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If Obama wins he will nationalize your 401K
Vanity | 9/7/2012 | Pietro

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?

Consider:

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.


TOPICS: Business/Economy
KEYWORDS: deficitspending
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Think it through.
1 posted on 09/07/2012 11:06:28 AM PDT by Pietro
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To: Pietro

IF he wins...The IF grows larger by the day.


2 posted on 09/07/2012 11:07:52 AM PDT by AngelesCrestHighway
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To: Pietro

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.


3 posted on 09/07/2012 11:08:43 AM PDT by Venturer
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To: Pietro

Leftists began chattering about this amongst themselves within five years after Reagan created 401K’s.


4 posted on 09/07/2012 11:09:50 AM PDT by Buckeye McFrog
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To: Pietro
He may not have to win in order to do that.

I think he'll have plenty of time between 11/6 and 1/20

5 posted on 09/07/2012 11:10:17 AM PDT by ShadowAce (Linux -- The Ultimate Windows Service Pack)
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To: Pietro

They’ve already talked about doing this, plus taking 40% of our interest on stocks.


6 posted on 09/07/2012 11:10:34 AM PDT by blondee123 (Our country is headed for DICTATORSHIP! WAKE UP!)
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To: Pietro

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?


7 posted on 09/07/2012 11:11:13 AM PDT by GeorgeWashingtonsGhost
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To: blondee123
There are people who think seizing accounts is the only way to raise money.

The USA, however, has sufficient assets to cover all of its debts and future expenses for the next century.

8 posted on 09/07/2012 11:12:39 AM PDT by muawiyah
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To: Pietro

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.


9 posted on 09/07/2012 11:15:01 AM PDT by DesertRhino (I was standing with a rifle, waiting for soviet paratroopers, but communists just ran for office.)
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To: Pietro

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.


10 posted on 09/07/2012 11:19:49 AM PDT by taxcontrol
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To: Pietro

This is when the shooting starts...


11 posted on 09/07/2012 11:22:34 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: Pietro

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.


12 posted on 09/07/2012 11:23:16 AM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: Pietro

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


13 posted on 09/07/2012 11:23:23 AM PDT by Figment
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To: Pietro
I think he would more likely boil the frog slowly.

< 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?

14 posted on 09/07/2012 11:25:00 AM PDT by KarlInOhio ("Government is the only thing that we all belong to"=implicit repeal of the 13th amendment for all.)
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To: taxcontrol

Yep- leftists specialize in incrementalism.
the frog in the boiling pot doesn’t notice.


15 posted on 09/07/2012 11:25:20 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: Venturer
A 401K supplies unique protection against inflation in that it's tied to stock/bond performance.

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.

16 posted on 09/07/2012 11:28:16 AM PDT by Pietro
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To: Pietro

There’s plenty of reasons to dislike Obama and Romney without making crap like this up.


17 posted on 09/07/2012 11:28:55 AM PDT by DannyTN
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To: TurboZamboni

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.


18 posted on 09/07/2012 11:29:04 AM PDT by alancarp (Liberals are all for shared pain... until they're included in the pain group.)
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To: Pietro

I have a promise for anyone that steals from me. Make my day.


19 posted on 09/07/2012 11:29:09 AM PDT by A Strict Constructionist (We're an Oligrachy...Resistance to tyrants is obedience to God. Thomas Jefferson)
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To: AngelesCrestHighway

This thing is faaaaaaaaaaaaaaaar from over.


20 posted on 09/07/2012 11:29:13 AM PDT by Pietro
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To: DannyTN
Only a fool would equate Obama w/ Romney.

And the dhimis have already dicussed this issue.

21 posted on 09/07/2012 11:33:20 AM PDT by Pietro
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To: DannyTN
This has already happened in Argentina. They took all the 401K’s and they gave Government Bonds paying a paltry 2%. Don't think it can't happen here because they have already thought about it and had hearings on it right after Obama took office.
22 posted on 09/07/2012 11:35:28 AM PDT by Captain Peter Blood
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To: KarlInOhio
I think he would more likely boil the frog slowly

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.

23 posted on 09/07/2012 11:35:39 AM PDT by Pietro
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To: muawiyah

No. We don’t.


24 posted on 09/07/2012 11:35:39 AM PDT by Lazamataz (Communist Party = Democrats. Socialist Party = Republicans. WE NEED A CAPITALIST FREEDOM PARTY!)
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To: Pietro
This will be done the same way FDR took our Gold. Obama and his ilk are
looking at the past to repeat it with his own versions of big Government.

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

25 posted on 09/07/2012 11:38:44 AM PDT by MaxMax
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To: Pietro

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.


26 posted on 09/07/2012 11:39:17 AM PDT by PAR35
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To: Pietro

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.


27 posted on 09/07/2012 11:39:56 AM PDT by PapaBear3625 (Charlie Daniels - Payback Time http://www.youtube.com/watch?v=EWwTJj_nosI)
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To: taxcontrol

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.)


28 posted on 09/07/2012 11:42:03 AM PDT by Triple (Socialism denies people the right to the fruits of their labor, and is as abhorrent as slavery)
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To: Lazamataz
Simply opening up national hydrocarbon resources to the private sector will generate hundreds of billions of dollars in royalties and taxes, and will reduce the shipment of other hundreds of billions of dollars to wierdo guys in scarfs and gowns overseas.

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

29 posted on 09/07/2012 11:42:24 AM PDT by muawiyah
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To: Figment
".......the least that will happen is it will be deducted from any social security due."

Of course SS is the world's largest Ponzi scheme.

Hint: don't count on it.

30 posted on 09/07/2012 11:42:35 AM PDT by Pietro
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To: Pietro
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.

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.

31 posted on 09/07/2012 11:44:26 AM PDT by KarlInOhio ("Government is the only thing that we all belong to"=implicit repeal of the 13th amendment for all.)
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To: muawiyah
Not likely.

Polyhedron.

32 posted on 09/07/2012 11:45:21 AM PDT by Lazamataz (Communist Party = Democrats. Socialist Party = Republicans. WE NEED A CAPITALIST FREEDOM PARTY!)
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To: Figment

Inflation will accomplish this just fine and won’t have all the screaming that just seizing the 401k’s would.


33 posted on 09/07/2012 11:45:37 AM PDT by desertfreedom765
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To: PapaBear3625
"They" have means tested Social Security for years and years. If you have income above a certain amount it gets taxed, and at the highest applicable personal income tax rate.

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.

34 posted on 09/07/2012 11:45:49 AM PDT by muawiyah
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To: Pietro

I don’t think this will happen. At least not within the next four years.


35 posted on 09/07/2012 11:46:30 AM PDT by GSWarrior (Businessmen are more trustworthy than professors, politicians and preachers.)
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To: Lazamataz

If he does that, he better bring the troops home from Afghanistan because he will need them to ring the white house.


36 posted on 09/07/2012 11:46:43 AM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: Pietro

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.


Aite Group, LLC

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.


37 posted on 09/07/2012 11:48:05 AM PDT by Triple (Socialism denies people the right to the fruits of their labor, and is as abhorrent as slavery)
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To: Lazamataz
Dodecahedron.

Import tax on oil.

38 posted on 09/07/2012 11:49:47 AM PDT by muawiyah
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To: Pietro

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 Department’s 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.
“There’s 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.
http://beforeitsnews.com/obama/2010/01/will-obama-seize-americans-401ks-and-iras-11741.html


39 posted on 09/07/2012 11:52:11 AM PDT by EBH (Courage, Trust, Sacred Honor, Truth, Freedom)
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To: KarlInOhio
35% is chump change, I'll take that deal. That's why they'll move all at once.

The fed def is a black hole, there's no amount of money to fill it, especially after Obamacare kicks in.

40 posted on 09/07/2012 11:53:00 AM PDT by Pietro
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To: muawiyah

Don’t see how.

Tortuga.


41 posted on 09/07/2012 11:53:14 AM PDT by Lazamataz (Communist Party = Democrats. Socialist Party = Republicans. WE NEED A CAPITALIST FREEDOM PARTY!)
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To: blondee123

“They’ve 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.


42 posted on 09/07/2012 11:55:37 AM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: Lazamataz

ping


43 posted on 09/07/2012 11:56:48 AM PDT by ArmyTeach (Our liberties, we prize and our rights we will maintain ... USS Iowa BB 61)
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To: Lazamataz
We have hydrocarbons ~ we import cheaper hydrocarbons from people who hate us. The theory is that we benefit from a world price since everybody has to pay it.

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.

44 posted on 09/07/2012 12:02:16 PM PDT by muawiyah
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To: Triple
A famous bankrobber, Willie somethingorother, was asked why he robbed banks. "That's where the money is" says Willie.

Where's the money, Triple?

45 posted on 09/07/2012 12:03:24 PM PDT by Pietro
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To: muawiyah

Porcupine.


46 posted on 09/07/2012 12:04:53 PM PDT by Lazamataz (Communist Party = Democrats. Socialist Party = Republicans. WE NEED A CAPITALIST FREEDOM PARTY!)
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To: DannyTN
Teresa Ghilarducci Presents Plan for Mandatory Universal Pension System

A warning that it's Youtube. This one has the pedigree that might give her the ear of Red Barry.

47 posted on 09/07/2012 12:07:45 PM PDT by Stentor
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To: muawiyah

Hydraulic.


48 posted on 09/07/2012 12:09:29 PM PDT by Lazamataz (Communist Party = Democrats. Socialist Party = Republicans. WE NEED A CAPITALIST FREEDOM PARTY!)
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To: PAR35

Easy choice.


49 posted on 09/07/2012 12:15:38 PM PDT by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com)
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To: ctdonath2

Leverage


50 posted on 09/07/2012 12:16:56 PM PDT by muawiyah
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