Obama Administration Plans to Seize 401(k) Retirement Accounts

The New American ^ | 5/6/2010 | Joe Wolverton II

[IbJensen]

Remember they need to find some way to pay for all the bailouts and they can't stand to see some cash sitting around somewhere. The fact that that cash does not belong to them certainly will not stop them. They have already raided the Social "Security" funds paid via taxes by American workers.

If the folks on the government dole or on the government's payroll via jobs were smart enough to figure this out they would be very, very alarmed -- when all sources of revenue are exhaused (as in from us), where will they get their money?

From where I sit, it isn't looking very pretty for anyone living in America.

[SMARTY]

I’ll yank mine down (WITH a penalty) before I sit still for THAT!!

[wny]

“seize” meaning “steal” in this case. time to get the tar and feathers...

[databoss]

They would undoubtedly stiffen the penalty from they current 10%

[rightwingextremist1776]

IRAs will be next.

[Past Your Eyes]

They better do it quick because I’m about to retire and start drawing on mine - ON MY OWN TERMS, not theirs.

[G Larry]

What’s with the pleasent request to not take our money?

Time for angry assertions to your congresscritters!

[elk]

They floated this idea from some educrat professsor, at least a year ago, and everytime since then, when I mention this to sleeping Americans, they either look at me as if I just dropped in from Mars, or they laugh and state "that'll never happen!"

I don't know if even this will wake up the sleeping.

Sad.

Liberty was great while it lasted.

[Ghost of Philip Marlowe]

SS was supposed to be a GRA.

[Ghost of Philip Marlowe]

I think part of the plan is to frighten people into doing just that. They want as much money right now as they can possibly get.

[Mrs. B.S. Roberts]

“paging paramedics to my desk...paging paramedics to my desk - STAT”

another “my head just exploded PING”

[Russ]

This could devastate the mutual fund industry

[Red Badger]

...the retirement funds of every hard-working American dependent on a 401(k) for their retirement security would be nationalized and made subject to the whims and will of the executive branch.

IOW, TAKE THE MONEY FROM PEOPLE WHO EARNED IT, SCRIMPED AND SAVED FOR IT, DID WITHOUT FOR IT, DIDN'T WASTE IT, ACTED RESPONSIBLY AND DIDN'T PARTY EVERY NIGHT, AND GIVE IT TO PEOPLE WHO SAT ON THEIR ASS, SMOKED CRACK AND DID NOTHING TO BETTER THEMSELVES FOR 50 YEARS!.......................

[Red Badger]

They’ll probably hit you with a RETROACTIVE PENALTY / TAX for daring to evade their greedy claws.....................

[Red Badger]

This could devastate the mutual fund industry

This could devastate the entire country, let alone any industry .............

[SumProVita]

I’ll yank mine down (WITH a penalty) before I sit still for THAT!!

Husband and I have transferred to a Roth IRA. We paid the tax penalty and will never pay taxes on that again!

[bert]

Appended to the law taking 401’s will be a death warrant

[IMR 4350]

Didn't Jackamo Jackson come up with this idea back in the 80’s when he ran for president?

[silverleaf]

Gee didn't these same greedy govt thieves slam GWB for even suggesting they study privatizing SS accounts into “GRA’s”?

Can't wait for the day working folks find out “their” 401K’s now belong to the benevolent govt, are invested in union pensions and healthcare accounts, and controlled withdrawals will be available to individuals based on “means testing” once obama figures out how much money you should be allowed to have

oh, and and automatically debited for obamacare premiums, which will also be based on means testing.... which “means” redistribution

[combat_boots]

“Loss of Savings is Number #1 U.S. Economic Issue;
GOP Plan Would Help Rebuild Americans’ Savings”

http://gopleader.gov/savings/solutions.htm