J. Wellington Wimpy
With his immortal words
I'd gladly pay you Tuesday for a hamburger today
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?
Gold maybe?
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.
Vote buying.
An old socialist trick.
yitbos
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.