Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

Obama Begins Push For New National Retirement System
http://www.theminorityreportblog.com ^ | november 21, 2012 | steve foley

Posted on 11/22/2012 1:13:55 AM PST by lowbridge

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.”

(Excerpt) Read more at theminorityreportblog.com ...


TOPICS:
KEYWORDS: 401k; 401ks; iras; obama; retirement; socialism; sourcetitlenoturl
Navigation: use the links below to view more comments.
first 1-5051-94 next last

1 posted on 11/22/2012 1:14:07 AM PST by lowbridge
[ Post Reply | Private Reply | View Replies]

To: lowbridge

A Conversation with Ann Barnhardt
http://www.freerepublic.com/focus/f-news/2962073/posts


2 posted on 11/22/2012 1:18:58 AM PST by Mozilla
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

It is all about control and having power over people.


3 posted on 11/22/2012 1:18:58 AM PST by SatinDoll (NATURAL BORN CITZEN: BORN IN THE USA OF CITIZEN PARENTS.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

Why don’t they just come for all of our $h!t NOW—homes, land, investments, valuables—instead of this constant drip, drip, drip of theft.

It’s not like we don’t know they wanna do that.


4 posted on 11/22/2012 1:23:38 AM PST by Catmom
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge
If it walks like a duck and talks like a duck it is a . . .

Communist!


5 posted on 11/22/2012 1:36:24 AM PST by jonrick46 (The opium of other people's money.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

I am so sick of hearing about not fair from these bastards.


6 posted on 11/22/2012 1:39:43 AM PST by Safetgiver ( Islam makes barbarism look genteel.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

Why bother to work, or do without to save, when more people will stop working and saving because they’d get the same government money as everybody else. MEANING LESS! Eventually everyone will stop working, and the government will go broke.


7 posted on 11/22/2012 1:41:34 AM PST by kitkat
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge
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.

Sure 401k plans and IRAs are unfair to poor people because that money is not redistributed to people that didn’t earn it. How could that be fair?

I love the name of this communist organization. Pension Rights Center an organization who’s objective is to take the pension that you worked for and redistribute those funds to people who didn’t work at all.

8 posted on 11/22/2012 1:44:50 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

Bill Whittle “Where do we go now?”
https://www.youtube.com/watch?v=TuL41ohlfZY

Ann Barnhardt Responds To Your Comments
http://iowntheworld.com/blog/?p=158056

The Key To Reclaiming Culture by Ken Ham
https://www.youtube.com/watch?v=MzcgGYTldDQ

Sink the Blue States!
https://www.youtube.com/watch?v=5ec6Q4I3JmY


9 posted on 11/22/2012 1:48:28 AM PST by Mozilla
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

But the important thing is the message some sent by not voting for a rich Morman RINO. /s


10 posted on 11/22/2012 1:51:50 AM PST by hopespringseternal
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

Retirement? What retirement? Take away what little savings we have, give us worthless government bonds, effectively undermining the very nature of private property rights, and expect us all to sit and purr like lapcats? Bite the hand that steals, hard! See what they do next.


11 posted on 11/22/2012 1:52:33 AM PST by Richard Axtell (Comming: The Abyss.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge
TYRANNY!

12 posted on 11/22/2012 1:52:33 AM PST by Cheapskate (Play loud and carry BIG sticks!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Richard Axtell
give us worthless government bonds,

They need to legislate customers for all that debt they are amassing. Just another layer on the pyramid.

13 posted on 11/22/2012 1:54:47 AM PST by hopespringseternal
[ Post Reply | Private Reply | To 11 | View Replies]

To: lowbridge

This scheme is in the cards if the rats get the kind of control they had when they passed communist health care.


14 posted on 11/22/2012 1:57:46 AM PST by Lancey Howard
[ Post Reply | Private Reply | To 1 | View Replies]

To: Catmom
Why don’t they just come for all of our $h!t NOW—homes, land, investments, valuables—instead of this constant drip, drip, drip of theft. It’s not like we don’t know they wanna do that.

I don't know about you, but at my house we're armed.

15 posted on 11/22/2012 2:00:36 AM PST by Lancey Howard
[ Post Reply | Private Reply | To 4 | View Replies]

To: lowbridge
Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people.

So saving your money is unfair to poor people? The grasshoppers are grabbing all the food of the ants.

BTW-Isn't this what Social Security is all about-taking money and giving people an annuity? How is that working out?

16 posted on 11/22/2012 2:01:23 AM PST by HarleyD
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

Just keep on pushin’ your wealth redistribution, BOzo.


17 posted on 11/22/2012 2:14:55 AM PST by windsorknot
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge
Is he still a good man..Mr. McCain, Mitt...

By the time he completes his mission,
half of the country will be well- indoctrinated; making it to where there's not much hope for civility or much ground for common sense to take the lead. Soros is enjoying this. Our side as is now; too inept to push back those as Soros, Obama, Axelrod and the mafia unions. We are not going to gain ground with these cross the aisle weak republicans.

18 posted on 11/22/2012 2:16:45 AM PST by Christie at the beach (I like Newt. .Our nation's foundation is under attack.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

Didn’t the government of Argentina already take their citizens’ retirement money away? Socialists of a feather...


19 posted on 11/22/2012 2:17:06 AM PST by winner3000
[ Post Reply | Private Reply | To 1 | View Replies]

To: jonrick46

Why did the duck cross the road?

To get into north Korea.


20 posted on 11/22/2012 2:32:57 AM PST by lowbridge (Joe Biden: "Look, the Taliban per se is not our enemy.")
[ Post Reply | Private Reply | To 5 | View Replies]

To: Catmom

Because we would kill them if they tried that. This way, no shot is ever fired.


21 posted on 11/22/2012 2:37:36 AM PST by gotribe
[ Post Reply | Private Reply | To 4 | View Replies]

To: Catmom

They don’t come for these things because they already have them, they’re just working out how to break the news to people.


22 posted on 11/22/2012 2:42:34 AM PST by count-your-change (You don't have to be brilliant, not being stupid is enough.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: lowbridge

...ultimately all Americans “buy” these annuities..

This will be accomplished by creating a fine that they will call a tax.

Thank You so much John Roberts you P.O.S.


23 posted on 11/22/2012 2:44:39 AM PST by DaiHuy (May God save the country, for it is evident the people will not! Millard Fillmore)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Catmom

because this way they can slowly take it, without fear of reprisals. And, if they do it drip by drip, people will ASK for it to happen — as we saw in the last election...


24 posted on 11/22/2012 3:08:31 AM PST by Cronos (**Marriage is about commitment, cohabitation is about convenience.**)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Pontiac
Well...boo freakin hoo. So some welfare queen and king, whose only job the ever held was pumping out pups on our nickle,cant have a 401K.
They cant retire, because they never had a job.
We are all tired of carrying these people.
Obama is a Marxist and all those who voted for this clown should be neutered.
25 posted on 11/22/2012 3:12:40 AM PST by Yorlik803 (better to die on your feet than live on your knees.)
[ Post Reply | Private Reply | To 8 | View Replies]

IMO,I’ve never been a fan of either plan or the 457 plans.
I think they all should be looked at as “what are my tax consequences in the future vs if I paid taxes on those funds now, plus what if any is the employer matching funds.

I always felt that the national debt and the employer matching funds are the 2 key fundamental questions.
I can’t imagine that taxes will be lower in the near and far future.


26 posted on 11/22/2012 3:20:07 AM PST by Undecided 2012
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge
Cloward/Piven part 2...

When Americans nationwide cash out their private retirement plans before the Marxist gets his fascist hands on them the sudden removal of trillions of no longer investment available assets will finish the collapse of the American economy Obama started...

...the nationwide chaos will, of course, demand a strong RULER to restore order and guess who THAT will be?

27 posted on 11/22/2012 3:35:18 AM PST by Happy Rain ("11/6/2012=Suffrage for the selfish and shiftless has damned America to socialist perdition.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

I am very critically near making the final decision to surrender my 401K this year in its entirety to: 1) keep the capital gains tax rate that still exists, and 2) to get it out of harm’s way ala Obama’s thieves.

I think taking the bite on a larger income now would be better than getting nothing at all in the end.

I definitely will have to buy a better safe, though.


28 posted on 11/22/2012 3:39:37 AM PST by Gaffer
[ Post Reply | Private Reply | To 1 | View Replies]

To: Happy Rain
"When Americans nationwide cash out their private retirement plans before the Marxist gets his fascist hands on them the sudden removal of trillions of no longer investment available assets will finish the collapse of the American economy Obama started..."

I doubt that most people will cash out. They will just leave it in the retirement accounts and sit quietly when the government confiscates their balances and gives them some honeyed lines about it being for their own protection and the greater good. For those who do cash out, they would be advised to move their assets offshore beyond the reach of a government that will be like a locust plague.

29 posted on 11/22/2012 3:48:21 AM PST by Truth29
[ Post Reply | Private Reply | To 27 | View Replies]

To: Gaffer
1) keep the capital gains tax rate that still exists,

The capital gains tax doesn't apply to 401K's.

30 posted on 11/22/2012 3:51:53 AM PST by EVO X
[ Post Reply | Private Reply | To 28 | View Replies]

To: lowbridge
privatization of social security is privatization of social security ~ notice that the funds get directed toward private sector investments ~ no longer federal debt.

You don't suppose even the godless, soulless socialist pigs have figured out that when you give the money to the government it goes down a rathole?

They still imagine they must use government's coercive power to force people to save ~ not at all thinking that left alone people might save anyway ~ and become rich!

I have a different proposal ~ identify all the leftwingtards and take away their stuff.

There, end of that idea.

31 posted on 11/22/2012 3:56:10 AM PST by muawiyah
[ Post Reply | Private Reply | To 1 | View Replies]

To: Richard Axtell

Absolutely nothing, apparently. Because they keep stealing from us and we keep letting them. I reluctantly am thinking its time to end this “grand experiment.” No,Mr. Franklin, we could NOT keep it.


32 posted on 11/22/2012 3:56:29 AM PST by Adder (Holy Crap! Now what?)
[ Post Reply | Private Reply | To 11 | View Replies]

To: lowbridge

The premise that 401ks are biased to the rich is ludicrous. However, don’t let that stop left wing kooks from using this treasure trove to confiscate from the savers to buy votes from those who don’t save money.

More takers than makers and the takers are winning at the ballot box. All we can do is fight the fight, vote for the right candidates and hope that this kind of oppression can be stopped.


33 posted on 11/22/2012 3:58:38 AM PST by WildWeasel
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge
They are going to steal everything. Drain your 401Ks: take the hit, buy physical gold and silver and defend it with your life.

A 401K revolt will sharply reduce the power of government, will preserve your individual freedoms and is currently the easiest way for Atlas to Shrug.

34 posted on 11/22/2012 4:05:48 AM PST by agere_contra ("An unjust law ceases to be a law: it becomes an act of violence". Thomas Aquinas)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lancey Howard

I don’t know about you, but at my house we’re armed.

I am glad about that. However, they won’t be coming to your home to take the money, they will do it first by mandatory forms with your employer and then they will hit the banks and investment companies. It is coming sooner than we think.


35 posted on 11/22/2012 4:16:50 AM PST by napscoordinator (GOP Candidate 2020 - "Bloomberg 2020 - We vote for whatever crap the GOP puts in front of us.")
[ Post Reply | Private Reply | To 15 | View Replies]

To: lowbridge; All

Judging from how stupid they are in writing the ‘law’, they will probably insert similar verbage as the following in the new ‘national retirement system’, then we won’t be forced to ‘participate’—

http://www.exposeobama.com/2012/11/21/the-law-itself-says-virtually-no-one-has-to-participate-in-obamacare/

The Law Itself Says Virtually No One Has To Participate In ObamaCare!
Twila Brase,president of the Citizen’s Council for Health Freedom (CCHF) and one of the most educated of Americans concerning the ins and outs of Barack Obama’s Patient Protection and Affordable Care Act,believes the language of the law makes it clear that the overwhelming majority of people do not have to participate in ObamaCare unless they freely wish to do so. Brase writes:

Obamacare has more chinks in its armor than a turtle without a shell. As a result,state governors and legislators can inflict great damage. The following amazing chink was discussed by a Goldwater Institute attorney during a Tennessee-based webinar on Monday (at which I was a panelist). It’s only 10 lines long in the 950-page version of the law:

‘No individual,company,business,nonprofit entity,or health insurance issuer offering group or individual health insurance coverage shall be required to participate in any Federal health insurance program created under this Act (or any amendments made by this Act),or in any Federal health insurance program expanded by this Act (or any such amendment),and there shall be no penalty or fine imposed upon any such issuer for choosing not to participate in such programs.’

I emailed Twila Brase and suggested that this language indicates that ONLY “health insurance issuers” may escape fines or penalties for not participating in Barack Obama’s signature healthcare takeover. Individuals and businesses who choose to not participate will face crushing fines and penalties obviously designed to FORCE their submission to the will of the left. Certainly,we have already heard of these punitive fines and penalties.

Ms. Brase was kind enough to respond,writing that “lawyers disagree” with my reading of this tiny portion of the law.

Is it possible that we are misreading the language and intent of the law? Does the above sentence actually mean to say that all “individuals,businesses,nonprofit entities and health insurance issuers” who offer group and individual health insurance coverage and refuse participation in ObamaCare will not be fined? That is,individuals who offer group or individual health insurance,businesses who offer group or individual health insurance,etc? Clearly,this would dramatically reduce the number of those who could refuse to obey the ObamaCare law and still avoid punishment.

One thing is certain–it’s difficult to imagine that a radical left at long last politically capable of literally controlling the life and death of 300 million American citizens could be guilty of stating that no one has to obey its commands! How could these power-hungry Marxists manufacture a 2700 page law,bribe and intimidate recalcitrant politicians into supporting it,and then commit such an extraordinary oversight?

Nearly 3 dozen lawsuits designed to take down ObamaCare are now working their way through federal courts. Maybe the question of who must really obey the law will eventually be answered. Until then,we can only hope that Twila Brase is absolutely correct and the creators of ObamaCare have made a monumental blunder.


36 posted on 11/22/2012 4:17:34 AM PST by chrisnj
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge
If they try it, there WILL be a mass uprising which will make the 2010 Teanami look like ... a Children's Tea Party.


37 posted on 11/22/2012 4:28:22 AM PST by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

If the communists come for my 401k, words cannot express what might happen. It is only a matter of time; they cannot stand an independent population.


38 posted on 11/22/2012 4:32:27 AM PST by The_Media_never_lie (Actually, they lie when it suits them! The crooked MS media must be defeated any way it can be done!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge; All
*shock*.. the stupidity of the 'rats is amazing..not really
They're seeking to destroy the USA, by grabbing OP$..in doing so they'll destroy
themselves
...of course; SotH Boemher (Boner) Surrendering won't help the situation.

39 posted on 11/22/2012 4:44:20 AM PST by skinkinthegrass (Anger a Conservative by telling a lie; Anger a Liberal by telling the truth....RWR 8-)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge
I'm worried about this, but this same story keep surfacing over and over again with no specifics.
IIRC this happened in 2010 before those elections.

Can anyone cite an existing bill before the Senate for this?

40 posted on 11/22/2012 4:45:58 AM PST by grobdriver
[ Post Reply | Private Reply | To 1 | View Replies]

To: grobdriver
won't matter; O'Bozo shall issue an EO..if SotH Boemher (Boner) refuses..He won't...
"talk is cheap..our freedoms are going..going.... "

41 posted on 11/22/2012 4:57:37 AM PST by skinkinthegrass (Anger a Conservative by telling a lie; Anger a Liberal by telling the truth....RWR 8-)
[ Post Reply | Private Reply | To 40 | View Replies]

To: lowbridge

I’ll cash them in, and take the 10% tax penalty before I let these bastards take my retirement accounts.


42 posted on 11/22/2012 5:00:15 AM PST by catfish1957 (My dream for hope and change is to see the punk POTUS in prison for treason)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

It’s real easy to dissolve Social Security and spur the economy at the same time.

All persons aged 21 to 45 may opt out of Social Security if they enroll in a 401K. All 401K funds are transferable from employer to employer. These employees must still pay a 1.5% payroll deduction until 2045 in order to fund current and future retirees. Those who choose to opt-out will receive no retirement benefits.

Persons born after Jan 1, 1992 will have no ties to the Social Security pension - no contributions, no benefits. But they will be required to contribute to a 401K throughout their lives.

Employers will be required to continue to contribute the employer portion so as to continue to fund Social Security commitments to retirees. However, employers are not required to contribute for employees born after Jan 1, 1992.

What effect would these changes have?

-Citizens will own their retirement.
-Americans will become savers, rather than debtors.
-401K investment funds will spur economic growth.
-Government will be out of the business of pensions, and oversight of this program will (should) be minimal.
-Employers will no longer have an additional cost for an employee, and can choose to offer higher salaries, higher 401K matching, or reinvest Social Security contributions in the company.


43 posted on 11/22/2012 5:06:48 AM PST by MeanGreen2008
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

This is only preparing the way. It won’t happen until government revenues or expenses are shocked by something. Could be anything: the fiscal cliff recession, Maobamacare needs, war, etc.

Even then, anytime they want, Maobama/Bernspankme can now unleash a massive devalued dollar - by manipulating banks so they release their reserves. That will “take” savings before any townhall or hearing or vote occurs.


44 posted on 11/22/2012 5:14:12 AM PST by ReaganGeneration2
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

This is only preparing the way. It won’t happen until government revenues or expenses are shocked by something. Could be anything: the fiscal cliff recession, Maobamacare needs, war, etc.

Even then, anytime they want, Maobama/Bernspankme can now unleash a massive devalued dollar - by manipulating banks so they release their reserves. That will “take” savings before any townhall or hearing or vote occurs.


45 posted on 11/22/2012 5:15:30 AM PST by ReaganGeneration2
[ Post Reply | Private Reply | To 1 | View Replies]

To: lowbridge

This is only preparing the way. It won’t happen until government revenues or expenses are shocked by something. Could be anything: the fiscal cliff recession, Maobamacare needs, war, etc.

Even then, anytime they want, Maobama/Bernspankme can now unleash a massive devalued dollar - by manipulating banks so they release their reserves. That will “take” savings before any townhall or hearing or vote occurs.


46 posted on 11/22/2012 5:17:00 AM PST by ReaganGeneration2
[ Post Reply | Private Reply | To 1 | View Replies]

To: ReaganGeneration2

The Government’s ability to slash the value of the dollar at a moments notice is another excellent reason to own physical Gold and Silver.


47 posted on 11/22/2012 5:21:10 AM PST by agere_contra ("An unjust law ceases to be a law: it becomes an act of violence". Thomas Aquinas)
[ Post Reply | Private Reply | To 45 | View Replies]

To: agere_contra

I cashed in, took the hit and paid off my mortgage. My house weighs 100’s of tons and would be hard to steal. Of course now I don’t have any savings but if I become unemployed I will be eligible for everything. Coward-Piven.


48 posted on 11/22/2012 5:23:25 AM PST by central_va ( I won't be reconstructed and I do not give a damn.)
[ Post Reply | Private Reply | To 34 | View Replies]

To: Richard Axtell

Most will be “retired” to one of obama’s camps where they will disappear.I can’t say when it will begin but, I know that it wil. It is the standard communist m.o.


49 posted on 11/22/2012 5:25:01 AM PST by sport
[ Post Reply | Private Reply | To 11 | View Replies]

To: lowbridge

This way, they take over everyone’s 401k, toss it all in the same kitty and those poor illegals and sit on butts, get part of your hard earned money. Just more equal pay for nothing accomplished group.


50 posted on 11/22/2012 5:27:13 AM PST by RetiredArmy (November 6, 2012: The day the United States Republic DIED.)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-94 next last

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.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson