, British Pound, Deutsche Mark
I will try to drain my 401K before that < censored> takes it for his personal enrichment. And I will stop all contributions to it permanently.
I decline to comment what I’ll do if they steal it.
The instant the public suspects confiscation is POSSIBLE, they will stop all contributions immediately.
Just be OPENING THE QUESTION is insanity from the authorities.
“...now they want to get their stinkin hands on our private retirement funds.”
This also means that you won’t have an inheritance left to pass on to your kids. This is the whole idea.
I was cocksure enough to tell him that since the Government approved IRAs they probably had all intentions of taking the money later on, if needed, under the lie that since they gave a tax break then they owned the entire amount of money.
I then made a comment about how politicians thought that all income was theirs to play with and they just allowed us to have a bit of it.
My Sq/CC pegged me a a trouble maker and a radical.
Hey Zero, how about War Bonds? yea yea, I know.
Yes, the Congressman is Miller from CA and some other jackass desperate socialists. The problem with socialism is that eventually you run out of other people’s money... like the personal funds and life savings of CITIZENS. This is the tipping point. And IRS is where it will be enforced. This is a function of representative government which CAN BE CHANGED.
Incarcerate these criminals at Labor and Treasury.
I guess Immediate Annuities don't count....anyone know?
And their taxes, previously protected, will skyrocket.
He's gonna get us either way...
this would sink the equities market. It will never happen.
Not seeing that, the P.I.G.S. must be bailed out via Euro loans, the Pound is being devalued as I type this, leaving only Swiss Francs and there are not enough of them in circulation.
Thank you, Banksters, enjoy your bonuses.
That's what they said in Argentina (and many other countries) ... But it did happen.
I would support it and very likely participate in it. The problem in this country is that the elected officials do not fear the electorate on any level.
Read 'Unintended Consequences' by John Ross.
There are only about 75-80 progressive caucus members yet it is scarey how they have managed to obtain chairmanships of most committees in order to ram their ideological policies down our throats. Learn who these people are. They will be formulating and ramming their marxist policies down our throats on a regular basis. http://cpc.grijalva.house.gov/
My response to the Govt is keep your effing hands off my retirement IRA savings..You did not earn it and I’ll be damned if you are going to take my savings and give it to someone who always has had their hands out for someone else to fill with something.
This would be the final trip wire. For many Americans, there would be no tomorrow.
Here’s my public comment: Mr Hussein, hop on your magic carpet and fly back to Mecca.
The USA doesn’t want your dirty Moslem sabotage.
Gold. Silver. Liquor. Long-storage foodstuffs.
And, likely. . . .copper-jacketed lead.
Those are more household items, do you foresee Inflation on the horizon vis a vis Pugsely’s Alpha Strategy?
That is a good approach, however one still has to earn profits to make up for the increase in billable services such as Water, Power and Property Taxes.
Inflation is starting to increase. Since January 1 my company has been notified of price increases by suppliers of 8 to 10%. Our health insurance company presented a 30% renewal hike which we have negotiated down to 12%. Walk through the grocery store and look at food prices. In contrast, real estate prices continue to fall as do real wages.
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