Posted on 08/12/2010 10:01:10 AM PDT by Clairity
A bill filed by U.S. senators Jeff Bingaman (D-New Mexico) and John Kerry (D-Mass.) would automatically enroll most U.S. workers in individual retirement accounts if their employers don't sponsor a retirement plan.
All automatic IRAs would offer the same three standardized investment options, each to be developed with regulations and fee guidelines issued by the Treasury and Department of Labor. The options would include a "principal preservation fund" (which would include a special Treasury Retirement Bond , the R-Bond, designed for use within an automatic IRA), a "life-cycle" option and an "alternative investment option" that can include a higher concentration of equities.
(Excerpt) Read more at thestreet.com ...
“Time for reform. Now.”
We have a chance to start, on election day this November — vote out the Dems.
If we don’t stop this communist, dictatorial government train now, there won’t be anything left of our freedoms by 2012.
"One new feature of the new version is a temporary US Treasury bond account that would allow new savers to accumulate up to a certain level without paying administrative costs. Once it reaches that amount, the account would be transferred to private sector management. This eliminates the problem of costly small accounts where a worker's savings are depleted by administrative costs that exceed the earnings on the account."
CONGRESS.SYS Corrupted: Re-boot, Abort November 2010? YES NO
CONGRESS Version 11.2010 available soon.
PROOF DEMS ARE FULL OF S..T: Here we have democrats concerned we are not 'saving for retirement'. Yet to stimulate the economy they keep interest rates at zero (yes, Bush-Greenspan did this too) and as I pinged you with the below, Dems claim to have to tax us so we dont ‘save’ our own money. so they can ‘stimulate’ the economy with it. Peter Schiff lectures coming back to me each day.
REF::”Critics say that this amounts to increasing taxes at a time of high unemployment, and that instead the tax cuts should be extended as a stimulus measure. This overlooks the fact that tax cuts are an inefficient form of stimulus, because many people choose to save their additional income instead of spending it. If the goal is to encourage growth and employment immediately, it would be better to let the tax cuts expire and dedicate some of the increased revenue to real stimulus programs. “
NY Times: The Bush Tax Cuts and Fiscal Responsibility comment #24
This ain’t a retirement account. Its a TAX.
“You WILL buy our worthless bonds.”
“This is really a tax increase. The government will use the money and deposit IOUs into the IRA accounts. Then down the road, they will have to figure how to come up with the money. Let’s get rid of SS and let the people have personal accounts.”
I agree that this idea is dangerous. The idea of a new government treasury bill is frightening. The inflow of cash will fund even higher spending levels. The treasury bills will be backed by useless government promises, not any wealth creation ability and real assets.
The most dangerous part of the proposal is the idea that the government will provide a return of inflation plus 3 percent. No one can guarantee any return. The private sector can issue bonds but the bonds depend on corporate assets and wealth generation. The government only has taxation power which reduces wealth creation when tax rates become confiscatory.
The annuity idea is just as dangerous. This proposal is an extension of the unsustainable Social Security inflation indexing (CPI-W). Inflation indexing is a large reason that Social Security is not sustainable.
This proposal will provide us with two bankrupt government pension schemes. The second scheme is an attempt to fund the first scheme. The rats claim that you will have property rights on the second scheme. Since a large part of the contributions are not really invested (new Treasury notes), your property rights are not enforceable. Moreover, this scheme will continue to drain private investment funds, the driver of economic growth.
B.O.H.I.C.A.!!!!
All automatic IRAs would offer the same three standardized investment options
-General Motors Stock
-Chrysler Stock
- US Treasuries
LOL! This is one time I’m looking forward to an updated version. ;-)
You also left out one other detail, which is understandable since the cretans in DC don’t want anyone to think about it. Once this phoney baloney program actually accrues some serious money, the gov’t will dump it all into the General Fund, just like LBJ did with the SS “Trust Fund”. And you CAN take THAT to the bank! Pun intended.
Hey Buckeye!
Your “prediction” would be clever and funny if it weren’t so startlingly realistic........and repulsive!
Yet, somehow, I get the feeling that what this looks like on its face is not what is actually underneath the covers. It never is with the 'Rats.
Outstanding post! Read it folks.
“I agree that this idea is dangerous. The idea of a new government treasury bill is frightening. The inflow of cash will fund even higher spending levels. The treasury bills will be backed by useless government promises, not any wealth creation ability and real assets.
The most dangerous part of the proposal is the idea that the government will provide a return of inflation plus 3 percent. No one can guarantee any return. The private sector can issue bonds but the bonds depend on corporate assets and wealth generation. The government only has taxation power which reduces wealth creation when tax rates become confiscatory.
The annuity idea is just as dangerous. This proposal is an extension of the unsustainable Social Security inflation indexing (CPI-W). Inflation indexing is a large reason that Social Security is not sustainable.
This proposal will provide us with two bankrupt government pension schemes. The second scheme is an attempt to fund the first scheme. The rats claim that you will have property rights on the second scheme. Since a large part of the contributions are not really invested (new Treasury notes), your property rights are not enforceable. Moreover, this scheme will continue to drain private investment funds, the driver of economic growth. “
The Second Amendment and a country in flames.
One thing governments do not like to deal with is someone who has nothing to lose.
I can support this, if it’s created to replace Social Security.
Time to withdraw all money and keep what you can safe in a mattress or offshore account.
Screw the DemonRATS.
They'll be stored in the cabinet just under the Social Security Trust funds.
plus it gives them real leverage against the free speech rights of corporations.
You wanna run ads against Democrats running for Congress?
Fine. We’ll just dump your stock out of the SuperMegaGiganticGubbermintPension Fund, and see who has the last laugh!
” A bill filed by U.S. senators Jeff Bingaman (D-New Mexico) and John Kerry (D-Mass.) “
Two left wingers, neither of which has ever had a job other than government(and one a giggolo) ae going to tell us about our personal finance.
Uh uh......
This a preliminary move to end the SS system as we know it. It’s not a bad thing as long as workers have their own accounts and have control over where the money goes.
SS will fail, that is a given and privatised accounts will be a reality, there is not a shred of doubt about this.
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