Posted on 11/25/2008 9:42:14 AM PST by John Semmens
The Argentine Government’s move to take private pensions into “protective custody” comes at a time when the U.S. Congress is considering similar action with regard to Americans’ 401k and IRA retirement accounts. The 401k and IRA programs allow individuals to put a portion of their income into investments that could later be drawn upon to supplement pensions from Social Security and employers.
U.S. Rep. George Miller (D-Calif.), chairman of the House Education and Labor Committee hailed the Argentine approach as a “beacon for us to follow. By socializing these funds, Argentina has overcome the key deficiencies of private pensions. And I especially like that ‘protective custody’ characterization. It helps build popular support for the intervention.”
The key deficiencies are said to include both market and social risk. “As presently structured, a 401k or IRA subjects the investor to the fluctuations of the stock and bond markets,” Miller complained. “It also creates a discrepancy between those who can and those who cannot afford to put aside money for this purpose.”
“By absorbing all 401k and IRA accounts into one uniform government investment pool, similar to Social Security, we will eliminate these risks,” Miller continued. “The government would ensure that everyone is covered and that pension benefits will be paid out on a more equitable collective basis than is currently done with these individualized 401k and IRA accounts.”
(Excerpt) Read more at azconservative.org ...
I guess they can’t inflate our retirement savings away fast enough. They feel they have to grab it.
Isn’t Social Security broken and nearly bankrupt?
What makes people believe that government running ANYTHING is good?
SO, they take my money I SAVED and intermingle it with Social Security funds for the 30,000,000 newly-minted citizens from Mexico’s retirement...
Get ready for the USSR.
There.
Fixed it.
When do we get a hero to counter Barrack of Nottingham.
Oh dear God, protect us. Many have turned from you, but no I and many others. Protect us so that way we may continue to do your will and in the end save other innocents and prevent bloodshed.
Well, there you have it - collective basis.
So, how close to His inauguration will most people pull their funds (that haven’t already)?
My dead cold fingers.
Pensions are just the beginning. The way our Socialist government is spending, the Obamatrons will have to take possession of everything before they sink.
It may be satire, but it is not funny, because it is too close to the truth. If Congress could find a way to get away with this travesty, they most certainly would.
In defense of most Freepers, the idea of Barack Obama being elected president would have been satirical just four years ago. At the current rate of stupid, anything’s possible.
This is not surprising. Back when they started 401k accounts, IRA accounts, and similar tax-shielded investment accounts, I suspected they might do this some day.
Anytime you accept a benefit from government, there are strings attached. Most often the nature of those strings is “we own it.”
I believe It won’t stop with 401ks and IRAs. I believe it will extend to money market accounts, general investment accounts, CDs, and even passbook savings accounts.
Propaganda.
'Tis the thieves that will suffer from 'cold dead fingers'. ;-)
I'm staged. If this concept appears to be near fruition, color my 401K gone, and my house paid off.
We’ll either stop this or wear shackles.
Not a threat, just an observation...
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