Adrenaline calming down, breath...
Om mani padme hum
ALL Better Now...
Posted on 05/09/2010 10:45:39 AM PDT by John Semmens
Top members of the Obama Administration have launched a campaign to federalize 401k accounts. The 401k accounts are tax-deferred retirement plans that individuals may set up in cooperation with their employers. Under the plans, employees may elect to have up to 15% of their pay placed in qualified investments. No taxes are due on this money and any gains earned by the investments until it is withdrawn during retirement.
Labor Secretary Hilda Solis and Treasury Secretary Timothy Geithner jointly voiced their concern that “as currently structured, the 401k program places an enormous sum of money outside the control of the government. Individuals have too wide of a latitude to determine how the funds are invested. Government has too little say in the matter. Likewise, other than requiring withdrawals to begin when the account holder reaches the age of 70, government has too little control over the ultimate disbursement of the funds.”
Solis and Geithner urged that “we consider restructuring the program to provide a better balance between individual prerogatives and social need.” Vice-President Joe Biden seconded this recommendation saying that “anyone who can afford to put 15% of his salary away is probably overpaid. To allow that guy to freely dispose of this excess income isn’t fair to those who can’t afford to put aside money for retirement.”
A framework for restructuring the 401k program that is being considered would make the 15% contributions mandatory while increasing the regulations applied to distributions. “With a mandatory contribution we would be able to build up a substantial fund to pay retirement benefits,” Solis argued. “By adding a consideration of need to determining the distributions we could assure that more equality is attained.”
Geithner focused his separate comments on the issue of how the funds would be invested. “Currently, people are forced to make difficult choices between stocks, bonds and other forms of investment,” Geithner pointed out. “Most people are ill-qualified to make these choices. Those who choose unwisely will fare worse than others. If we put all of the contributions into one fund managed by the government we can guarantee uniformity of outcome and eliminate the risks inherent in the current program.”
read more...
http://azconserv1.wordpress.com/2010/05/08/california-latino-students-protest-%e2%80%98lack-of-respect%e2%80%99/
better put a SATIRE note in the header, this is too close to true to be funny
Sad to say they really ARE going to take everyone’s retirement savings.
They can do it with confiscation or inflation... either way, the result will be the same... and yes, it’s coming.
Damn John. I was browsing the headlines and saw yours and thought, “It’s about time someone did an article on this”. LOL!!! Like someone above said about satire being so close to the truth.
But..but...but... they will just put it all into your Social Security account!! that way the money is still yours!!
wait for it!
I got to the second paragraph, then had to check where this was from.
You’re gonna make heads explode with this one.
I can't believe some people really think those exist.
It will likely happen if they maintain control from November's elections (it's a tossup between this and amnesty in preparation for Obama stealing the 2012 election). If Obama wins in 2012, look for winter 2013 and early spring for confiscation, for sure.
How much longer will this be semi-satire?
God these idiots in the Democrat Party are really FREIGHTENING on a grand scale.
Shame on the A$$ Holes who put them in office.
The Nanny State strikes again in yet another misguided attempt to guide the "ill-qualified" masses by eliminating all risk from life and guaranteeing uniformity of outcome in all endeavors. This administration is made up entirely of statists who want to control every aspect of our lives. VOTE THEM OUT IN NOVEMBER!!!!!!
Other than the quotes, it is true.
Why the hell are we putting these ideas in the Dems heads. If Tiny Tim attempts to federalize (confiscate) the 401Ks and/or IRAs, they will be DEAD. Forget re-election, they won’t make it to the next election.
.................But..but...but... they will just put it all into your Social Security account!! ................
In the big lock-box in algore’s new mansions’ basement!
Unfortunately this is true. I’ve read that the total amount of 401k’s is roughly equal to the national debt. Coincidence? Likely not.
Om mani padme hum
ALL Better Now...
“Labor Secretary Hilda Solis and Treasury Secretary Timothy Geithner jointly voiced their concern that “as currently structured, the 401k program places an enormous sum of money outside the control of the government.”
Now the Dems want to seize our 401K retirement money. Of course they will claim that we ought to be happy that they aren’t raising our taxes to get their hands on it that way.
” I’ve read that the total amount of 401k’s is roughly equal to the national debt.”
The 12 trillion we owe to other nations...
..or the 100 trillion in unfunded liability for our Social programs?
They can stay away from our money. And what’s to stop people from simply withdrawing the money??
Scary funny, a couple of comedic ideas they missed is that at retirement the account is annuitized where you can’t withdraw or transfer your money and whatever is left when the 401(k) owner dies goes to the state.
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