Skip to comments.If Obama wins he will nationalize your 401K
Posted on 09/07/2012 11:06:25 AM PDT by Pietro
I beleive that if Obama wins this election he will move to nationalize our 401Ks and every other pension plan in the country. Why?
Even after raising taxes on the "rich" he'll be no nearer to reducing the deficit; and then Obamacare kicks in.
His big idea boys will look around and notice the trillions locked up in pensions and 401Ks. They'll figure its all the government's money anyway and so they'll grab it.
They won't be able to go through the legislature so they'll need to use one of the Cabinet dept's to make the grab, and they'll have to do it quick, before you can react.
The election will show them the % of moochers vs % of producers and so they'll be comfortable thinking a majority supports the theft.
IF he wins...The IF grows larger by the day.
When Obama’s hyper inflation kicks in , what good will your 401K be anyway? He may as well just take it.
It isn’t earning any interest now.
Leftists began chattering about this amongst themselves within five years after Reagan created 401K’s.
I think he'll have plenty of time between 11/6 and 1/20
They’ve already talked about doing this, plus taking 40% of our interest on stocks.
If 0bama is re-elected, he’ll have NO INTEREST IN REDUCING THE DEFICIT OR HAVING A BUDGET. After all, he got re-elected with a massive deficit and no budget, right?
The USA, however, has sufficient assets to cover all of its debts and future expenses for the next century.
If anyone confiscates or nationalizes my savings, i sincerely believe violent overthrow of whoever did it is justified and moral. Like they taught me, the personal IS the political.
That equation works both ways, you would be tyrants.
I believe they will go after it via the back door by requiring a certain percentage of the 401K be invested with US Government bonds. They will start small at first say 5% and then increase that number over time.
This is when the shooting starts...
They can use Justice Roberts’ “tax power” argument to get away with stealing people’s property without just compensation in violation of the 5th amendment.
No matter who wins, your personal retirement accounts are toast. If you’ve provided for yourself, the least that will happen is it will be deducted from any social security due. It may just be rolled over in the ss fund. Make no mistake though, politicians are salivating over the money saved by individuals and won’t leave it alone
< Obama logic>
1. 401(k)s and IRAs are risky.
2. Government bonds are nice and safe.
Therefore, wouldn't it be wise to have people invest some of their retirement money in government bonds (never mind that they can already do so if they want to). So just require every retirement plan to put a small amount, say 10%-20% of their assets into government bonds. The resulting stock market crash from removing that much money from stocks all at once will just show how wise it was to keep some of the money in bonds. In a few years the percentage can be gradually raised to 50% or more.
< /Obama logic>
Soon all of the retirement money would be under government control without really inciting anyone to violence. Now maybe you would be willing to grab your gun and march on Washington for an outright theft of hundreds of thousands of dollars of retirement money, but would anyone do that for a change from 30% to 40% government bond requirement?
Yep- leftists specialize in incrementalism.
the frog in the boiling pot doesn’t notice.
Inflation would raise the price of stocks and so theoritically your 401K's "value" to rise also.
A fixed pension on the othetr hand would approach worthless in the event of hyper-inflation.
There’s plenty of reasons to dislike Obama and Romney without making crap like this up.
The bad news? We’re all frogs and the water temp is already at 190F. Of course Zero wants to crank it up to 350F... not just 212F.
I have a promise for anyone that steals from me. Make my day.
This thing is faaaaaaaaaaaaaaaar from over.
And the dhimis have already dicussed this issue.
I think it'll have to happen fast and not incremntally, otherwise too many people will move their remaining money out of the system entirely.
No. We don’t.
Obama clearly stated in his DNC speech that he was experimenting like FDR.
IOW, to see how much he can get away with while Boehner is the drunk Speaker.
No other speaker in history would allow this accept Pelosi, imo
Based on what has happened in some other countries, the more likely option is to give folks a choice between keeping their 401k and forfeiting SS, or keeping SS and forfeiting their 401k.
As it stands, they are talking about “means testing” social security. I.e., if you have a significant 401K, then you don’t get any SS money. Probably you would also need to contribute $$$ to your Medicare coverage.
There was a bill in the house of representatives to your very point - it required companies to offer a qualifying retirement account, and mandated employee participation. The kicker was that some of the underlying investments were going to be mandated to be some very low “risk” (read interest) government issued retirement bonds.
The first bill was drafted about 2.5 years ago. (Private research papers were written/published on the topic.)
That's if the resources are leased out ~ they could be sold up front.
There are trillions of dollars in other resources that can be monetized if you will.
All we need to do is get the Democrats and the GOP-e OUT THE WAY
Of course SS is the world's largest Ponzi scheme.
Hint: don't count on it.
So then they "voluntarily" give the government an instant boost of 10% penalty with 25%+ typical in taxes for 401k or IRA holders? Cha-ching!
Even threatening it to get people to put less into their 401ks and pay more in tax this year might be what they really intend.
On Mondays, Wednesdays and Fridays I think they want to steal everyone's 401k. On Tuesdays, Thursdays and Saturdays I think they just want to suppress them to increase current year taxes.
Inflation will accomplish this just fine and won’t have all the screaming that just seizing the 401k’s would.
The funds are then returned to the General Accounts Ledger where they are used to pay for GSA coming out parties.
If they means tested Social Security that money would never be paid to recipients to be subjected to the personal income tax, and GSA would have to give up the coming out parties.
I don’t think this will happen. At least not within the next four years.
If he does that, he better bring the troops home from Afghanistan because he will need them to ring the white house.
Press release of a report published in 2009...(there was a $1billion line item in the executive branch budget to create a mandatory IRA program - that would invest in special “retirement” US government bonds.
New U.S. Government Retirement Agency Coming in 2010: The Department of Inefficiency
Given The Infrastructure And Capabilities Currently In Place, A New Government Agency Dedicated To Retirement Savings, With Its US$1 Billion Annual Price Tag, Is A Suboptimal Solution.
Boston, MA, May 26, 2009 A new report from Aite Group, LLC details the United States’ proposed new retirement savings plan, as it is currently configured, and lists similar services currently offered by brand-name, low-cost firms.
The current U.S. executive branch has shifted its focus for retirement savings initiatives in 2010. Previously on the table was a program to mandate enrollment in employer-sponsored 401(k) plans. Now, the administration has settled on an auto-enrollment IRA program through payroll deduction. While many details of the plan are still in development, Aite Group suggests that a new government agency dedicated to retirement savings, with its US$1 billion annual price tag, is a suboptimal solution - particularly given the existing financial services infrastructure.
Import tax on oil.
The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged.
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort
There is a tremendous amount of interest in the White House in retirement-security initiatives, Borzi, who heads the Labor Departments Employee Benefits Security Administration, said in an interview.
In addition to annuities, the inquiry will cover other approaches to guaranteeing income, including longevity insurance that would provide an income stream for retirees living beyond a certain age, she said.
Theres been a fair amount of discussion in the literature taking the view that perhaps there ought to be more lifetime income, Iwry, a senior adviser to Treasury Secretary Timothy Geithner, said in an interview
One proposal raised by Iwry as co-author of a paper while at the Retirement Security Project, before joining the administration, has reached Congress. A bill requiring employers to report 401(k) savings both as an account balance and as a stream of income based on an annuity was introduced on Dec. 3 by Senators Jeff Bingaman, a New Mexico Democrat, Johnny Isakson, a Georgia Republican, and Herb Kohl, a Wisconsin Democrat.
The fed def is a black hole, there's no amount of money to fill it, especially after Obamacare kicks in.
Don’t see how.
“Theyve already talked about doing this, plus taking 40% of our interest on stocks.”
It will happen slowly, i.e., with taxes - the frog in the pot method.
Actually, if you close off the importation of a critical commodity with a high protective tariff, and you're a big enough customer, you can bring down the world price. Plus you quit exporting hard earned capital to the people who hate you.
Technically our largest source of imported hydrocarbons is Canada ~ a polygon if there ever was one ~ but we can continue to import their oil while taxing that sent here from other markets ~ e.g. Venezuela.
That's a box ~
I don't see any room for Obama and his running dog lackeys in there.
Where's the money, Triple?
A warning that it's Youtube. This one has the pedigree that might give her the ear of Red Barry.